Sell Me A Monaro
Discussion
That looks like very useful information but I dont know enough about the UK to apply it to my situation. Where does the 'benefit in kind' come into it? My car allowance is £4500.
Is that some money they knock off the value of the car and youre taxed on the rmainder? Thats a hell of alot of tax to pay it seems.
This is over and above your regular income is it?
As ute is a commercial vehicle, does that reduce it at all? There was something in The Times on the weekend that suggests it would.
It seems like an overly complex process but then, thats what made this country great
PB
Is that some money they knock off the value of the car and youre taxed on the rmainder? Thats a hell of alot of tax to pay it seems.
This is over and above your regular income is it?
As ute is a commercial vehicle, does that reduce it at all? There was something in The Times on the weekend that suggests it would.
It seems like an overly complex process but then, thats what made this country great
PB
Benefit in kind is only if you are provided with a vehicle. Its more for owners and directors etc to stop them running flash company cars tax free.
You need to see what the story is with your contract. You may get a mileage allowance of maybe 15p/mile plus the £4500. Which is likely to be taxed at your marginal rate. So worse case at 22% around £1200.
Buy a Holden mate, you know you want to. You might be able to get an 04 Monaro for £17K if you are lucky, else a VT or VX HSV for around £13K. Your allowance will have it paid for in 3 years and you can show the brits how to do proper burnouts!
You need to see what the story is with your contract. You may get a mileage allowance of maybe 15p/mile plus the £4500. Which is likely to be taxed at your marginal rate. So worse case at 22% around £1200.
Buy a Holden mate, you know you want to. You might be able to get an 04 Monaro for £17K if you are lucky, else a VT or VX HSV for around £13K. Your allowance will have it paid for in 3 years and you can show the brits how to do proper burnouts!
If the company are paying you an annual amount you will probably pay tax on the amount they pay you through PAYE. This is the normal way it works. When they pay you mileage at say 15p /mile you can claim tax releif on the difference from 40p at marginal rate IR24 explains all
Andy
Tax Collector
Andy
Tax Collector
Ohhh....so you think playing the burnout card will sway me huh? Dammit! Of course it will!!
Ok, Yorkie, I get 4500 plus 12p per mile for mileage done on business. Heres the catch, I live 40miles from my work. Im looking at around 400miles a week just getting to and from work and I dont get any of that back! Just from the office to clients.
Err...anyone know the mpg on a stock 5.7 6-speed. Im getting 34mpg average out of the puegeot. 95% of that 400miles a week is on the M27.
Really, I need a majic man to ignore all the percentages and rates and say "Son, youre ute will cost you this" and lay a figure on me.
Dammit Jim, Im a recruiter, not a calculator! Bones out.
>> Edited by 308mate on Tuesday 15th November 19:29
Ok, Yorkie, I get 4500 plus 12p per mile for mileage done on business. Heres the catch, I live 40miles from my work. Im looking at around 400miles a week just getting to and from work and I dont get any of that back! Just from the office to clients.
Err...anyone know the mpg on a stock 5.7 6-speed. Im getting 34mpg average out of the puegeot. 95% of that 400miles a week is on the M27.
Really, I need a majic man to ignore all the percentages and rates and say "Son, youre ute will cost you this" and lay a figure on me.
Dammit Jim, Im a recruiter, not a calculator! Bones out.
>> Edited by 308mate on Tuesday 15th November 19:29
Utes are commercial vehicles and I believe may be exceptions under the benefit in kind rules. (But the business would have to pay for this)
There may also be tax benefits, Im not sure though as its considered the same as a truck or good vehicle etc.
Best to get some advice. A car is different.
There may also be tax benefits, Im not sure though as its considered the same as a truck or good vehicle etc.
Best to get some advice. A car is different.
I know my company pays £500 a year for my ute, well it's a mitsubishi L200 and it's classed as a commercial vehicle. They are telling us that this rule/loophole will change next year and we will be hit for the full whack of tax on them..That's what the company is telling us, not sure if it is true or not however..
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