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company car or car allowance?
Options
kenneth_mcgrew
Posts: 8 Forumite
in Cutting tax
not sure what i should take, i have a £6k allowance or a car.
Option 1) take the car
... looking at BIK value and because the taxman is a robber, its £5,889 so at 45% ill be paying £2,650 pa
Option 2)
or car allowance at £6k will see me pocket £3,300 pa after tax at 45% that would be more than enough to cover my crappy insignia servicing / tax / ins and tyres over the year circa £1500
whats better? help please never had a company car before but the new rules look unfavourable?
Option 1) take the car
... looking at BIK value and because the taxman is a robber, its £5,889 so at 45% ill be paying £2,650 pa
Option 2)
or car allowance at £6k will see me pocket £3,300 pa after tax at 45% that would be more than enough to cover my crappy insignia servicing / tax / ins and tyres over the year circa £1500
whats better? help please never had a company car before but the new rules look unfavourable?
0
Comments
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What do you expect your private and business mileage to be. What rate will you get for using your own car for business purposes?0
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Private millage will be circa 4k if that, it will be the standard 45p per mile for business use which in all honesty would be seldom anyway and not exceed 10k0
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Car allowance is the way to go then0
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