User Tag List

Thanks Thanks:  0
Likes Likes:  0
Page 1 of 2 12 LastLast
Results 1 to 10 of 17

Thread: Company car help

  1. #1
    Regular Member aerodynamic18's Avatar
    Join Date
    Aug 2007
    Location
    Lisburn, N.Ireland
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    StatsVehicle Info
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default Company car help

    hey guys im after a bit of help. I am in the final stage of an interview for a new job and i have the option of a company car which would mean i would have to sell my car or get a company van but not to impressed as been stuck with one for a while outside the house and not impresed or else use my own car and get paid an allowance and mileage? which one do you think would be best as an option for me? im sort of happy with the idea of using my own car but not sure ? any help would be great

  2. #2
    Regular Member archerz's Avatar
    Join Date
    May 2007
    Location
    Teesside
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    StatsVehicle Info
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default

    one of the main things with using your own car is you have to pay for the fuel out of your money and claim it back. Also if you do then the money you get back put into a seperate account and use it to build up to pay for services, tires, insurance, etc..

    you need to find out the costs for the company car too, tax, fuel contribution.. with company car they should pay for servicing, tires, vandalism (as i've just been victim too)

  3. #3
    Regular Member m8internet's Avatar
    Join Date
    Dec 2006
    Location
    Cumbernauld, Scotland
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    StatsVehicle Info
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default

    If you are using your own vehicle for business purposes then the rate is normally either :
    a flat mileage rate
    or
    a fixed monthly payment and a mileage rate

    This also tax deductable, on your PAYE, under the FCPS scheme
    However, you need to wait until the end of the tax year
    Once you have been on the FCPS scheme for at least two years the Inland Revenue normally adjust your Tax code to take into account the tax refund that is expected, personally I always ask them to adjust it down so that there is no tax demand at the end of the year

    It is good to have your own car, but remember if it goes bang then you probably won't get paid for that days work!
    Also you may then be landed with other costs, such as recovery, repairs, hire car, and so on

    It's a gamble, and it is personal taste over what they offer and the tax liability

  4. #4
    Regular Member Trev's Avatar
    Join Date
    Mar 2007
    Location
    Hampshire
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    StatsVehicle Info
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default

    Cost effectiveness depends a lot on what sort of annual mileage you figure on doing and whether want a 'flash' car or going for VFM

    After running a company car for 6 years I 'opted out' April 2006 and bought my own. On paper I will be better off but the little inconveniences (recent minor accident meant loads of calls to insurance co., repairer, etc, paying for cae washes, screen wash, etc.) probably mean I will go back to co. car next year once this one paid for.

    Mind you won't be able to go for 3.0 diesel (of any make) without a fortune on car tax so will mean a low CO2 volvo, A3 or similar if I don't want to ge stung.

    If you buy your own I would suggest don't buy brand new but go for high depreciation (why VX's ideal) low mileage, few months old and get costs for servicing, tyres, insurance (proper business cover) and consumables all worked out.

    Good luck and have fun choosing!

  5. #5
    Regular Member m8internet's Avatar
    Join Date
    Dec 2006
    Location
    Cumbernauld, Scotland
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    StatsVehicle Info
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default

    I'm also wondering how hydrogen fuel cell cars will be tackled in relation to car tax
    I'm following the launch of the Honda, which will no doubt be followed very closely by other manufacturers
    The retail price for the car is expected to be about £40,000 although it will initially be sold on a lease-only package of about £600 per month
    However, the cells should only need maintenance (replacing) every 10K miles / 6 months, at a cost of between £500 and £700

    As a high mileage driver that works out even cheaper than LPG
    However, the tax on a £40,000 car is treble that of most of the Vectra C range!

  6. #6
    Regular Member Trev's Avatar
    Join Date
    Mar 2007
    Location
    Hampshire
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    StatsVehicle Info
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default

    Not sure on the H Fuel cell, you will be waiting a while to become available. If it's pure cost effectiveness then Hybrid or Bluemotion type Golf, A3, Focus ran as Company car the cheapest.

    Strongly advise getting 2/3 day test drive in a hybrid though before you go for this option, looks aside (and I've not met anyone that says a Prius looks good!) it's an aquired taste, particularly if you do a lot of motorway work where the lack of higher speed grunt and CVT noise a bit restrictive.

    Personally the top spec T-Spirit Prius would be my preference if I did take the plunge but I'm just not quite ready for my head to completely rule heart on car choice yet even though I know it makes sense!

    Another few years into middle age, even more speed restrictions and the next version having a better petrol engine ( and loks, definitely looks!) might change my mind

  7. #7
    Regular Member jonesy_ni's Avatar
    Join Date
    Apr 2007
    Location
    Co Antrim
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    StatsVehicle Info
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default

    I am on the allowance mate.

    What will they give you too run your own car? How much for fuel? How many miles you expect to do?

  8. #8
    Regular Member m8internet's Avatar
    Join Date
    Dec 2006
    Location
    Cumbernauld, Scotland
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    StatsVehicle Info
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default

    Quote Originally Posted by Trev View Post
    Not sure on the H Fuel cell, you will be waiting a while to become available
    A launch date for the UK is quite a way off, looking at early 2009
    However, Honda have already started key component production
    The main problem in Europe is transporting of Hydrogen, lots and lots of redtape on this one, which is why Europe will be last for the launch

  9. #9
    Regular Member Trev's Avatar
    Join Date
    Mar 2007
    Location
    Hampshire
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    StatsVehicle Info
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default

    Quote Originally Posted by jonesy_ni View Post
    I am on the allowance mate.
    Quote Originally Posted by jonesy_ni View Post

    What will they give you too run your own car? How much for fuel? How many miles you expect to do?


    It's up to individual company but most (mine included) go with HRMC guidelines of 40p a mile for first 10k, 25p a mile after that. I do 30,000 business miles a year works out £9,000 + I get an allowance from my company of £3k based on what the company saved if had to lease/run suitable car (based mine on A6/ 5 series estate but it is my company so had a bit of leeway).

    Petrol allowance isn't taxed but additional (in my case £3k) is at whatever rate you pay tax at.

    Then up to you to purchase/lease, fuel, tax, insure and maintain vehicle out of this total figure. I purchased 11 month old, 4k miles 3.0 Cdti Signum Elite for £14.5k (took a lot of haggling!) and calculate at end of 3 years whatever it's value is will be mine to keep and that's basically how much I will have saved. Rough guess, 4 year old Siggy with 100k miles = £3 - £4k depending on when service due, tyres, etc.

    Any unforeseen costs are yours to bear so you need a reliable model or, as I've done, factored in costs of extended warranty (not sure how effective they are, hope not to find out) and costs for consumables (brake pads, etc.).

    Having said all that, a company car is a business tool and I find it hard to treat my own car as such even though I'm not a 'thrash it to death' type of company car user. Once I've ran this one through I will go back to the no hassle option of a company car even if it costs me a little bit. Won't be a VX as high depreciation means company can lease an Audi, BMW, Volvo, etc. for about the same and emissions on some of these are much better than VX giving lower cost to individual and company to drive a 'prestige' badge. It's why we see so many ubiquitous 3 series on the motorway

    Hope that helps.

  10. #10
    Regular Member Trev's Avatar
    Join Date
    Mar 2007
    Location
    Hampshire
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    StatsVehicle Info
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default

    Quote Originally Posted by jonesy_ni View Post
    I am on the allowance mate.
    Quote Originally Posted by jonesy_ni View Post

    What will they give you too run your own car? How much for fuel? How many miles you expect to do?


    It's up to individual company but most (mine included) go with HRMC guidelines of 40p a mile for first 10k, 25p a mile after that. I do 30,000 business miles a year works out £9,000 + I get an allowance from my company of £3k based on what the company saved if had to lease/run suitable car (based mine on A6/ 5 series estate but it is my company so had a bit of leeway).

    Petrol allowance isn't taxed but additional (in my case £3k) is at whatever rate you pay tax at.

    Then up to you to purchase/lease, fuel, tax, insure and maintain vehicle out of this total figure. I purchased 11 month old, 4k miles 3.0 Cdti Signum Elite for £14.5k (took a lot of haggling!) and calculate at end of 3 years whatever it's value is will be mine to keep and that's basically how much I will have saved. Rough guess, 4 year old Siggy with 100k miles = £3 - £4k depending on when service due, tyres, etc.

    Any unforeseen costs are yours to bear so you need a reliable model or, as I've done, factored in costs of extended warranty (not sure how effective they are, hope not to find out) and costs for consumables (brake pads, etc.).

    Having said all that, a company car is a business tool and I find it hard to treat my own car as such even though I'm not a 'thrash it to death' type of company car user. Once I've ran this one through I will go back to the no hassle option of a company car even if it costs me a little bit. Won't be a VX as high depreciation means company can lease an Audi, BMW, Volvo, etc. for about the same and emissions on some of these are much better than VX giving lower cost to individual and company to drive a 'prestige' badge. It's why we see so many ubiquitous 3 series on the motorway.

    Hope that helps.

Page 1 of 2 12 LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. sometimes my company really P's me off
    By shaun260589 in forum General Chat
    Replies: 4
    Last Post: 22nd March 2010, 19:15
  2. bad company on ps3
    By vectrabob in forum Games Room
    Replies: 1
    Last Post: 9th October 2008, 08:07
  3. New Company Car.....
    By sonic in forum Vectra C / Signum Car Chat
    Replies: 55
    Last Post: 1st October 2007, 16:58
  4. Help - Company Car
    By mickontherun in forum Vectra C / Signum Car Chat
    Replies: 11
    Last Post: 27th July 2007, 10:16
  5. My company car.
    By MLC in forum Vectra C / Signum Car Chat
    Replies: 22
    Last Post: 13th July 2005, 16:23

Visitors found this page by searching for:

Nobody landed on this page from a search engine, yet!

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •