Giving Back Company Car & Notifying HMRC

[tleefox]

Might not be the correct section, apologies if not.

I'm giving back my company car today which is costing me somewhere between £200 & £300 a month on BIK. What is the procedure for getting my tax code corrected accordingly, and how long will this take to take effect?

Cheers!

[edc]

Advise HMRC of your circumstances https://www.gov.uk/government/organisations/hm-rev...

[Mexican cuties]

also make sure the new employer uses your new amended tax code in when sorting out your salary

[edc]

Mexican cuties said:

also make sure the new employer uses your new amended tax code in when sorting out your salary

The new employer will use whatever tax code the HMRC send them whether it is right or wrong in the employee's eyes.

[Starfighter]

HMRC has a form for this P46car. Have the employer complete this ( of do it yourself so it is correct) and send it off. The same for is used for a change of car and it contains the usual car and personal details. Your tax code should get amended. Do it right or you will be waiting 3 years for it to catch up through PAYE.

[Eric Mc]

As mentioned above, the primary responsibility for notifying HMRC about a change to a company car (or any other Benefit kin Kind) is the employer's. However, employees should always monitor the situation and be ready to step in if the employer falls down on the job - which they very often do.

[tleefox]

Thanks all.

I spoke to my HR department on Friday who advised they would do the necessary paperwork straight away - hopefully it doesn't take too long for HRMC to alter the tax code!