Soldato
- Joined
- 18 Oct 2002
- Posts
- 9,383
Just been promoted at work and have the option of taking a £570 monthly car allowance or something from the company car scheme.
Picked out the only decent looking cars from the list:
BMW 320d 2.0d ES 125gpkm
Mercedes C220 2.2 Cdi Blueeff Elegance 127gpkm
Volkswagen Golf 2.0 Tdi 170ps Gtd Dsg6 Mk6 142gpkm
Audi A4 2.0 Tdi 136ps SE 139gpkm
Lexus Is220d 2.2 SE 148gpkm
I generally do about 17.5k miles, 80% personal. No fuel card but I can claim for any business miles.
To be honest, I'm not quite sure how these schemes work with regards to tax.
Say I earn £25k (£1,597 per month NET).
From my understanding, something like the BMW would cost me an additional £79 in tax every month. Obviously I would no longer be paying road tax, maintenance and insurance costs. So take home pay for above example would be £1518?
However, I'm a bit confused with the allowance.
If I go to Listentotaxman and stick the car allowance under 'other allowances', then take home pay is £1711 per month. Or does it for part of Gross pay, therefore is £1991?
Any advice greatly appreciated!
Picked out the only decent looking cars from the list:
BMW 320d 2.0d ES 125gpkm
Mercedes C220 2.2 Cdi Blueeff Elegance 127gpkm
Volkswagen Golf 2.0 Tdi 170ps Gtd Dsg6 Mk6 142gpkm
Audi A4 2.0 Tdi 136ps SE 139gpkm
Lexus Is220d 2.2 SE 148gpkm
I generally do about 17.5k miles, 80% personal. No fuel card but I can claim for any business miles.
To be honest, I'm not quite sure how these schemes work with regards to tax.
Say I earn £25k (£1,597 per month NET).
From my understanding, something like the BMW would cost me an additional £79 in tax every month. Obviously I would no longer be paying road tax, maintenance and insurance costs. So take home pay for above example would be £1518?
However, I'm a bit confused with the allowance.
If I go to Listentotaxman and stick the car allowance under 'other allowances', then take home pay is £1711 per month. Or does it for part of Gross pay, therefore is £1991?
Any advice greatly appreciated!
