Another company car tax question

[velocemitch]

Question for the accountants amongst us.

I believe under the current tax rules for company cars, the company is only allowed to right off the full cost of the car against profits if that car has a CO2 rating below a certain figure.

Does anybody know what the figure is and if it varies between Petrols and Diesels?.

I may have got this totally wrong but........ ???

[CaptainSlow]

Is the company buying or leasing?

[WOO5IE]

I think that only 3k per annum can be off set against profits regardless of Co2 figures.

Could be wrong though

[courtster]

According to comcar.co.uk

There's a 20% write down allowance on cars 160CO2 or less and 100% First Year Allowance on cars 110CO2's or less.

I have no idea what it means, but I'm sure an accountant can tell you. But our new company car policy excludes cars over 160 CO2, so it must be pretty good for the company.

EDIT: This seems like a good article that explains it simply http://www.citywire.co.uk/Adviser/-/features/q-and...

Edited by courtster on Thursday 6th May 15:14

[CaptainSlow]

WOO5IE said:

I think that only 3k per annum can be off set against profits regardless of Co2 figures.

Could be wrong though

Yes you are indeed wrong. These are the old rules for cars over £12k phased out April 2009.

Rules are now emissions based with 100% first year allowance for cars 110 CO2 and under. Cars between 111 and 160 CO2 are written down at 20% pa on a reducing balance and cars over 161 CO2 are at 10% reducing balance. There are no maximum caps.

These are for purchased cars, additional rules apply to leased cars.

eta

PM me if you want to be really bored. I spend most my day talking about this.

Edited by CaptainSlow on Thursday 6th May 15:54

[softtop]

courtster said:

our new company car policy excludes cars over 160 CO2, so it must be pretty good for the company.

flame me if you like, is this another made up value by a company looking to appear green without any real reason behind what they are saying apart from 'look at us and our green credentials', tosh

[Welshbeef]

Here is an interesting question for you/anyone IF within the same reg number list price changes how are you takes? Clearly if list price rises from when you took your comp car but same reg ie"10" and then inland rev take the higher price your taxed that bit more.

Views

[courtster]

softtop said:

courtster said:

our new company car policy excludes cars over 160 CO2, so it must be pretty good for the company.

flame me if you like, is this another made up value by a company looking to appear green without any real reason behind what they are saying apart from 'look at us and our green credentials', tosh

Most probably - and now the reason that I have no way of replacing my Golf Ed30 with anything interesting in 3 weeks

[CaptainSlow]

softtop said:

courtster said:

our new company car policy excludes cars over 160 CO2, so it must be pretty good for the company.

flame me if you like, is this another made up value by a company looking to appear green without any real reason behind what they are saying apart from 'look at us and our green credentials', tosh

nope there is a reason, see my earlier post

[velocemitch]

Thanks Captain Slow. I heard our MD muttering something under his breath a while back saying 'there will be no more company cars over ***kg/m now' but I didn't know the figure. clearly it was 160

Somebody today was saying that petrols are hit worse than diesels, IE petrols were set at about 110kg and diesels at 130kg... or something like that but it didn't stack up to me.

[Mattt]

velocemitch said:

Thanks Captain Slow. I heard our MD muttering something under his breath a while back saying 'there will be no more company cars over ***kg/m now' but I didn't know the figure.

I wonder what the tax would be if the car emitted X kg of CO2 per metre travelled!! Do they apply tax to Challenger tanks?

[CaptainSlow]

velocemitch said:

Thanks Captain Slow. I heard our MD muttering something under his breath a while back saying 'there will be no more company cars over ***kg/m now' but I didn't know the figure. clearly it was 160

Somebody today was saying that petrols are hit worse than diesels, IE petrols were set at about 110kg and diesels at 130kg... or something like that but it didn't stack up to me.

nope diesels are the same

[velocemitch]

Mattt said:

velocemitch said:

Thanks Captain Slow. I heard our MD muttering something under his breath a while back saying 'there will be no more company cars over ***kg/m now' but I didn't know the figure.

I wonder what the tax would be if the car emitted X kg of CO2 per metre travelled!! Do they apply tax to Challenger tanks?

Well what's the odd thousand here and there....