I resigned from Kenwood last month.
Working for a Singapore based export company. They agreed for me to use my car as a company car rather than having a company car.
My car is now a company car
-
Lyndon
- Site Admin
- Posts: 5416
- Joined: Mon Nov 12, 2001 1:00 am
- Location: Notts,England
-
britboy
- Posts: 215
- Joined: Wed Apr 09, 2003 4:22 pm
- Location: London, UK
Are you aware of how much that company car will now cost you?
Your tax code will change -- and unless they front the new tax (which no-one ever does) -- you'll be perhaps £250 per month MORE out of pocket.
This is nothing to do with petrol, car tax or servicing costs .. no this is an extra yummy tax from the chancellor.
Oh -- and any miles you do for personal reasons, you can't claim through the company.
Oh - and if you have travelled to the same place of work (generally) for >2 years -- you can kiss goodbye to that petrol to work and back as a tax write-off.
Don't know how the 'cc fairs for exhaust gases but likely if you have the 2 litre this will hurt you as well.
Oh and naturally you know about benefit-in-kind? You can't use a company car for any personal use 'for free'. Nope -- You owe the lovely tax man for the 20%, 80%, or whatever % of the time you spend in that car as a 'personal benefit'. You can't have a 100% value company car if you EVER use it for personal stuff. All to do with the fact your getting the money out of the business without paying income tax on it you see! (Hence why my computer is owned 40% by company, 60% by me .. otherwise the inland revenue could come in, see me playing unreal, and lock me up for fraud!).
Sorry - not trying to lay down a bad vibe -- but mine was owned by my company, and I did the sums, and found it was actually far better if my company sold it to me.
The chancellor has been going mental at company cars for a few years now. We're motorists you see -- easy target.
Britboy
By the way I am in the UK if you are elsewhere this post is completely irrelevent!!
Your tax code will change -- and unless they front the new tax (which no-one ever does) -- you'll be perhaps £250 per month MORE out of pocket.
This is nothing to do with petrol, car tax or servicing costs .. no this is an extra yummy tax from the chancellor.
Oh -- and any miles you do for personal reasons, you can't claim through the company.
Oh - and if you have travelled to the same place of work (generally) for >2 years -- you can kiss goodbye to that petrol to work and back as a tax write-off.
Don't know how the 'cc fairs for exhaust gases but likely if you have the 2 litre this will hurt you as well.
Oh and naturally you know about benefit-in-kind? You can't use a company car for any personal use 'for free'. Nope -- You owe the lovely tax man for the 20%, 80%, or whatever % of the time you spend in that car as a 'personal benefit'. You can't have a 100% value company car if you EVER use it for personal stuff. All to do with the fact your getting the money out of the business without paying income tax on it you see! (Hence why my computer is owned 40% by company, 60% by me .. otherwise the inland revenue could come in, see me playing unreal, and lock me up for fraud!).
Sorry - not trying to lay down a bad vibe -- but mine was owned by my company, and I did the sums, and found it was actually far better if my company sold it to me.
The chancellor has been going mental at company cars for a few years now. We're motorists you see -- easy target.
Britboy
By the way I am in the UK if you are elsewhere this post is completely irrelevent!!
-
Alex LS
- Posts: 1895
- Joined: Sat Feb 16, 2002 1:00 am
- Location: Slough, UK