RichS

Sorry - not asking for anyones personal details, but...

with the new company car tax rules coming up next year, have any of you Scoob company car drivers worked out how badly it will affect you?

I guess my choices will be:

1. Sell the car and get something else
2. Buy the car from my company
3. Keep it as it is and pay the tax [img]images/smilies/mad.gif[/img]

(This was possibly a foolish post as I'm sure most of you have paid for your cars with your own hard-earned. Please be gentle!)

Rich

Rosco

Hi Rich
I too was concerned about the new rules coming in so I bought the car from my company. Of course it was in absolutely pi$$ poor condition with exceptionally high mileage and not worth very much, NOT!!! So it didn't cost much. The problem now is any upgrades ie air filters, exhausts, tyres etc I now have to pay VAT and income tax on.
Such is life for having a decent motor I guess.
There are other solutions or ways of making it easier, depending on what business your in and if it is your own business.
If you want any other ideas, let me know.
Steve

pslewis

ooooooooo what a bummer of a dilema!!

To get something free, almost free or just a little bit free

Must be painful - me, well I will just continue to pay for EVERYTHING!!!

You have my utmost, deepest regrets however - its a tough choice



Pete

this_sith

Hi Rich,

I'm not ashamed to say that my scoob is a company car
and I have decided to keep it.

After adding up the cost of insurance (had a 3mnth speeding ban and a motorbike stolen last year) plus servicing etc out of my own pocket, I am better off suffering the tax.


Hopefully your situation isn't quite the same ;-)

RichS

Cheers for the replies chaps.

Mr Lewis:
Heheh - thought I might get that sort of response.
Thanks for your sympathy mate

Any other helpful comments?
(Got my flame suit properly zipped up.)


Rich

GRANT

Rich,
I have spent some time looking into this.Basically IR themselves have very little idea as to how they are going to fully impliment the new rules.
They basically rely on you to notify them of the company car you have or will have before the next tax year.
Now who's to say that the correct imformation is given.How are they to know whether you car is a standard UK of Jap import and so how do they apply the percentage rating.If youre car is not listed and given a CO2 emision value a default amount is given which is invariably greater than it should be.
If currently you do over 18,000 mile per year you will be hardest hit they say.
If car is a company vehicle and paid for on HP and you are a director driving a scooby over 18,000 it still works out cheaper for the car to remain in the company.Both for the company and yourself.
And following that I have brought my new STI through my company.
The figures I have used to work this out are only on the next two years IR rating.

Grant

Phil

Grant

I hope you are not suggesting defrauding the Inland Revenue!

Must admit I toyed with the idea myself (shame on me)

As for me fully expensed MY01 PPP with an appreciative Board that allows me a little latitude for mods

Had to work very hard to justify the Scoobysport Spoiler.

Only downside is NO TRACK DAYS without exception

Buying the car after 2years

I will then take a Golf TDi for Co.Car and play with the Scoob on the track

Phil

carl

I thought about this -- the emissions are based on the car in factory spec. When the previous company car tax rules (a few years ago) were based on engine displacements, a lot of sub-2 litre turbocharged cars started being made (you could even buy 2.0 Alfa turbos on the continent). Does this mean that a lot of factory-approved after-market conversions will appear? You could load up the ECU's ROMs with two maps -- an 'emissions' and a 'power' map -- and a quick trip to the dealer and 50 quid for the 'factory approved upgrade' would enable the other map. It seems feasible to me in a world where Ferraris have a valve in the exhaust system that opens just above the revs where the noise tests are done.

Lee

Nightmare. I do (or did) over 18k miles so having a scooby as co car was nice.

I've worked out it will cost £250 a month in tax so no thanks I'm looking at other options.

Hoppy

My UK00 has done nearly two years of a three-year company lease. I was going to buy it before April 02, but after lots of sums it makes bu99er all di££erence, so I'll wait another year and see.

Deciding factors are a very liberal company insurance policy, and I fancy a new shape STi next. When the time comes, the new STi should be well sorted, and all the modding stuff tried and tested.

Then it will be a difficult decision. What colour?

Richard.

Diablo

Pete you ar$e

My Scoob was on a lease through my firm, for which I suffered the pleasure of a substantial salary deduction based on lease,maintenance, insurance costs.

I paid my own fuel.

So don't assume everyone who had or has a "company" car doesn't pay anything for it except the tax you muppet More and more "company" cars are provided in this manner.

Being in the relevant field I argued the toss with the revenue, as it was my lease with the leasing company (albeit administered by my firm to save the VAT element and provide for better volume rates to employees). However, as the deduction was made before tax, it reduced my overall tax liability so the actual cost to me was gross leasing charge less the tax that I would have otherwise paid on the equivelant salary. As a result, it was determined that it was a taxable benefit and I was taxed on the appropriate percentage of list price when new.

To answer the thread, with the Scoobs emissions, I would have being paying an extra £80 per month in tax over the £175 per month I was already paying in tax.

Not nice

But then I moved jobs and the Scoob had to go

Bought the Integra and its costing me less Just as much fun

D

[Edited by Diablo - 10/17/2001 9:38:47 AM]

Altro

Right - bear with me a bit, this may help you all, cos its a subject dear to my heart, me almost being due a new company car, and the wife having a scoob (makes my V6 mondeo seem like a fiat panda)

Based on figures from August 2000 (cos they are all Ive got readily available) the new tax regs will change things as follows.

Based on 18000 miles a year we used to pay tax on 15% of the value of the car. so, for Impreza turbos:

Saloon Hatchback
List price 20,950 21,450
Aug 2000

15% 3142.50 3217.50

Tax at 23% 722.78 740.03

Tax per week = £13.90 £14.23


With the new theft laws....sory, tax laws, being based on emmisions it changes to :-

Emmissions figure given as 214 g/CO2 per kilometer. This is rounded down (unusually for the tax man) to 210 g/CO2

From the gov tables this equates to a taxable benefit of:

2001-2002 24% of list price
2002-2003 26% of list price
2003-2004 28% of list price

So figures become

Saloon Hatchback
List 20,950 21,450

24%
Taxable benefit 5,028.00 5,148.00

@ 23% tax : 1,156.44 p/a 1,184.04 p/a

PER WEEK = £ 22.24 £ 22.77


You can all do the calcs for 26% and 28%.

You can see it is an increase of nearly %100 over the next three years. But someone tell me where I can buy, insure, tax, MOT and service a Scoob for 22 quid a week and I'll buy my own. In fact I'll buy two. As everyone does different things with petrol allowances dont forget to add that on to your figures.

Hope that helps.

davyboy

LEE, if you think you can own a scoob for £250 a month then I would like some of what your on

Steve001

iTrader: (7)

Just a quick one, as i understand it 'greys' will not be taxed on the emissions. jap imports are a non-type approved cars and will be taxed as before - engine size?

(flame suit on)

Phil

Steve

You are indeed right about Jap Spec cars

Are there any Jap Spec Company Car though ?

Phil

Steve001

iTrader: (7)

Watch this space come Feb next year!

gregh

Altro,

That's fine on it's own, however I opted out because my company gives me a significant amount of money in lieu of taking a car if I opt out, so you need to factor that into your calculations.

Regards,

greg

Beemer_Deano

I've also got a company Scoob - I was going to opt out of our company scheme, but the boss agreed to lease it over 2 years so my plan is to buy it off the leasing company - basically my company picks up the depreciation whilst I get a WRX I've "owned" from new. Even with the tax changes it's cheaper than getting finance etc.

Here are some very useful URLs for any company car drivers:-

(sorry - I don't know how to insert them as links so you'll have to cut & paste)

www.fleetpro.co.uk/co2.htm

- CO2 ratings for all UK available cars

www.godfreydavis.co.uk/gd_internet_public/tax/jcalc.htm

- A tax calculator which will show your liability per month up until 2005 (including sliding scale increases). Note that it's not 100% accurate if you are a borderline %40 tax payer (i.e. the taxable value of your car pushes you into the higher bracket).

Hope this helps.

Dean


{edited due to my fumbly fingers}

[Edited by Beemer_Deano - 10/17/2001 12:04:06 PM]

Beemer_Deano

Phil/Steve,

I'd looked at going down the "grey" route, but as my accountant explained it, it wouldn't help me as there will still be no mileage allowance and I would be worse off.

Do you know any different? Maybe I can sue him

Dean

Phil

Dean

Everybody is losing the Mileage but the emmisions will be capped at 25% I think rather than the 28% it is

Phil

MattN

Phil,

I think you'll find it's capped at 35% same as 0-2499 business miles per year as it currently stands.

druddle

Get rid of the Scoob and get a Clio 172.

I did that when i changed jobs and had the opportunity of taking the MY01 to the new job. Clio 172 is a 15.5k car and emissions are about 190 so its well low on tax. Same could be said of the Civic Type-R but the emissions are 220 odd - quite high,

Dave

Hoppy

Matt is right on the 35% cap. And a UK00 Turbo is 239 co2, rounded down to 235.

If you're going to do the calcs guys, for gawd's sake use the right numbers Everyone's different, depending on current business mileage, marginal tax rate, and any petrol allowance.

Richard.

Steve Wilson

I think the point Phil was trying to make is that the tax bracket for cars that do not have a listed CO2 figure is according to engine size. In the case of an old turbo or a new grey inport this would be 25%. What I am not sure about is if this 25% increases each year in the way that the % tax paid increases each year for those cars that are listed.

John Catlin

It's good bye Scooby on Friday.

have motored over 18k for many years, tax has gone up & up.

johnfelstead

My company scoob is up for replacement in November. The list of available cars to me is pants compared to what i have now so i am buying the car from the company and opting out of the car scheme.

I am buying it at a good price
I get a £325/month pay rise cos i am running my own car.
I get all my tax allowances back (my code is -180 )
I still get all my fuel paid for (that means i can now fill the westfield up on my petrol card cos it's my own car i am running! hehe)
They just put 12 months tax on it
I have the big service coming up just before November. LOL

It would be insane not to buy the thing, it only has 30K on the clock and is mint because i looked after it.