Company Car vs Car Allowance

[lmfy2k]

Hi All

In this day and age which is the best choice?

I dont own a car at moment, have access to a family member's car 24/7 and wife also has a car.

 

[lmfy2k]

Thanks guys

One more daft question, as car allowance is included in your salary does the full amount need to be declared to hmrc?

Ie is my salary the amount before car allowance or after?

I'm guessing after as car allowance is taxable

 

[lmfy2k]

Just to clarify, car allowances ARE taxed. It's just like you're getting an extra £x per month salary.

thanks

so anytime i need to declare my salary i need to tell them the full amount including car allowance?

 

[lmfy2k]

I just outline it on my tax return each year as income.

Remember, you can still claim mileage even when you receive a car allowance.

thanks mate.