P11D Received today
Discussion
Can anyone tell me.
On my P11D, it shows the total car benefit for my former company car in 09/10
At the bottom, there is a Car Allowance- Profit figure (Fixed Profit Car Scheme).
This figure is -£130.00
So can someone explain to me does that mean I get some sort of rebate on the - £130.00 (assuming that I of course haven't under paid on the car benefit charge at the top).
On my P11D, it shows the total car benefit for my former company car in 09/10
At the bottom, there is a Car Allowance- Profit figure (Fixed Profit Car Scheme).
This figure is -£130.00
So can someone explain to me does that mean I get some sort of rebate on the - £130.00 (assuming that I of course haven't under paid on the car benefit charge at the top).
Edited by CatherineJ on Friday 25th June 12:31
Do you have a company car?
or
Do you use your own car and claim mileage?
If so, what mileage rate do you use and how much did you reclaim from your employer in 2009/10?
If the P11D refers to the Fixed Profit Car Scheme (FPCS) I would suggest that they may be using out of date forms. Even though muileage rates still exist for tax purposes, the term "Fixed Profit Car Scheme" was dropped a number of years ago.
or
Do you use your own car and claim mileage?
If so, what mileage rate do you use and how much did you reclaim from your employer in 2009/10?
If the P11D refers to the Fixed Profit Car Scheme (FPCS) I would suggest that they may be using out of date forms. Even though muileage rates still exist for tax purposes, the term "Fixed Profit Car Scheme" was dropped a number of years ago.
Hi Eric.
I did have a company car. It was returned on 16/09/09.
Since then I have had a car allowance of £250 per period. (which I haven't been taxed on) and my tax code returned to 647. In addition I receive (currently) 14.5p a mile in fuel allowance.
The "form" looks more like an internal form rather than an inland revenue document.
In terms of what i've claimed from my employer.
Well They automatically pay me the £250 and I claim on average £150 a period in fuel (a period is 4 weeks).
I did have a company car. It was returned on 16/09/09.
Since then I have had a car allowance of £250 per period. (which I haven't been taxed on) and my tax code returned to 647. In addition I receive (currently) 14.5p a mile in fuel allowance.
The "form" looks more like an internal form rather than an inland revenue document.
In terms of what i've claimed from my employer.
Well They automatically pay me the £250 and I claim on average £150 a period in fuel (a period is 4 weeks).
Edited by CatherineJ on Friday 25th June 13:11
Catherine
It would appear that -
1) You receive a £250 per month car allowance.
2) You claim an additional 14.5p per business mile for using your own car for work purposes.
If this is the case then 1) should be paid to you via payroll with PAYE/NIC deducted. And 2) is not taxable as your company can pay up to 40p per mile for the first 10,000 business miles and 25p per mile thereafter tax/NIC free. As you are paid less than this per mile, you can claim relief on the difference when you file your self assessment tax return.
It looks as though your company is trying to amalgamate the two payments, work out how much you could have claimed at 40p/25p per mile and just tax you on the difference?
It would appear that -
1) You receive a £250 per month car allowance.
2) You claim an additional 14.5p per business mile for using your own car for work purposes.
If this is the case then 1) should be paid to you via payroll with PAYE/NIC deducted. And 2) is not taxable as your company can pay up to 40p per mile for the first 10,000 business miles and 25p per mile thereafter tax/NIC free. As you are paid less than this per mile, you can claim relief on the difference when you file your self assessment tax return.
It looks as though your company is trying to amalgamate the two payments, work out how much you could have claimed at 40p/25p per mile and just tax you on the difference?
CatherineJ said:
Eric Mc said:
It does sound like they don't really know what they are doing.
God help them then, they have 1,000 people on the car schemes.Company Car from 6 April 2009 to 16 September 2009 (164 days)
That means your tax coding for 2009/10 SHOULD have been reduced to take into account the BIK value for the use of a company car for 164 days of that tax year.
From 17 September 2009 to 5 April 2010 you were receiving a fixed Car Allowance of £250 per "period" - although you don't say what the "period" actually is (weekly? monthly?).
In any case, a Car Allowance is treated as additional gross salary so your employer SHOULD have included the £250 amounts in your Gross Wages figure when calculating the monthly PAYE and NI arising. On the assumption they did this properly, this would mean that the correct PAYE and Class 1 NI was deducted from your monthly wages.
From 17 September 2009 you have been allowed to claim 14.5p per mile for work related trips. This is well below the maximum allowable claim of 40p per mile so none of the mileage amounts paid to you are taxable.
In fact, as has already been stated, you can make a separate tax relief claim for the missing 25.5p (40p minus 14.5p) that you DIDN'T claim from your employer.
Edited by Eric Mc on Tuesday 29th June 17:06
Gassing Station | Finance | Top of Page | What's New | My Stuff