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Thread: Company car's??

  1. #1
    Regular Member Steven's Avatar
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    Default Company car's??

    I am thinking about applying for another job and one of the add on's with it will be a company car. I have alway's had a work's van which is fully fuelled, insured and paid for by my current employer, so my question to you more knowledable guy's is how does the company car scheme work? I really dont have a clue about it..

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    Regular Member m8internet's Avatar
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    It depends on if they are supplying the company car or you are

    If they are supplying the company car, then usually you are given the vehicle or a basic choice / budget
    However, if you do have a choice then you can usually "upgrade" at your own cost
    Your tax code is then adjusted as it is seen as a taxable benefit, so you can kiss a further % of your salary good bye!
    Equally, you may have to pay your employer for personal use of that vehicle
    if you leave the employer, then you lose the car

    If you are supplying the car then it is YOURS
    However you remain liable for all costs
    Equally, some employers demand that the car as fully comp insurance, breakdown cover, and consequential loss cover
    If you are not able to get to where you are supposed to be working, resulting in that work being cancelled to which you may be liable
    On the plus side you can use it however and whenever you want
    If you change jobs you still have the car
    You can then claim tax relief on ALL business mileage (see FCPS on the Inland Revenue website)
    This normally results in a tax rebate of about 2p per mile (30K miles a year = £600)
    After two years you can have your tax code changed instead of waiting until the end of the tax year, however if your mileage is lower than anticipated you can remain liable for the difference, so it can be best to under estimate and still end up with a small rebate

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    Default

    Fuel cost can be either included or not - check terms and conditions.

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    Regular Member PORKBALLS29's Avatar
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    I really think it depends who you work for. I have had company cars for years and all ways have had car, fuel, insurance etc paid for by work but obviousy it will effect your tax code. I think some companies may only offer car no fuel. I dont have one at the moment I think they and miss it like mad - no worries bout repair bills etc.

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    Vehicle : Golf 7

    Trim : GTD

    Engine : 2.0 TDI 184PS

    Year : 2014

    Mileage : 40000

    Default

    From what I see and hear in work I wouldnt get one, the tax is catastrophic.

    Ok the benefits are the road tax, insurance and servicing are not your worry but thats about it tbh m8.

    Gazza4

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    Regular Member Big Knox's Avatar
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    yeah, while a company car sounds good, you do get humped for tax. Plus you can't really mod it in any way because it doesn't belong to you. I get a car allowance + mileage which means I own the car, I can do what I like to it and I can change it whenever I feel like it.

    If they also gave you a fuel card with your car, that could be another taxable benefit.

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    Regular Member jlock's Avatar
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    Vehicle : BMW 525i

    Trim : M-Sport

    Engine : 2.5l Straight 6


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    Gotta love the tax!...

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    Regular Member mark_647's Avatar
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    No idea about company cars lol Can you have the allowance, drive a banger and make a proffit ?

  9. #9
    Regular Member jlock's Avatar
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    Vehicle : BMW 525i

    Trim : M-Sport

    Engine : 2.5l Straight 6


    Default

    Cant see why not, although if driving that banger meant you kept missing meetings and things with it breaking down i doubt theyd be very happy

  10. #10
    Regular Member m8internet's Avatar
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    Yes, you can drive anything you like if the employer pays and does not provide a company car
    That is a risk the employer takes
    However some employers are known to take restrictive action against the employee and in some cases chargeback for the consequential losses (usually cancellation of work)

    One of our employees uses a motorbike instead of a car

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