Charoo
12:33 Thu May 21
Re: Company Cars
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Looking into this myself right now, looking at an outlander phev or Mercedes have brought out a new c class hybrid - c350e which like the outlander is 5% tax - so a fully expensed company car for a 40% tax payer costs a total of £117 per month according to the sites I looked at.
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. .
12:31 Thu May 21
Re: Company Cars
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If the cars are for Business use then the driver does not pay, however if the cars are used for any private use (includes driving to work) then the driver pays. From memory I believe it is worked out like this cost of car divided by 4 years, therefore if you buy a car for 20k then you are effectively giving employee 5k a year pay rise therefore that is what they are taxed on.
As for Fuel it is either pay business fuel only, but hard to calculate therefore give driver mileage rate for business miles, However be aware if you pay more than HMRC rate for mileage (2litre diesel is 14p a mile) then the payment over the 14p is taxable.
There is a discount for more environmentally safe cars, I believe the cut off is 100g/km
I drive a Skoda Octavia which is 85g/km not a bad car comes in at less than 20k
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Ed.rooney
12:24 Thu May 21
Re: Company Cars
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thanks SS, do you mean; pay personally for my fuel usage and then claim back business miles, rather then filling in on to company card, and then declaring personal usage?
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Mr Polite
12:23 Thu May 21
Re: Company Cars
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I thought HMRC had milage rates that you need to stick with to stop people paying themselves over the top on milage?
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Spandex Sidney
12:14 Thu May 21
Re: Company Cars
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We lease 8 cars from Nationwide Vehicle Contracts, always been happy with them.
NEVER pay yourself private fuel, not worth it and the P11D cost will be more than the car! Pay yourself 45p a mile business miles instead.
I will consider a hybrid for myself next time.
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toadinthehole
11:44 Wed May 20
Re: Company Cars
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your directors will pay income tax on car benefits depending on list price, whether you pay for their fuel, business use %, how long it was made available for the tax year
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Ed.rooney
11:38 Wed May 20
Re: Company Cars
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cheers for info . .
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Iron Duke
11:23 Wed May 20
Re: Company Cars
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Toyota and Lexus are both big on hybrids.
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neilalex
11:17 Wed May 20
Re: Company Cars
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You can get some properly high end hybrid cars (Porsche Panamera that kind of thing) that cost astonishingly little in tax for the employee, given the price of them. Hybrids, which you mention, are a really good bet in that regard.
Any number of websites that will work out company car tax for you.
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penners28
10:57 Wed May 20
Re: Company Cars
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Get eco cars. I had a bluemotion golf and it worked out very tax efficient.
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Johnson
10:57 Wed May 20
Re: Company Cars
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Just record all your business miles, cos you have to declare personal ones.
It helps if you have clients with more than one office, choose the furthest away etc to up your business to personal miles ratio.
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Ed.rooney
10:56 Wed May 20
Re: Company Cars
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thanks, although sometimes theres a 'C' chucked in the mix, how does that work?
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Johnson
10:53 Wed May 20
Re: Company Cars
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They're great for getting you from A to B.
HTH
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