Company cars

[redsadie]

Hiya,

I'm considering taking an employment offer which comes with a company car (depending on the tax implications of who will pay it) I have to sell my black Merc I have at the moment anyway, so the timing couldn't be better!

I'm thinking along the lines of either a Mini Cooper or one of my fave cars of the moment an Audi TT? I would want black or red.

It would be subtley signwritten in the colours of the salon which are black & red.

Have any of you ever had a company car (I never have), what did you pay for, petrol, etc, and what car did you have? Was it signwritten and if it was, did you get any custom from it?

Thanks guys.

 

[donna'sdelights]

have to say and red or black car wont be to practical if the sign writing is going to be black and red hun ? ).
There are different ways petrol is dealt with some pay the petrol....(usually when the car is soley used for work related travel. and some do a mileage allowance which you claim back. As I understand it all costs mot tax maintanence is paid by the company. hths

 

[PANTA1265]

Beware the tax you will have to pay for the car and the petrol.
The tax is related to CO2 and the engine.The petrol tax is based on the work mileage.
Try the following link
HM Revenue & Customs: Company car and car fuel benefit calculator

Cheers
:green:

 

[redsadie]

Beware the tax you will have to pay for the car and the petrol.
The tax is related to CO2 and the engine.The petrol tax is based on the work mileage.
Try the following link
HM Revenue & Customs: Company car and car fuel benefit calculator

Cheers
:green:

Thanks for the link hun, although I've done it, it means absolutely nothing to me!

have to say and red or black car wont be to practical if the sign writing is going to be black and red hun ? ).

Yes Donna, I hadn't thought of that! White might be a better option?

Thanks guys :hug:

 

[number1kitty]

I tried putting my car through tax and it would have worked out far too expensive. If its financed then you can reclaim the VAT if its on a certain scheme Think its called a ppe plan. Basically you never effectively own the car but you get a nice shiney new one every two years.

its a lot simpler to put the petrol through on a mileage useage. You cannot reclaim money going between home and work (but you can claim the VAT). You can only claim for petrol and about 30p a mile for wear and tear if you use the car to a) visit clients b) go the wholesalers or c) any other business related trip.

You have to keep a book in your car and write down the start and end miles of every trip and the reason and send that to your accountant with your petrol reciepts.

Its very difficult and costly to do it as a tax write off unless you make a lot of money that takes you over a certail tax band then you can purchase cars outright to use for reps or business use etc.

Speak to your accountant about it as they can explain this better. I could never put my celica though cause it worked out better for me to just reclam expenses.

kate x

 

[redsadie]

Thanks Kate :hug:

If I do decide to take up the owners offer (still undecided ) then I think she can use it as a tax thing. She is vat registered as she makes over the threshold amount, but I will speak to her tomorrow.

Thanks again.

Sarah. xx

 

[number1kitty]

Yes but it also effects your tax rate as its a benefit in kind i.e another form of payment.

Have a word with an accountant they should tell you straight its a real grey area!

xxx

 

[redsadie]

Yes but it also effects your tax rate as its a benefit in kind i.e another form of payment. Ohhh. I see! Probably won't be any better off then!

Have a word with an accountant they should tell you straight its a real grey area!

xxx

Thanks hunny.x

 

[number1kitty]

Business isnt straight forwad is it!!!! Theres so many rules, loopholes and legalalities! It should just be simple let them take 22% of everything you earn instead of all this 'you cant have this' or 'you cant do that'! So annoying lol!

Thank god for accountants and solicitors who understand this overcomplicated jargon! Its all just the tax man taking us all for everything we have!

I hope you get it all sorted and make the right decision for you.

Kate xx

 

[redsadie]

Business isnt straight forward is it!!!! You're so right there hunny! Theres so many rules, loopholes and legalalities! It should just be simple let them take 22% of everything you earn instead of all this 'you cant have this' or 'you cant do that'! We'll have to write to the chancellor (or whoever it is now who deals with small businesses! So annoying lol!

Thank god for accountants and solicitors who understand this overcomplicated jargon! I know, someone has to be one, just glad it's not me, lol! Its all just the tax man taking us all for everything we have!

I hope you get it all sorted and make the right decision for you. Thanks babe, I'll be sure to let you know

Kate xx

xxx

 

[Sasha1]

Hiya,

I'm considering taking an employment offer which comes with a company car (depending on the tax implications of who will pay it) I have to sell my black Merc I have at the moment anyway, so the timing couldn't be better!

I'm thinking along the lines of either a Mini Cooper or one of my fave cars of the moment an Audi TT? I would want black or red.

It would be subtley signwritten in the colours of the salon which are black & red.

Have any of you ever had a company car (I never have), what did you pay for, petrol, etc, and what car did you have? Was it signwritten and if it was, did you get any custom from it?

Thanks guys.

Hey! Just to let ya know- I drive an audi TT at the min- and its soooo hard on fuel! In the process of looking for a mini copper!! great minds think alike eh!! xx

 

[Gilly T]

I would LOVE to have either of those cars, they are both my favourites!!

I have had a company car and it worked like this:

I paid for all the petrol I put in the vehicle then put a claim into the company for any miles travelled from the head office, out to company and so on and then back to head office. I got what the petrol cost per mile according to the mileage on the clock (divided my total litre usage by number of miles on the clock for the month then times it by the number of miles I claimed for). Very complicated way of doing it I know.

I had to pay more tax for having a company benefit. It worked out at about an extra £50 per month for me.

I kept my own car and used this at the weekend and evenings as the petrol consumption on it was better than the company one.

MOT, Tax and insurance were all paid for by the company. hth x