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rastus | Should I have a company car.? |
I have a company car, the car is available to me all the time and the company pay for everything including my private mileage. There is a tax implication on this, I have to pay £1100 per year in tax.
I have the opportunity to give the car back and recieve a sum of £330 per month instead. This would also mean that I would not have to pay the £1100 tax bill, but I would have to buy a car and pay for all its costs.
My question is are there any financial experts out there who could advise me on what to do. |
 |
 
suerye
 |
I wish it only cost me £1100 pa to run my car! When you take into account insurance, servicing, tax, petrol and oil, plus finance costs or loss of interest on capital, you are getting a really good deal. In addition you are not having to worry about it needing major repairs or having to replace it.
Your £330 pm would be taxable, but you would be able to reclaim from tax the cost of your business mileage, but you would have to wait until the end of the tax year to do this, plus the hassle of keeping records of business miles.
It's always better to owe the taxman than have him (or her) owe you. |
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Paul S
|
I personally would keep the car i mean £91.66 a month for all fuel and maintenance etc... is cheap. just work out how much it would cost to insure, mot and service on a yearly basis, plus additonal costs such as new tyres and such plus how much petrol you would put in it a month and see whether you think it is worth it or not. if you bought your own car you would use most of the additional money you get on actually buying it on hire purchase or lease contract then you got the insurance, mot and servicing plus maintenance costs on top so you would be worse off in the that respect.
the only benefit you would get is claiming business milegae in own car which is 40p per mile for 1st 10,000 miles and 25p per mile thereafter. if you do a high number of business miles then it maybe worth it as this may cover the costs of running the car or you may even make money.
you need to sit down and work out the costs of buying and running a car against the miles you will be claiming for to see if you would be worse or better off. otherwise I would keep the co. car.
hope this helps
alternatively see if you can get a car with a low list price and CO2 emissions value as the tax is worked out using the 2 figures. |
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samantha s
 |
well how i see this matter is:
£330 x 12 months = £3960 pr anum
Why dont you give back the car and take the money and use public transport for a year - and the rest of the money could be used on anything else you want..
However the free car and all expenses paid sounds very good as well...just calculate the amount of times you truley need to really use the car.
is it not possible to get the car for a whole year, and the next year you give it back and take the money, and just do this on a routation?? |
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thebarnes33
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When working out the tax implications, visit http://www.carcontracthireonline.co.uk as they have a tax calculator. You may want to check if what you are paying is correct in the first place. |
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jason c
|
There are a few things that you need to think about before you do anything. First the £330 per month will be taxed as per normal earnings, so its not really £330. Do you do a lot of mileage in your current car? If so remember that when you opt out of the company car scheme you will have to service your car yourself. Do you do a lot of private mileage? If you do them again you will need to think about the cost of doing this yourself.
What happens to the fuel cost? Is your company going to pay for your business mileage and how do they do this? Some companies will ask you to pay for all the fuel yourself and then claim it back as expenses. Be very care-full on this, its a cheap way for them to screw you. Employment law says that if you are using your own car for business usage then you are entitled to a fixed rate per miles at it works out a lot more than the cost of fuel alone.
The last but most important thing to consider is that no job is for life, if something changes in your employment status you will be left with the car and the associated payments to sort out. |
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vinay_6543
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please read Paul S answer it is text book perfect, my only comment is that your figure of £1,100 a year cost seems low as the minimum tax charge is 15% of list price up to 35% for larger cars on top of this is an additional scale charge for fuel |
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luddite
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No one should have a company car. |
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si_wright
 |
looking at the cost I would be very happy to pay only £1100 per year for a car, taking insurance, cost for petrol anc maitenance of the car plus the cost of a new car you will be paying out about 250-350 per month, not taking in to account you buying a porsche. so 250 pcm over the year is £3000 3 times the amout you pay now.
Hope it helps, and if you don't want it can I have it ? |
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