| Company Car Scheme - Opting Out [message #375699] |
Di, 28 März 2006 02:30 |
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I have the option of opting out of my company car scheme but am
struggling to find out whether it would benefit me financially.
Are there any online tax calculators out there that can calculate the
income I am likely to received based on vehicle models/anticipated
mileage and cash sum to be received?
Thanks
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| Re: Company Car Scheme - Opting Out [message #375720 ] |
Di, 28 März 2006 14:51 |
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BF wrote:
> I have the option of opting out of my company car scheme but am
> struggling to find out whether it would benefit me financially.
>
> Are there any online tax calculators out there that can calculate the
> income I am likely to received based on vehicle models/anticipated
> mileage and cash sum to be received?
>
> Thanks
I don't know of any, but this is a very complex calculation which is
oft discussed in uk.business.accountancy
This Google search:
http://tinyurl.com/mgpky
....and similar will give you something to think about.
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| Re: Company Car Scheme - Opting Out [message #375880 ] |
Mi, 29 März 2006 20:36 |
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Thanks Troy
On 28 Mar 2006 04:51:02 -0800, "Troy Steadman"
<troysteadman [at] yahoo.co.uk> wrote:
>BF wrote:
>> I have the option of opting out of my company car scheme but am
>> struggling to find out whether it would benefit me financially.
>>
>> Are there any online tax calculators out there that can calculate the
>> income I am likely to received based on vehicle models/anticipated
>> mileage and cash sum to be received?
>>
>> Thanks
>
>I don't know of any, but this is a very complex calculation which is
>oft discussed in uk.business.accountancy
>
>This Google search:
>
>http://tinyurl.com/mgpky
>
>...and similar will give you something to think about.
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| Re: Company Car Scheme - Opting Out [message #375904 ] |
Mi, 29 März 2006 23:59 |
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On Tue, 28 Mar 2006 01:30:32 +0100, BF <1 [at] bf111.nospam.plus.com>
wrote:
>I have the option of opting out of my company car scheme but am
>struggling to find out whether it would benefit me financially.
>
>Are there any online tax calculators out there that can calculate the
>income I am likely to received based on vehicle models/anticipated
>mileage and cash sum to be received?
I've used <URL: http://www.cashorcar.com/> for this purpose before
when I accepted a new job.
As it happens I decided to go for the company car despite high
taxation for two main reasons;
1) low personal mileage - I did not have my own car, so opting out of
the scheme would imply buying a car complying with 'representative'
and other criteria
2) flexibility - the only reason for keeping my own car would be this
job.
As it turned out, they made me redundant after six weeks so in
retrospect the 'flexibility' of the company car suited me fine and I
would have been well pissed off if I'd signed a three year PCP or
whatever they're called..
Depreciation is the big bugger methinks.
--
Thomas
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| Re: Company Car Scheme - Opting Out [message #377708 ] |
Mo, 03 April 2006 23:58 |
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Thanks Thomas
On Wed, 29 Mar 2006 22:59:49 +0100, T S Skogvold
<thomas.s.skogvold [at] gmail.com> wrote:
>On Tue, 28 Mar 2006 01:30:32 +0100, BF <1 [at] bf111.nospam.plus.com>
>wrote:
>
>>I have the option of opting out of my company car scheme but am
>>struggling to find out whether it would benefit me financially.
>>
>>Are there any online tax calculators out there that can calculate the
>>income I am likely to received based on vehicle models/anticipated
>>mileage and cash sum to be received?
>
>I've used <URL: http://www.cashorcar.com/> for this purpose before
>when I accepted a new job.
>
>As it happens I decided to go for the company car despite high
>taxation for two main reasons;
>
>1) low personal mileage - I did not have my own car, so opting out of
>the scheme would imply buying a car complying with 'representative'
>and other criteria
>
>2) flexibility - the only reason for keeping my own car would be this
>job.
>
>As it turned out, they made me redundant after six weeks so in
>retrospect the 'flexibility' of the company car suited me fine and I
>would have been well pissed off if I'd signed a three year PCP or
>whatever they're called..
>
>Depreciation is the big bugger methinks.
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| Re: Company Car Scheme - Opting Out [message #377786 ] |
Mi, 05 April 2006 17:54 |
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Hi,
A lot depends on the mileage you do. I had the same choice a few years
back and opted out of a company car. At the time I was doing about 20k
a year, but then suddenly that shot up to well over 30k. 3 years later
you could find yourself with a car with well over a 100k on the clock.
Pretty worthless on the secondhand market. And don't forget servicing,
tyres, repairs etc all come out of your own pocket if you opt out.
My advice would be stick with a company car. Yes, the tax is a
nightmare, but once the tax is paid you get hassle free motoring.
BF wrote:
> Thanks Thomas
>
>
> On Wed, 29 Mar 2006 22:59:49 +0100, T S Skogvold
> <thomas.s.skogvold [at] gmail.com> wrote:
>
> >On Tue, 28 Mar 2006 01:30:32 +0100, BF <1 [at] bf111.nospam.plus.com>
> >wrote:
> >
> >>I have the option of opting out of my company car scheme but am
> >>struggling to find out whether it would benefit me financially.
> >>
> >>Are there any online tax calculators out there that can calculate the
> >>income I am likely to received based on vehicle models/anticipated
> >>mileage and cash sum to be received?
> >
> >I've used <URL: http://www.cashorcar.com/> for this purpose before
> >when I accepted a new job.
> >
> >As it happens I decided to go for the company car despite high
> >taxation for two main reasons;
> >
> >1) low personal mileage - I did not have my own car, so opting out of
> >the scheme would imply buying a car complying with 'representative'
> >and other criteria
> >
> >2) flexibility - the only reason for keeping my own car would be this
> >job.
> >
> >As it turned out, they made me redundant after six weeks so in
> >retrospect the 'flexibility' of the company car suited me fine and I
> >would have been well pissed off if I'd signed a three year PCP or
> >whatever they're called..
> >
> >Depreciation is the big bugger methinks.
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