just got a letter from HM Revenue & Customs

PAYE Coding Notice

Says I have a new tax code

just not sure what this bit is about

Fuel benefit -£500
Van benefit -£3000

is this saying that cos i have a company van, im paying £3500 per year for it?

if so i might aswell buy my own van

any advice would be great

thanks in advanvce

 

You will pay tax on £3500 for having the private use of your works van.

If you are a 20% tax-payer, the van and fuel will cost you £58pm.

If you don't have any private use of the van, or if you have to reimburse your private fuel, you need the code altered.

 

nice 1 mate

will have to talk with work about that