Hi motors!
I currently have a company car with fuel card including personal mileage.
I have now got the option of opting out and receiving £450 a month allowance (pretty sure I will be doing this) and then can either take the fuel card again or opt out of that too.
I do around 20k a year with the majority of that personal so thinking keeping the fuel card is in my best interest but not sure how to work out the BIK value.
When its a company car the fuel BIK is based on the cars list price and CO2 - does this still apply to a privately owned car?
I tried the HMRC webchat and am still a little confused!
I've emailed my payroll department but im sure theres a few here with the same circumstances who might be able to help me get my head around it?
I currently have a company car with fuel card including personal mileage.
I have now got the option of opting out and receiving £450 a month allowance (pretty sure I will be doing this) and then can either take the fuel card again or opt out of that too.
I do around 20k a year with the majority of that personal so thinking keeping the fuel card is in my best interest but not sure how to work out the BIK value.
When its a company car the fuel BIK is based on the cars list price and CO2 - does this still apply to a privately owned car?
I tried the HMRC webchat and am still a little confused!
Code:
Your employer informs us how much the fuel card costs we then put that in your tax code. You then get taxed on that at 40% or 20% dependent on your wage 3:21 PM
DANIEL YOUNG
My mileage varies each month so does that mean my tax code will be constantly changing? 3:22 PM
JAKE
They use a set amount for the year I believe. This is something you would need to speak to your employers about because Jim unsure how there payroll works 3:25 PM
I've emailed my payroll department but im sure theres a few here with the same circumstances who might be able to help me get my head around it?