Can someone explain to me why I'm getting taxed £15000 to have a company car

Its just gone up £3.500. I'm fed up of paying for a bone idle, inefficient & over paid public sector. I'm going to strap some sort of missile launcher onto the back of the RR and drive to down to West Minster to take power

Last edited by 0cj0 on Thu Apr 07 2011 4:05pm. Edited 2 times in total

Tax payable at 40% on a new RRS SC Autobiography is £10k, how is yours working out??

My benefit in kind is £22,000 so I pay 40% of that which is bad enough

ocjo
I think you need an new accountant unless youre running a Veyron
How are you putting it through? MY2011 HSE Santorini/Ivory/Piano Black/Privacy Glass/TV .Sadly gone.
Audi A5 Sportback Black Edition 3.0 tdi quattro S Line

I've just bought a RS5 that coupled with fuel benefit is 15,000 a year. I'm officially poor now

0cj0 wrote:

I've just bought a RS5 that coupled with fuel benefit is 15,000 a year. I'm officially poor now

Jonny Fresh wrote:

0cj0 wrote:

I've just bought a RS5 that coupled with fuel benefit is 15,000 a year. I'm officially poor now

Ahhhh.......I don't bother with fuel benefit, that's as much as the car tax, I just get all employees to sign an end of year declaration that no fuel was used for private use.

Do what I do just document all business and personal mileage daily and pay for ALL your personal mileage in full,I pay 18p/mile,I then claim either £5 or £15 day subsistance allowance depending on how long I'm out,this is tax free,at the end of the month one generally offsets the other.Any small balance at the end of the year can be added to dividends or in the case of employees paid as a car allowance bonus out of taxed income.
Also as previously reported you can also reduce your tax liability, as can your employees, by paying a monthly contribution to the car.
It's really not worth making a false declaration of your private mileage as zero they aren't that daft and could go back years if they start an investigation so you could easily end up with a £60K bill + penalties.
By signing a statement that they haven't done any private mileage they could also be leaving themselves at risk of a False Accounting charge I would think?
The only way they would possibly accept you NOT using a company car for personal use and remember home to base is personal if your insurance policy specifically states business use only. MY2011 HSE Santorini/Ivory/Piano Black/Privacy Glass/TV .Sadly gone.
Audi A5 Sportback Black Edition 3.0 tdi quattro S Line

ChrisP wrote:

By signing a statement that they haven't done any private mileage they could also be leaving themselves at risk of a False Accounting charge I would think?
.

But they should be returning monthly records detailing business and private mileage,do the cars stay at the office at night or do they take them home
I had a look at subsistance allowances last night,I think I need to revisit what I am doing  MY2011 HSE Santorini/Ivory/Piano Black/Privacy Glass/TV .Sadly gone.
Audi A5 Sportback Black Edition 3.0 tdi quattro S Line