Advice required:Only guy in my team with a company

rapid64k

rapid64k

rapid64k

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Advice required:Only guy in my team with a company car!

Hi guys I am in another dilemma.

I know what Fox will say. I got some good advice a few years ago when I need some help: SEE HERE

Ok there are six guys on my table at work and they have ALL have opted out of the company car scheme.

So that leaves me still with a company car all be it that I have a about a year and a few months left with it.

When the time is up I wish to opt out and go for a second hand 5 series , the car rules states that the car should be less than 3 years old but never more than 5 years old.. I also have a monthly car allowance of £515. I think if you have your own car it raises to £599. Emissions I think emissions should be not more than 170g/km.

I believe that CPC is the best option than leasing am I correct?

Millage should be around 23k a year.

So question is which 5 series 520d/525d or 530d…I presume that the better choice would be the 530d?

Would anyone know the cost of servicing , road tax and insurance for this vehicle?

Any advice would be advantageous as this will help me prepare for it
 
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Remember the swing from tax liability to a taxes income. You'll be taxed on a k code with a company car then given money to run your own so the swing will be more than they give you. Don't forget you allowance will be taxed at the top rate you pay.

Unless they have wangled that you are driving a van or pool car.

Who pays for fuel? Do you then get a mileage based recovery?
 
The amount you have to spend is as follows:

Company Car Allowance - the extra tax/NI on this allowance + the tax saved by not having a company car. You'll also get a higher mileage rate, too.

It doesn't go as far as you might want - depending on your budget and what you want to spend it could be quite difficult to get a 5 Series which fits your company rules. Opting for a 520d over a 530d makes it much easier as there are many more of them and they are much better value. Remember, you need to take into account maintenance etc etc as well.

A bit more info might help us more. How much do you want to spend? Do you want to put your own cash in or do you want it entirely funded by the allowance? etc.
 
Thanks for your interest guys in advising me all be it that I am a little vague giving the correct information.:mad:

Unless they have wangled that you are driving a van or pool car.

I don’t think my company will facilitate this
Who pays for fuel? Do you then get a mileage based recovery?
The company pays for all the fuel although we get a tax benefit if we do 3k business miles a year. So yes I get taxed on the amount of fuel that the tax man estimates that I will use free that year!!!
Incidentally how much is a full server on a five series 520d?

A bit more info might help us more. How much do you want to spend? Do you want to put your own cash in or do you want it entirely funded by the allowance? etc.
Not sure how much I should spend to be honest. How much would you recommend I have as my spending bracket ?
As for funding the vehicle, I would be using the car allowance for that I guess.

It is a year away but I want to be ready to do the above.
Oh by the way my other mate at work have opted for an Audi S6 black but he says that he has no kids so he spends his money on his cars…….alright for some I guess. He claims the emissions are just in!!!
 
Well it's a year later and time is drawing near for me to make a decision on whether I take another company car and receive that dreaded "K" tax code.

Cars on offer from my company Any BMW from 1 series up to 3 series, Audi A4 and any VW up to Passat. Convertibles are fine as long as they are NCAP rated.

I have a 3 series with 46k on the clock, the car goes back in October and I have to notify my company by August –( two months’ time). If I will be taking another company car or opting out.
I get free fuel – not that free as I am taxed on it! I am office based but sometimes I have to do site visits.

If I opted out of the company car scheme my company will give me £532 less tax will leave me with £319.20 or there abouts.
Emissions must not be higher than 175g/km. The vehicle should be less than 3 years old initially and never be older than 5 years old.

So Do I take another 3 Series or opt out, lease or PCP?
 
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I don't really want to go from a 3 series to a 1 series and then pay more road tax than what I'm paying now.

But I thank you for your choice for me.:D
 
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