Guest The Special One Posted December 22, 2008 Posted December 22, 2008 its nice to have a flash company car etc but you get taxed to f?ck
Sweep Posted December 22, 2008 Posted December 22, 2008 depends on what the car is (company car) and how much the allowance is really. Also, what are the rules on the car allowance? - I seud to work for a company who insisted that if you took the car allowance, your car had to be under 3 years old, minimum 4 doors etc. I have a fully expenses company car, it costs me just over ?200 a month in tax, but all my fuel (both business and private), road tax and insurance for me and Mrs CWP is covered as well. Also, iof somethings looking a bit dodgy or sounding a bit rough, I take it straight to VW to sort out, so I always have new tyres and it always runs pretty well. So for me, being given the car is the best option...........although I'm sure other people prefer the cash. I do know of a couple of people who "opted out" and went for car allowance, they have since "opted in" again and gone back to having a fully expensed car for the firm again
Pablo Posted December 22, 2008 Author Posted December 22, 2008 Its a Audi A3, or ?450 a month Allowance. If I take the Car, they pay Tax and Insurance and any damages. But for ?450, I could Lease my own, of Buy one on Finance....or even keep my car and save for My wedding ??? Hmmmmh!!!
Widnes Two Hats Posted December 22, 2008 Posted December 22, 2008 Take the ?450 a month And blow it all on chan
Pablo Posted December 22, 2008 Author Posted December 22, 2008 Take the ?450 a month And blow it all on chan Im clean now mate
Sweep Posted December 22, 2008 Posted December 22, 2008 Its a Audi A3, or ?450 a month Allowance. If I take the Car, they pay Tax and Insurance and any damages. But for ?450, I could Lease my own, of Buy one on Finance....or even keep my car and save for My wedding ??? Hmmmmh!!! I pre4sume you would also get taxed on that ?450 - I don't know how much you earn, but it could be that by adding the extra ?5K4 onto your wages, then you find you might pay 40% tax on part of, opr all of that ?450 per month, so I'm not usre how much you would be left with. Also factor in that your insurance may be up towards ?300 per year, road tax will be ?150 per year and a new set of tyres could easily be ?400+ - straight away, that could be 3 months of the allowance (after ax) gone straight away.............
Ani Posted December 22, 2008 Posted December 22, 2008 I pre4sume you would also get taxed on that ?450 - I don't know how much you earn, but it could be that by adding the extra ?5K4 onto your wages, then you find you might pay 40% tax on part of, opr all of that ?450 per month, so I'm not usre how much you would be left with. Also factor in that your insurance may be up towards ?300 per year, road tax will be ?150 per year and a new set of tyres could easily be ?400+ - straight away, that could be 3 months of the allowance (after ax) gone straight away............. company car everytime, ok it costs money but you know where you are each month. no unexpected service bills etc etc no messing about with insurance all done for you
Pablo Posted December 22, 2008 Author Posted December 22, 2008 I'm now driving a Ford Focus, 1.6. I pay ?70 a month Insurance. I'm paying ?150 a month for the car. The plan would be to give my Mrs this, and either take the Company car, of Buy myself a Golf, or Astra. I don't think there is much in it really, depends if I want the flashier car or not. Th cash may be bit better for a few months, to pay off the odd bill, etc.
nearlyeverywere Posted December 22, 2008 Posted December 22, 2008 (edited) I'm now driving a Ford Focus, 1.6. I pay ?70 a month Insurance. I'm paying ?150 a month for the car. The plan would be to give my Mrs this, and either take the Company car, of Buy myself a Golf, or Astra. I don't think there is much in it really, depends if I want the flashier car or not. Th cash may be bit better for a few months, to pay off the odd bill, etc. why not lease a car ?you can get tyres,servicing etc thrown in. Edited December 22, 2008 by nearlyeverywere
Pablo Posted December 22, 2008 Author Posted December 22, 2008 why not lease a car ?you can get tyres,servicing etc thrown in. Thats an Idea mate, Defo getting a new one, wetaher it be buying or Leasing. Ive seen an X3 for about ?400 a month!!!
Sweep Posted December 22, 2008 Posted December 22, 2008 Leasing is a good idea, just make sure you don't go over the agreed mileage allowance, or return it with any dinks or scratches on, otherwise they'll bum you senseless and charge you a fortune. By thw ay, X3's are absolute tosh, at least go for the X5 if you want a womans car
frank_spencer Posted December 22, 2008 Posted December 22, 2008 Leasing is a good idea, just make sure you don't go over the agreed mileage allowance, or return it with any dinks or scratches on, otherwise they'll bum you senseless and charge you a fortune. By thw ay, X3's are absolute tosh, at least go for the X5 if you want a womans car Or if you want 4x4 get a decent one like a land rover
Pablo Posted December 22, 2008 Author Posted December 22, 2008 Or if you want 4x4 get a decent one like a land rover What bout a Q7 ??? Might be bit pricey though!
Gonk Posted December 22, 2008 Posted December 22, 2008 A3 DIESEL 119g Car New RRP plus fuel payment 34,000 10% tax rate benefit in kind 3% Diesel adjustment. 13% of 34,000 = 4420 for BIK 22% tax rate = 972.4 per year tax divided by 12 = ?81.03 per month for a new, serviced, insured & fuelled Audi
Big E Posted December 22, 2008 Posted December 22, 2008 maintenance on a lease car is a rip off.how many miles a year do you do?
Pablo Posted December 22, 2008 Author Posted December 22, 2008 maintenance on a lease car is a rip off.how many miles a year do you do? 20 30 K
Big E Posted December 22, 2008 Posted December 22, 2008 20 30 K company car seems a good idea then. no hassle at all. plus leasing gets expensive when you get near 30k
HomerJay Posted December 22, 2008 Posted December 22, 2008 (edited) www.comcar.co.uk, to work out tax as a 40k q7 diesel is worth ?14139 on your p11d, it would a would cost you: per year: ?2827.80 | per month: ?235.65 at 20k salary (low tax bracket) or per year: ?4695.60 | per month: ?391.30 at 30k salary (high tax bracker) imo, company cars suck, take the money. Edited December 22, 2008 by HomerJay
Smiffs Posted December 22, 2008 Posted December 22, 2008 Cant be arsed trawling thorugh the previous........ Has anyone mentioned the tax you get back for using your own car for work? Not for GOING to work, but using it for your job. Smiffs gets about ?1500 a year back each year. But dont tell Mrs Smiffs that. Oh no.
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