Re: Urgent company vehicle help required
The milage has nothing to do with what you pay the tax man as far as I'm aware.
I have a company car, (to be fair a rubbish one by all accounts)
To figure it out you find out whether you pay 22% or 40% income tax.
If your company car is for private use aswell, then they take the 'list price' of the car provided to you.
They then take your income tax pecentage of the car.....so say its a ?10k car and you pay 40% income tax, then it works out at ?4k, then depending on the emmisions of the car in question you pay a final percentage of the ?4k to the tax man.....so say its a low emmision car you would pay 15% of the ?4k to the tax man
so 15% of ?4k = 600 / 12 = ?50 a month extra tax you pay.
But this amount is taken from the ?5700 that you get tax free a year anyway. so your tax code would change from say 570L to 100L
None of that will probably make any sense, but it all irrelevant anyway as your van is for business use only so it doesnt effect you.
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