People who work with PAYE or paying employees. Help.
14-07-2007, 12:05 PM
#1
PassionFord Post Whore!!
Thread Starter
Join Date: Jul 2003
Location: SUFFOLK
Posts: 7,482
Likes: 0
Received 0 Likes
on
0 Posts
People who work with PAYE or paying employees. Help.
Hiya.
I get 300 pounds a month car allowance on a tax code of 412L
Does any one know how much of this will be paid as tax. I am fookiing caining the shit out of my car. A car bought 1 year ago with 30K now has 82K on the fooker.
Seeing if its viable to opt back in and cain the shit out of a car/van they provide. Cheers.
I get 300 pounds a month car allowance on a tax code of 412L
Does any one know how much of this will be paid as tax. I am fookiing caining the shit out of my car. A car bought 1 year ago with 30K now has 82K on the fooker.
Seeing if its viable to opt back in and cain the shit out of a car/van they provide. Cheers.
14-07-2007, 01:00 PM
#2
it may work out cheaper for now, but if you factor in the cost of replacing the car it might now
don't kno exactly how it works as both the guys who do this sort of thing are in the pub all weekend, but your £300 "should" pay for your fuel and servicing and tax and insurance etc so when you add up the costs so far, do they add up to £3,600?
if they exceed this figure then you need to know how much tax they are going to hammer you for if you opt to get a company car
the woman who did payroll had a contact number so i could call her on a saturday if i needed some help, but she's moved on now so i can't
also, is this money offset against anything? can you only claim for business iles as per normal or are you claiming fo to and from work miles in this business ileage thing?
don't kno exactly how it works as both the guys who do this sort of thing are in the pub all weekend, but your £300 "should" pay for your fuel and servicing and tax and insurance etc so when you add up the costs so far, do they add up to £3,600?
if they exceed this figure then you need to know how much tax they are going to hammer you for if you opt to get a company car
the woman who did payroll had a contact number so i could call her on a saturday if i needed some help, but she's moved on now so i can't
also, is this money offset against anything? can you only claim for business iles as per normal or are you claiming fo to and from work miles in this business ileage thing?
14-07-2007, 01:10 PM
#4
so you get your basic £300 a month with mileage on top?
still a shitty mileaeg allowance, i get 35p a mile
but i don't get the rest as i'm not supposed to use the car for work 
to get some figures up then, you get paid £3,600 a year for using your car, then you get 15p a mile of which you've currently racked up 52k's worth (equivalent to another payment of £7,800)
so you bank roughly £11.5k a year buy using your own car (expensises shouldn't be tax'd but your payments for using your car might)
assuming this state of affairs continues, will you be paying more or less if you had a compnay car?
it's normally 1/3 of the vaule of the car plus ou have a limited amount of cars to shoose from with certain trim levels etc so look at what you can get and what it will cost you before you go any further, as you already know what you are putting it up against
but for that sort of money i'd be looking at an E46M3
(if i'm working it out like it should be worked out according to compna policy at work)
still a shitty mileaeg allowance, i get 35p a mile
but i don't get the rest as i'm not supposed to use the car for work to get some figures up then, you get paid £3,600 a year for using your car, then you get 15p a mile of which you've currently racked up 52k's worth (equivalent to another payment of £7,800)
so you bank roughly £11.5k a year buy using your own car (expensises shouldn't be tax'd but your payments for using your car might)
assuming this state of affairs continues, will you be paying more or less if you had a compnay car?
it's normally 1/3 of the vaule of the car plus ou have a limited amount of cars to shoose from with certain trim levels etc so look at what you can get and what it will cost you before you go any further, as you already know what you are putting it up against
but for that sort of money i'd be looking at an E46M3
(if i'm working it out like it should be worked out according to compna policy at work)
14-07-2007, 02:10 PM
#5
PassionFord Post Whore!!
I get £3500 a year in car allowance.
It works out about £290 a month before tax I am taxed normally on it (well normal for me)
I only get the inland revenue advised rates for mileage- currently on a car up to 2000cc thats 11p a mile and after August the 1st it will be 13p.
The rest of money up to 40p I can claim back at the end of the year using form P87.
I use this websites tax calculators to help me out... but they seem to have a problem with their K code calculations- the others seem to tally with other websites though.
http://www.taxassist.co.uk/calculators.php
Jake
It works out about £290 a month before tax I am taxed normally on it (well normal for me)
I only get the inland revenue advised rates for mileage- currently on a car up to 2000cc thats 11p a mile and after August the 1st it will be 13p.
The rest of money up to 40p I can claim back at the end of the year using form P87.
I use this websites tax calculators to help me out... but they seem to have a problem with their K code calculations- the others seem to tally with other websites though.
http://www.taxassist.co.uk/calculators.php
Jake
Thread
Thread Starter
Forum
Replies
Last Post
Stu @ M Developments
General Car Related Discussion.
41
21-08-2015 06:47 AM