How do I work out how much tax I pay on comp car?
21 April 2009, 08:38 AM
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How do I work out how much tax I pay on comp car?
I'm looking to opt out of my company car scheme. How do I work out how much tax I'm currently paying, and therefore how much extra should be in my wages each month?
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21 April 2009, 08:44 AM
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Been a while since I've done the company car thing but used to be that your tax code is made up of all your allowances less any liabilities - there should be an entry on your current tax code notice indicating how much money you are due for your car.
Could have changed in recent times and it's probably spirited away by Gordon Brown before it even makes an appearance on your Tax Code / pay slip etc.
Could have changed in recent times and it's probably spirited away by Gordon Brown before it even makes an appearance on your Tax Code / pay slip etc.
21 April 2009, 08:53 AM
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21 April 2009, 09:31 AM
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Thanks WWSD,
So I've worked out that my BMW 320d shows a Tax payable at 40% of £1,909 (my earnings are over the 40% threshold of £37,400 for 09/10 according to the HMRC website). So each month I am paying approx £160. Does this sound right?
So I've worked out that my BMW 320d shows a Tax payable at 40% of £1,909 (my earnings are over the 40% threshold of £37,400 for 09/10 according to the HMRC website). So each month I am paying approx £160. Does this sound right?
21 April 2009, 11:28 AM
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I concur with your £160 a month figure sir (unless your paying any capital contributions up to £5K towards it, as they can be deducted from the list price).
Last edited by Scooby Snacks 23; 21 April 2009 at 11:29 AM.
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