Business Mileage

lgoochy

Thanks. That makes sense now. Mileage is variable so I am hoping they just leave my tax code alone and I get the rebate by self assessment. 

What I have concluded though is that I would be better off buying a large petrol engine hybrid (BMW 330e) and getting 20p a mile from my company and all the short journeys I do would be on electric coating me about 4 p a mile. 

Dazed_and_C0nfused

Thanks. That makes sense now. Mileage is variable so I am hoping they just leave my tax code alone and I get the rebate by self assessment. 

There is a box you can tick (or not tick maybe) which means HMRC won't use the information from your Self Assessment return to update your tax code.

lgoochy

I do have the added issue of tax relief on private pension contributions which have changed halfway through this year. 

I will see what my accountant says. Thanks for the help 

Dazed_and_C0nfused

lgoochy said:

I do have the added issue of tax relief on private pension contributions which have changed halfway through this year. 

I will see what my accountant says. Thanks for the help 

That will all be sorted via your Self Assessment return.

Don't forget if you have paid enough into your pension to stop you being a higher rate payer then you may only get 20% relief on your mileage claim, £640 instead of £1,280

k3lvc

What I have concluded though is that I would be better off buying a large petrol engine hybrid (BMW 330e) and getting 20p a mile from my company and all the short journeys I do would be on electric coating me about 4 p a mile. 

This all works well until that particular loophole is closed - we've a group of employees that have done similar and have had a warning shot fired to them that there's chance of company mileage for electric/hybrid being slashed - potentially to 1p per mile - esp as we have charging points on office site.

This really screws with people who've taken a 4yr credit agreement on a £50k car (and many of those are 330e/C350e types)