Company Car Tax
23 May 2002, 10:57 PM
#1
Either is there a Work It Out For You site out there on the WWW or is someone able to tell me what the tax liability is going to be for ~£25k 1.9 TD, with 3500 business miles & 35000 private 
IE - is it worth my while
Poss looking at an oportunity to replace the trusty Vectra but I might consider keeping that with diesel paid for...
Advice? Ideas? Or just that site please!
IE - is it worth my while
Poss looking at an oportunity to replace the trusty Vectra but I might consider keeping that with diesel paid for...
Advice? Ideas? Or just that site please!
23 May 2002, 11:09 PM
#2
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it may be worth double checking this, but as far as i understand it it goes as follows:-
Original cost of the car X age factor (over 3 years = 0.75, newer = 10 X(35000 miles would = 35%) 35%
for example if the vectra cost say, £14000 new in 2001
14000 x 1 x 35% £4900 tax liability. my tax bok is a couple of years old, and I am a bit rusty, so please get it double checked before taking my word for gospel.
Adam
Original cost of the car X age factor (over 3 years = 0.75, newer = 10 X(35000 miles would = 35%) 35%
for example if the vectra cost say, £14000 new in 2001
14000 x 1 x 35% £4900 tax liability. my tax bok is a couple of years old, and I am a bit rusty, so please get it double checked before taking my word for gospel.
Adam
23 May 2002, 11:36 PM
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Puff, its all changed.
And afraid KC had it wrong anyway.
Now tax is based on co2 emissions, not mileage.
Go to http://www.vcacarfueldata.org.uk/ to find co2 for the car u want
and then to http://www.inlandrevenue.gov.uk/pdfs/ir172.htm and click on the ready reckoner for the percentage tables.
Mileage is immaterial now.
Simply take percentage of list price (including extras)and that is the taxable benefit. You then basically pay tax on that amount at whatever tax rate you are on.
Ie take a £25k bmw 330 diesel (as an example) with a CO2 reading of 213(appx).
Round down to nearest band and you get 28% . Add 3% for diesel, and your tax benefit is 31% of 25k = £7750
At 40% you pay £3,100 tax per annum.
Hope this helps
D
[Edited by Diablo - 5/23/2002 11:37:20 PM]
And afraid KC had it wrong anyway.
Now tax is based on co2 emissions, not mileage.
Go to http://www.vcacarfueldata.org.uk/ to find co2 for the car u want
and then to http://www.inlandrevenue.gov.uk/pdfs/ir172.htm and click on the ready reckoner for the percentage tables.
Mileage is immaterial now.
Simply take percentage of list price (including extras)and that is the taxable benefit. You then basically pay tax on that amount at whatever tax rate you are on.
Ie take a £25k bmw 330 diesel (as an example) with a CO2 reading of 213(appx).
Round down to nearest band and you get 28% . Add 3% for diesel, and your tax benefit is 31% of 25k = £7750
At 40% you pay £3,100 tax per annum.
Hope this helps
D
[Edited by Diablo - 5/23/2002 11:37:20 PM]
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24 May 2002, 10:06 AM
#8
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A good site for workngi out whether you're better off with a company car or cash is
www.cashorcar.co.uk
Mark
www.cashorcar.co.uk
Mark
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