nayr88
Member
- Joined
- 4 Feb 2010
- Messages
- 2,101
Hi all,
I'm hoping someone may be in a similar position and be able to help me understand how this is worked out.
offered a new job with the package as below;
XXk a year salary ( inside 20% tax rate)
3 k car allowance (paid as salary monthly)
Fuel card (Business and private use)
The part that is bugging me is the amount I will pay in tax on the fuel card BIK.
How is this worked out. it's very close to my current employer and so I know I will do roughly £200 a month in fuel in private use.
I don't know how many business miles I will do so can only assume it will be £50 per month.
I will make no contribution to the fuel used.
Do I pay a flat rate per month in additional tax? or at the end of the year, 20% of the value of the fuel used is charged to me as a bill?
The company has told me they will a P11D for me, so It is down to me to issue a self-assessment return for the use of my vehicle for business use and claim back the 45p per x amount of miles as a tax rebate?
the general idea is to work out my monthly take-home....I'm happy to send someone my salary in a private message if they believe they could help work this out.
I've also read this -
so 20% of the value of the fuel will be deudcted. so say £250.00 per month is £50.00 in tax plus NI I think is 13.8%? so another £34.50? totalling £84.50 i tax per month? it's so confusing!!!
sorry for the long-windedness of this but I'm really stuck!!!
I'm hoping someone may be in a similar position and be able to help me understand how this is worked out.
offered a new job with the package as below;
XXk a year salary ( inside 20% tax rate)
3 k car allowance (paid as salary monthly)
Fuel card (Business and private use)
The part that is bugging me is the amount I will pay in tax on the fuel card BIK.
How is this worked out. it's very close to my current employer and so I know I will do roughly £200 a month in fuel in private use.
I don't know how many business miles I will do so can only assume it will be £50 per month.
I will make no contribution to the fuel used.
Do I pay a flat rate per month in additional tax? or at the end of the year, 20% of the value of the fuel used is charged to me as a bill?
The company has told me they will a P11D for me, so It is down to me to issue a self-assessment return for the use of my vehicle for business use and claim back the 45p per x amount of miles as a tax rebate?
the general idea is to work out my monthly take-home....I'm happy to send someone my salary in a private message if they believe they could help work this out.
I've also read this -
Privately owned cars
If you use your own car for work, record keeping is much easier and Fuel Benefit cannot apply. If the company pays for any private fuel, this should be taxed in the same way as salary and subject to both income tax and NIso 20% of the value of the fuel will be deudcted. so say £250.00 per month is £50.00 in tax plus NI I think is 13.8%? so another £34.50? totalling £84.50 i tax per month? it's so confusing!!!
sorry for the long-windedness of this but I'm really stuck!!!
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