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Thread: Car Allowance Help

  1. #1
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    Default Car Allowance Help

    Guys,

    My company is giving me a car allowance every month which is helping me to fund my new veccie.

    The money is going to be added onto my monthly salary.

    Question is, do i need to inform the tax man of any of this?

    I was under the impression i only had to tell them when i was getting a company car and tell them the p11d.

    Anyone with any experiance of this?

    Cheers

  2. #2
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    Quote Originally Posted by rscosworth
    Guys,

    My company is giving me a car allowance every month which is helping me to fund my new veccie.

    The money is going to be added onto my monthly salary.

    Question is, do i need to inform the tax man of any of this?

    I was under the impression i only had to tell them when i was getting a company car and tell them the p11d.

    Anyone with any experiance of this?

    Cheers
    I have got a car allowence as well. You do not have to inform the tax man as its paid as part of your salery and you will have already paid income tax and national insurance on it.

    It's your money to do with as you want.....

    Mark

    Another thing to remember is to keep a record of your business millage. For example, we get paid 0.14p for every mile we do for the company (basically covers the petrol). The tax man allows you to claim upto 0.40 per mile (I think thats the right value...). As you we only claim 0.14p from the company, we can claim the difference of 0.26p back off the tax man. All you need to do is contact your local tax office and get a form. You might think that 0.26p a mile is not alot, and why bother. It soon adds up thoughout the year. And it doesn't even matter if you get a company car allowence.

    Does that make sense, or have I just completly confused you?!!

    Mark
    Last edited by biglardyboy; 5th January 2006 at 09:55.

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    As above mate. I'm in the same boat. I get £135 per month fuel allowance over and above my car allowance. This gets me to work and back. Any other business mileage is 40p per mile. You'll be quids in mate.

  4. #4
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    I would like it that way round myself..... mines internal. I get given a budget of £500 per 28 days to lease a car or I have an option to buy with a 23k limit. All fuel is paid for although thats starting to become more trouble than its worth tax wise...

    I would like my own car but at the same time with budgets like that and being able to source and decide on my own car you can see why I dont mind. (Only constraints being it must be diesel and 5 door - usual)

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    My only constraints are that it has to be within 4 years for the whole time I own it and that I take out Business Insurance on it. They don't like people to have 4x4's either.

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    I have also opted out

    Bst thing I ever did

    I get an allowance on my salary, which I pay tax and NI on it, so it is all legit with Revenue & Customs

    I then claim back all my business miles at £0.22 per mile.

    The tax man says you can have £0.40per mile for the first 10k miles per annum, and £0.25 per mile thereafter

    At the end of the financial year, I can then claim back tax relief on the difference I wasn't paid, between my £0.22, and the £0.40/£0.25 I could have had.

    Last Year I got £520

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    From the sounds of things, I'm quite lucky then. The only constriant I've got is that the car has to have at least 4 seats!

  8. #8
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    I think I need to swap jobs! Talk about perks.

  9. #9
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    Im even luckier, i have no contraints at all providing it goes.......

    Could have kept my veccie B but thought id take this oppertunity of getting somthing a little bit nicer :-) delivery date of saturday 14th jan now

    thanks for all your help guys,, we claim back at 19p per mile so looks like ill be able to claim the extra back from the tax man

  10. #10
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    Thats good to know as I'll be shortly going onto an allowance

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