Working out how much my fuel card costs

[Mr Tom]

Hi All,

I’m looking for advice in trying to find out exactly how much my fuel card is costing me a month in tax. It pays for all my private (and business) fuel. I would receive no extra money if I gave up my fuel card

Salary is £45.5k
Car valued £5268
Fuel card valued £7084

So I understand I get taxed 20% on the above so £1416 on the fuel card £118/month.

This is where I get confused… so given the car and fuel have a value of £12570. This added to my salary equals £58070. Therefore does this mean I get taxed 40% on everything over £50270 (higher tax rate) ie 40% of £7800. So effectively my fuel card is costing me 40% of the cards value (£7084) which is £2833 or £236/month.

Thanks,

Tom

[Puzzles]

Yes