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Posted by Tricky Dicky on 05/31/06 18:12
"Dr Zoidberg" <AlexNOOOO!!!!!!!@drzoidberg.co.uk> wrote in message
news:4e51krF1cubplU1@individual.net...
> Tricky Dicky wrote:
>> "Dr Zoidberg" <AlexNOOOO!!!!!!!@drzoidberg.co.uk> wrote in message
>> news:4e3q6aF1d17h4U1@individual.net...
>>> Tricky Dicky wrote:
>>>> I have a question about company car taxation & lease agreements -
>>>> anyone know which is the best group to ask the question?
>>>>
>>> The finance groups already suggested and uk.rec.cars
>>>
>>> Are you talking about tax when you get paid a car allowance and run
>>> your own vehicle , or will you be getting a company car provided (or
>>> have a choice of the two?)
>>
>> Being paid an allowance to run what I want - do you have any advice
>> yourself before I go to the other groups?
>>
> I'm in the same position where I get a monthly allowance and then a small
> amount more for each business mile I do.
>
> The monthly allowance is treated exactly the same as the rest of your
> salary for taxation purposes , so if you get a 660 per month allowance
> you will be taxed at 22% and pay national insurance at 11% (different
> figures if you are a higher rate tax payer obviously) and end up with
> 400.
>
> For the mileage allowance the inland revenue have an approved rate of 40p
> per mile for the first 10000 miles a year and 25p for the rest.
>
> If you are paid less than that as a mileage rate then you can claim tax
> relief on the difference between the approved rate and what you are
> actually paid.
>
> For example....
>
> You do 14000 business miles and are paid 15p a mile = 2100
> The inland revenue approved rate would be (10000*40p)+(4000*25p)=5000
>
> If you are again a standard rate tax payer you can claim tax relief on the
> difference between the two figures , so you get back (5000-2100)*22% =
> 638
>
> Obviously the figures you are offered are going to be different but this
> lot should give you a good idea of how much it will actually be worth to
> you and you can decide what sort of vehicle that will allow you to run.
I have proferred some figures in the other ng. I am looking for a basis to
begin my negotiations - I don't want to appear greedy or that I am trying to
run a 7-series but on the other hand I want to make sure that I at least
break even
Tricky
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