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Thread: Retire or Run into ground

  1. #1
    Regular Member Keefyb007's Avatar
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    Default Retire or Run into ground

    Hi guys

    I need advice and opinions. Work have told me that I have to start doing some travelling and that they will supply a company car. It will be something like an Astra or a Toyota Verso thingy, I have no choice as it is not a perk it is a tool to do the job.

    With this in mind they also said "Or you could use your car and we will pay for business insurance and a mileage rate"

    I work for a pretty good company but the question now is, do I put 20k on my car over the coming months (has 58k on at moment) or do I go for the company car option and get taxed. I would also need to take my siggy and put it on the in-laws drive and it sit there 60 miles away (be it covered)

    I am aware that these are tough times and I am very grateful to have a job and in the grand scheme of things this isn’t really a problem but I also need to make sure I am not taxed like mad or even use my car too much and regret it. The need to use a car for my role would only be until Christmas then its back to being a lab bench jockey.

    Any ideas anyone, all comments gratefully appreciated.

  2. #2
    Regular Member Fruit'n'nut's Avatar
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    I don't know the ins and outs of company car rules, but can your company accountant not help you?

  3. #3
    Regular Member Fruit'n'nut's Avatar
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    Other than that, how often and how far would you have to travel for work purposes?

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    Regular Member Keefyb007's Avatar
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    A couple of hundred miles extra a week :O(

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    Regular Member nibblitz's Avatar
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    How about your company supply you with a vehicle as a pool car to use, like, you pick it up at your usual workplace each morning then drop it back off at the end of the day, then you wont get hit as having a company car..

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    Regular Member Fruit'n'nut's Avatar
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    Quote Originally Posted by nibblitz View Post
    How about your company supply you with a vehicle as a pool car to use, like, you pick it up at your usual workplace each morning then drop it back off at the end of the day, then you wont get hit as having a company car..


    That seems like the best option.

  7. #7
    Regular Member MattW74's Avatar
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    Quote Originally Posted by nibblitz View Post
    How about your company supply you with a vehicle as a pool car to use, like, you pick it up at your usual workplace each morning then drop it back off at the end of the day, then you wont get hit as having a company car..
    Thats similar to what I do. Its gets over the tax issue. May be worth asking your employer the question.

  8. #8
    Regular Member Ben_'s Avatar
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    Few things to think about -

    Would you be using company car for personal use too?
    Based on couple hundred extra miles a week, from now till Xmas thats 6.5k miles ish extra that would go on the Signum. You need to work out what your tax would be like with company car added and weigh that up against potential wear and tear £ on your own car in that time.
    Presume they will cover all costs with company car you'll just get taxed as benefit in kind.
    Worth asking what they pay in business mileage as some companies factor in wear and tear on the p/mile.
    Also think about trip to go and pick the Sig up when you want it as 120mile round trip will soon add up from now till xmas

    HTH mate and not confused you more

  9. #9
    Regular Member Ben_'s Avatar
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    Quote Originally Posted by nibblitz View Post
    How about your company supply you with a vehicle as a pool car to use, like, you pick it up at your usual workplace each morning then drop it back off at the end of the day, then you wont get hit as having a company car..
    or just do that

  10. #10
    Regular Member Keefyb007's Avatar
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    All great comments guys, I am thinking about all the extra stone chips, car park scuffs and stuff like that and then balancing against what Ben is saying (120 mile round journey to play with the siggy). It's a difficult one. I have been informed the mileage rate is around 40 pence a mile for me to use the siggy for work.

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