In the next couple of day's I'm going to be offered promotion, And with it a company car Mondeo Diesel ! 
This is where the prob lies, We hav'nt discussed a package yet so advice needed please !
I have a MY04 WRX that's four months old.
It will involve travelling further to work and will be a round trip of 32 miles a day, I will have to pay private mileage and will prob do about 50 or so business miles a week. I'm not going to sell the Scoob whatever happens but wondered what's the most economical way of doing this ? Ask for more money because i'm not taking the car, If so how much ? I don't want the whole of my pay rise paying for the tax on the vehicle !
Bearing in mind petrol and depreation on the scoob becoming a high mileage vehicle !
Or take the car, pay the tax, and keep the Scoob for the weekends ?
Advice needed please !
This is where the prob lies, We hav'nt discussed a package yet so advice needed please !
I have a MY04 WRX that's four months old.
It will involve travelling further to work and will be a round trip of 32 miles a day, I will have to pay private mileage and will prob do about 50 or so business miles a week. I'm not going to sell the Scoob whatever happens but wondered what's the most economical way of doing this ? Ask for more money because i'm not taking the car, If so how much ? I don't want the whole of my pay rise paying for the tax on the vehicle !
Bearing in mind petrol and depreation on the scoob becoming a high mileage vehicle !
Or take the car, pay the tax, and keep the Scoob for the weekends ?
Advice needed please !
Scooby Regular
I would think that sort of mileage won't affect the reasle value on the car that much check out parkers price gide for mileage adjustments on a used scoob.
If the company car comes fully fueled I'd ask if they contribute towards the cost of your mileage to and from home, say 50/50.
by they way if it's gonna be one of those new Mondeo's Euro 4 engines, we have a lot of them in my work and almost every single one has broken down and more than once, one even had a 2k repair bill !!!! all under warrenty mind.
with the cost of the petrol going up comany car is the way to go as then never change your pence per mile when the cost goes up
If the company car comes fully fueled I'd ask if they contribute towards the cost of your mileage to and from home, say 50/50.
by they way if it's gonna be one of those new Mondeo's Euro 4 engines, we have a lot of them in my work and almost every single one has broken down and more than once, one even had a 2k repair bill !!!! all under warrenty mind.
with the cost of the petrol going up comany car is the way to go as then never change your pence per mile when the cost goes up
Scooby Regular
Ok do my best to help... well more info really...
If you opt out of the company car, then:
your looking at £400 pm as payment for opting out...
this is less your taxable rate...
i.e. £400pm @ 40% = £240
So £240 pm in your pocket.
Now your not paying CC Tax and you now can claim for bussiness mileage at the rate you agree... This is normanly done, as in most large companies (often different in smaller one) according to the government rates...
i.e. Siemens pay the following
upto 2L petrol or Diesel 9ppm over that and 12ppm
This basicaly cover the cost of the fuel...
Now you are entitled to an allowance from the inland revenue for any milage you do and this is as follows:
upto 10000 miles a year @ 40ppm after that 26ppm
so you can claim 40ppm less what you get from work = 31ppm
so if you do 5000 pa then: £1550 less your tax rate = £900
So about £75 per month...
So with this example you would have £315 per month to run the car and no company car tax to pay...
hope this helps...
Dazza
If you opt out of the company car, then:
your looking at £400 pm as payment for opting out...
this is less your taxable rate...
i.e. £400pm @ 40% = £240
So £240 pm in your pocket.
Now your not paying CC Tax and you now can claim for bussiness mileage at the rate you agree... This is normanly done, as in most large companies (often different in smaller one) according to the government rates...
i.e. Siemens pay the following
upto 2L petrol or Diesel 9ppm over that and 12ppm
This basicaly cover the cost of the fuel...
Now you are entitled to an allowance from the inland revenue for any milage you do and this is as follows:
upto 10000 miles a year @ 40ppm after that 26ppm
so you can claim 40ppm less what you get from work = 31ppm
so if you do 5000 pa then: £1550 less your tax rate = £900
So about £75 per month...
So with this example you would have £315 per month to run the car and no company car tax to pay...
hope this helps...
Dazza
Quote:
If you opt out of the company car, then:
your looking at £400 pm as payment for opting out...
this is less your taxable rate...
i.e. £400pm @ 40% = £240
So £240 pm in your pocket.
Now your not paying CC Tax and you now can claim for bussiness mileage at the rate you agree... This is normanly done, as in most large companies (often different in smaller one) according to the government rates...
i.e. Siemens pay the following
upto 2L petrol or Diesel 9ppm over that and 12ppm
This basicaly cover the cost of the fuel...
Now you are entitled to an allowance from the inland revenue for any milage you do and this is as follows:
upto 10000 miles a year @ 40ppm after that 26ppm
so you can claim 40ppm less what you get from work = 31ppm
so if you do 5000 pa then: £1550 less your tax rate = £900
So about £75 per month...
So with this example you would have £315 per month to run the car and no company car tax to pay...
hope this helps...
Dazza
You are a fookin Star ! This is just what i wanted ! I'm being slightly pushed / Encouraged to take the job and i did'nt want to disadvantage myself finacially, The company is a National but the RD's know what they are doing ! Originally Posted by Dazza's-STi
Ok do my best to help... well more info really...If you opt out of the company car, then:
your looking at £400 pm as payment for opting out...
this is less your taxable rate...
i.e. £400pm @ 40% = £240
So £240 pm in your pocket.
Now your not paying CC Tax and you now can claim for bussiness mileage at the rate you agree... This is normanly done, as in most large companies (often different in smaller one) according to the government rates...
i.e. Siemens pay the following
upto 2L petrol or Diesel 9ppm over that and 12ppm
This basicaly cover the cost of the fuel...
Now you are entitled to an allowance from the inland revenue for any milage you do and this is as follows:
upto 10000 miles a year @ 40ppm after that 26ppm
so you can claim 40ppm less what you get from work = 31ppm
so if you do 5000 pa then: £1550 less your tax rate = £900
So about £75 per month...
So with this example you would have £315 per month to run the car and no company car tax to pay...
hope this helps...
Dazza
Cheers pal You going on the 25th ?
Scooby Regular
Dazza, I'm impressed... which part of Siemens do you work for and who suplies their 'PCP' cars now that Whitechapel don't (I believe)?
Also remember that the allowance usually has to cover Ins unless there's a corporate policy as with Siemens and most larger company schemes..
Cheers Nige
Also remember that the allowance usually has to cover Ins unless there's a corporate policy as with Siemens and most larger company schemes..
Cheers Nige
Scooby Regular
Quote:
Cheers pal You going on the 25th ?
Forgot to add...Originally Posted by simpsons !
You are a fookin Star ! This is just what i wanted ! I'm being slightly pushed / Encouraged to take the job and i did'nt want to disadvantage myself finacially, The company is a National but the RD's know what they are doing ! Cheers pal You going on the 25th ?
you can send letter to the ILR and ask them to amend your tax code so that you get the benefit pro rata, in this way you don't have to wait for the end of the year to get your $$$ they will adjust your tax rate to give you the extra $$$$ each month...
Mail me and i'll send you the letter i sent them...
4 tinnies so a bit bo!!oxed,,, whats on the 25th... anyhows
hic!god knows how i remebered all that lot in the first place! hic!
Dazza
Scooby Regular
Ah! got it WYIOC... DOH!
of course!
Slight amount of muppetry on my behalf!
hic!
of course!
Slight amount of muppetry on my behalf!
hic!
Scooby Regular
Quote:
Also remember that the allowance usually has to cover Ins unless there's a corporate policy as with Siemens and most larger company schemes..
Cheers Nige
CommsOriginally Posted by OdD KiDS OtHeR MatE
Dazza, I'm impressed... which part of Siemens do you work for and who suplies their 'PCP' cars now that Whitechapel don't (I believe)?Also remember that the allowance usually has to cover Ins unless there's a corporate policy as with Siemens and most larger company schemes..
Cheers Nige
Err the cars are supplied buy LLoyds TSB Autolease i think...
Scooby Regular
Quote:
Err the cars are supplied buy LLoyds TSB Autolease i think...
Not exactly sure which area that is... Know who LLoyds are tho.. Thought they'd got the boot for doing such a bad job! Originally Posted by Dazza's-STi
CommsErr the cars are supplied buy LLoyds TSB Autolease i think...
Big Fan of PCP.. it can pay dividends in the right circumstances
Cheers anyhow. Back to the tinnies!
Quote:
of course!
Slight amount of muppetry on my behalf!
hic! http://www.brewtruck.co.uk/country/images/T/tetleyS.jpg
Will be my first meet ! Can't wait to be honest now have the scoob how i want it ! Thanks for your help will Pm you.Originally Posted by Dazza's-STi
Ah! got it WYIOC... DOH!of course!
Slight amount of muppetry on my behalf!
hic! http://www.brewtruck.co.uk/country/images/T/tetleyS.jpg
Scooby Regular
How do you actually go about claiming all this if you're on PAYE?
Also I hear you can claim the VAT back on the tyres and servicing of the car. Any truth in this?
Also I hear you can claim the VAT back on the tyres and servicing of the car. Any truth in this?
Scooby Regular
Quote:
Also I hear you can claim the VAT back on the tyres and servicing of the car. Any truth in this?
1, you simply tell the tax office, they adjust your tax code accordingly...Originally Posted by Lum
How do you actually go about claiming all this if you're on PAYE?Also I hear you can claim the VAT back on the tyres and servicing of the car. Any truth in this?
2, Same but no!