RMarine
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| posted on 28/11/10 at 06:44 PM |
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company car tax for used cars
Hi, i need some advice about company car tax rates. i maybe starting with a company that give you a buget to spend on a company car and rather get a
brand new car i was thinking of getting a 6 month old one. i should get about £21k-£24k allowance. how does the company car tax rate work with a car
like this "CHRYSLER 300c 3.0 V6 CRD SRT" on a "10"plate and my tax rate 44%. any ideas what i will be paying?
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stevebubs
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| posted on 28/11/10 at 06:50 PM |
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www.comcar.co.uk
Car Tax Calculator
Choose the car you want, the options and click calculate...
[Edited on 28/11/10 by stevebubs]
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stevebubs
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| posted on 28/11/10 at 06:52 PM |
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PS you're gonna be hit hard with a Chrysler...those things have orbital CO2 emissions.
Perhaps worth taking a look at Passat CC, C class, 3 series....
[Edited on 28/11/10 by stevebubs]
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RMarine
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| posted on 28/11/10 at 06:55 PM |
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the VW cc GT is the back up plan or the skoda superb all cost about the same when 6 months old.
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stevebubs
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| posted on 28/11/10 at 07:00 PM |
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PS Formula is (basically)
(P11D Value (List Price+Options)) x (Income Tax Bracket (40%)) x (Taxable %age derived from CO2 Emissions)
Chrylsers have high CO2 so the last figure is 35% => 30k list -> c. £4k/year
BMW 320d ED can be as low as 13% -> £27k list -> c.£1.5k/year
BMW 520d is about 18/19% -> 29k list -> c. £2k/year
BMW 530d is about 24/25% -> 39k list -> c. £3.5k/year
If you have a fuel card, the equation is similar for that benefit but the P11D Value is a fixed value (Currently c. 16k)
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stevebubs
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| posted on 28/11/10 at 07:02 PM |
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VW CC GT will cost you half as much in tax as the Chrysler.
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StevieB
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| posted on 28/11/10 at 07:10 PM |
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It also needs to be said that the tax is the same whether the car is new or second hand - based on the original P11D value, not current market value.
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stevebubs
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| posted on 28/11/10 at 07:15 PM |
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quote:
Originally posted by StevieB
It also needs to be said that the tax is the same whether the car is new or second hand - based on the original P11D value, not current market value.
Yep - and the CO2 emissions are as stated when the car was new....
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MikeR
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| posted on 28/11/10 at 07:17 PM |
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for a fuel card - figure out how many miles you *have* to do a month (drive to work etc), how many you have done over the last couple of years on
average and then .......... work out what the fuel costs today to do that many miles. Then work out what you guess it will cost in a couple of years.
Its not hard to make a fuel card worth while.
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RMarine
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| posted on 28/11/10 at 07:29 PM |
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thanks guys that helps a lot and as a result i think it will be a VW cc, Audi a4 or bmw 320d.
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amalyos
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| posted on 28/11/10 at 08:12 PM |
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If you get an allowance, that is normally added to your salary, so would be taxed at your salary rate.
The company car tax rate is normally only on new cars that the company lease or buy, and provide to you as a perk.
Thats how it works for me, although there may be other rules I'm not aware of.
http://stevembuild.blogspot.com
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