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P11D Company Car

weddingringman
Posts: 73 Forumite


Last summer I was promoted to a role with a company car and fuel card. At the time, I was told “you get taxed a bit more” but looking at my pay over the months i didn’t see a huge change in tax and there was never any lines on my payslip that related to benefit in kind. Only an entry for fuel spend, and due reimbursement.
This week I got a P11D letter, with section F box 9 stating the “total cash equivalent or relevant amount of all cars made available 2019 to 2020 = £4494”.
Do I need to do anything with this letter? How does that figure convert into tax? I work for a big company but our HR are almost impossible to get answers from. Surely I’ve paid the tax owed already? The email was worded as “check this and reply by x date if there are any mistakes”.
This week I got a P11D letter, with section F box 9 stating the “total cash equivalent or relevant amount of all cars made available 2019 to 2020 = £4494”.
Do I need to do anything with this letter? How does that figure convert into tax? I work for a big company but our HR are almost impossible to get answers from. Surely I’ve paid the tax owed already? The email was worded as “check this and reply by x date if there are any mistakes”.
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Comments
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the tax works a year behind. You wouldn't have been taxed in the year it changed as the tax office didn't know about it. After you have checked and confirmed your P11D then it goes off to the tax office and they will send you a letter saying you underpaid tax and will most likely adjust your tax code for the next year. They will also use this amount as the predicated value for this year, so the under/over payment next year will not be as much.
Debt Free and Very Very Proud! - DMP mutual support member 315
Debts at May 09 (LBM) £20,675 : Dec 13 £ZERO!0 -
Did you tax code change after you had the company car? It's a long while since I did payroll, but I used to complete P46(CAR) forms, is that still the case? https://www.gov.uk/tell-hmrc-company-car
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