adeel.a

I am so glad that I raised this issue in the forum because it has highlighted so many areas that I did not have the knowledge of.

Thanks to all those that have contributed to the topic discussion.

So, afterall that... what is the best option to take, with being better off personally in mind... so I don't get taxed at the end over and above, if you see what I mean...

1] The demand for 40p per mile
2] Demand a fuel card
3] A higher wage to cover fuel cost
4] A fuel allowance budget at the end of every month
5] Cash in hand for fuel
6] 15p per mile and claim back from the IR (may leave me short)
7] Borrow a company car (will it be classed as a benefit)
8] Or something else

I filled up £30 and my fuel needle went upto 3/4 of the tank. I did have a little in the tank prior to filing. After my journey of 102 miles to brighton and back to London it was on a 1/4 of a tank. Is that about right?

Please advise... :-(

[Edited by adeel.a - 6/6/2003 9:17:14 PM]

Scratch

iTrader: (1)

To give you some idea, my MY98 which I've owned for 15 months costs me 13.84p/mile for fuel and just over double that (28.14p/mile) all in (excluding depreciation in value.

Yes I'm a sad-o with it all on an Excel spreadsheet..... Oh yeah, and if I use if for work I get 40p/mile back.

[Edited by Scratch - 6/6/2003 10:37:40 PM]

stephen emery

I get 65p per mile working for gov. o i get £25 for meals and £20 incidental expenses per day


steve

adeel.a

I'm taking the 07:30 train to Brighton on Saturday morning...

missyc

statutory maximum amounts which can be paid to employees for using their own cars for business purposes without having to pay tax and National Insurance contributions

I currently get 35p + 5p per passenger

5 Type R

This is not a clear subject and a lot of people are not aware of all the calcultations to consider, so hopefully the example below will help. I spent alot of time working them though before deciding what car to use etc

I only get 7.9p a mile for my Turbo Diesel now I have opted out of the company car scheme, which may seem low and on face value and not worth taking up. More money was available for petrol cars with bigger engines........
However the Audi does an avarage 50mpg which is an important factor when working out all the pros and cons of running your own car.

I do also get a lump some added on to my salary for running my own car. Lets say £5K which again needs to go into the calculation pot

If running your own car you are entitled to get tax relief on the 35,000+ business miles I cover over that tax year........

As previously listed the Inland Rev Figures are.......

10,000 x 40p = £4,000.00
25,000 x 25p = £6,250.00

Total = £10,250.00

Minus what my company has paid me already (7.9p) = £2,765.00 (7.9p x 35,000)

Giving a total figure at the end of the year that is available for Tax Relief = £7,485.00

So therefore Expected Tax Rebate at end of year against these figures would be = £2,994.00 (40%)

Monthly extra to run car (/12) = £250.00 + £410.00 Extra Salary per month

Gives a total of £660 per month to break even from when previously running a company car


So although the 7.9p sounded bad, when taking into consideration all my other circumstances.........lots of business miles, good economic car, extra salary for opting out , it actually works out as a fantastic deal.

The important thing in my experience is to get all the facts of the costs of the car you indend to run and then work them all through with whats available to you from your employer and the IR

*Sonic*

The other thing you have to be mindful of, is Business Insurance, I had to take this

I was told (by work) I would need enough cover to carry equipment (Servers, PC's etc)

I took out the lowest business insurance ie travelling to and from the workplace (were ever that may be), I had a discussion with my insurers about it, and this was the best cover, as I refuse point blank to put any servers etc in my car

two reasons, 1: Im not insured for it, and 2: The company will not pay for any damage caused to interior (I know this as fact)

Soapy Sam

Just bear in mind whatever you get, it wont be enough cos your pride and joy will cost you (all in inc. depreciation) more than 60p/mile.

Just stump up and enjoy.....

MichelleWRX1994

The company I used to work for gave me 25p per mile for my scoob.

The occasions when I had to use it, it was poorly, so I had to use the Puma and gained.

adeel.a

I'm going to speak with the decsion makers tomorrow...

Thanks for enlightening me with your experiences and knowledge

8seconds

If you do enough miles, you can reclaim the difference between the Inland Revenue rate and what you employer gives you when you complete your self assessment.

As long as you keep a note of what business trips you make and the mileage, you will be fine. Inland Revenue reserves right to ask you to prove your mileage, they did this to me. As I was able to prove mileage, there was no problem.

http://www.inlandrevenue.gov.uk/rates/mileage.htm

Toonman1

Costs me £00.44 per mile to run my 02 WRX PPP, including tax, insurance, servicing, fuel and depreciation. My College pays £00.385 per mile for the 1st 100 and then perol at cost for any additional. I usually tell them to hire me a car in that case...

Cheers