Income tax codes and company cars
06 February 2015, 11:40 AM
#1
Scooby Regular
Thread Starter
Income tax codes and company cars
Quick question,
Tax code is the tax free allowance you get, if you get benefits medical/company car etc it comes of that amount.
No benefits, so full 10k allowance = 1000L
1000 value of benefits so 9k allowance = 900L
5000 value of benefits so 5k allowance = 500L
etc
my question is around company car benefits.
my new tax code has come through and its 164T, meaing im getting £8360 of benefits, which in my case is company car/fuel.
Was wondering what other folks tax codes are coming out as with company car, does that seem like a low code.
Car is a 1.6 zetec ford focus diesel.
Tax code is the tax free allowance you get, if you get benefits medical/company car etc it comes of that amount.
No benefits, so full 10k allowance = 1000L
1000 value of benefits so 9k allowance = 900L
5000 value of benefits so 5k allowance = 500L
etc
my question is around company car benefits.
my new tax code has come through and its 164T, meaing im getting £8360 of benefits, which in my case is company car/fuel.
Was wondering what other folks tax codes are coming out as with company car, does that seem like a low code.
Car is a 1.6 zetec ford focus diesel.
06 February 2015, 12:38 PM
#4
Scooby Regular
For 2013/14
Car BIK is circa £3,484 (assumed not "s" and no extras)
Fuel BIK is circa £3,89
Total BIK therefore £7,173
For 2014/15
Car BIK is circa £3,484 (assumed not "s" and no extras)
Fuel BIK is circa £4,199
Total BIK therefore £7,683
Has your code been adjusted to take account of any other benefits or underpaid tax?
Car BIK is circa £3,484 (assumed not "s" and no extras)
Fuel BIK is circa £3,89
Total BIK therefore £7,173
For 2014/15
Car BIK is circa £3,484 (assumed not "s" and no extras)
Fuel BIK is circa £4,199
Total BIK therefore £7,683
Has your code been adjusted to take account of any other benefits or underpaid tax?
06 February 2015, 12:39 PM
#5
Scooby Regular
Thread Starter
For 2013/14
Car BIK is circa £3,484 (assumed not "s" and no extras)
Fuel BIK is circa £3,89
Total BIK therefore £7,173
For 2014/15
Car BIK is circa £3,484 (assumed not "s" and no extras)
Fuel BIK is circa £4,199
Total BIK therefore £7,683
Has your code been adjusted to take account of any other benefits or underpaid tax?
Car BIK is circa £3,484 (assumed not "s" and no extras)
Fuel BIK is circa £3,89
Total BIK therefore £7,173
For 2014/15
Car BIK is circa £3,484 (assumed not "s" and no extras)
Fuel BIK is circa £4,199
Total BIK therefore £7,683
Has your code been adjusted to take account of any other benefits or underpaid tax?
), but im not sure why. i changed jobs but declared car etc as soon as i got it :S
06 February 2015, 12:42 PM
#6
Scooby Regular
06 February 2015, 12:43 PM
#7
Scooby Regular
Thread Starter
Trending Topics
06 February 2015, 01:28 PM
#8
Scooby Regular
Glanza's figures don't add up unless he's got a very low emission or very cheap compay car, or he's not getting any fuel for personal use.
06 February 2015, 03:07 PM
#9
We pay for our personal use fuel so its just the 3k off the 10k. (Their letter to me said 3000 for private use with no fuel, the tax man may have other ideas though!)
So yes I don't get fuel BIK. I've swapped to a van now so don't pay any tax. Woohoo
So yes I don't get fuel BIK. I've swapped to a van now so don't pay any tax. Woohoo
06 February 2015, 03:09 PM
#10
I also believe our company are very shrewd with the tax man hence my lower rates as we also have to pay the company for use of the car, which is why the tax BIK is a lot less.
We also get a percentage of our wages as a "subsistance allowance" tax free.
We also get a percentage of our wages as a "subsistance allowance" tax free.
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