Company Car

[Taff]

Hi

I was interviewed for a job today and looks like I will probably get it..

It comes with a car prob think its a Vectra ??

Someone has told me that having a company car will hit me financially, what I gain in income may be lost in tax...

I understand that I will have a tax deduction for my car same as my health insurance however surely it is not significant enough to negate any pay rise I get ?

The same some one says that when they negotiate for their next car they are going to ask for a smart car as they are not taxed so heavily..

These are fact I need to determine before accepting their offer..

Regards

Taff

 

[davidh]

Hi

I was interviewed for a job today and looks like I will probably get it..

It comes with a car prob think its a Vectra ??

Someone has told me that having a company car will hit me financially, what I gain in income may be lost in tax...

I understand that I will have a tax deduction for my car same as my health insurance however surely it is not significant enough to negate any pay rise I get ?

The same some one says that when they negotiate for their next car they are going to ask for a smart car as they are not taxed so heavily..

These are fact I need to determine before accepting their offer..

Regards

Taff

try this site will work it out for u

http://www.comcar.co.uk/

 

[Taff]

Thanks Dave, I see the results but it means nothing to me, will have to negotiate something when contract arrives..

Regards

Taff

 

[iant]

Hi Taff - I have a Vectra as a company car - the inland revenue reckon it is worth roughly 6K a year to me, so I pay extra tax on 6K (i.e. 20% assuming you're a basic rate tax payer). That works out at £1200 or £100 a month (give or take). It would be virtually impossible to run a car on that figure, so as long as you drive a car privately (and it can take the place of one you would otherwise have to run) it would probably be worth it. Add to that to the piece of mind (changing four tyres is no joke if you're paying) and I reckon you'll probably onto a good deal.

 

[DeadTech]

What you need to think about with a company car is:
No initial outlay of your own money
You don't pay car tax
You don't pay insurance
You don't pay for sevices or MOT's
You don't pay for breakdown cover
You don't pay for repairs/punctures

I've got Vectra and it has a benefit value of £3,120 (with a list value of £15,671)
I (well my wife) worked out it costs about £58 a month
The CO2 emissions are 154g/km

If you use comcar look at the "Tax at 20%" (or 40% depending on how much you earn) for how much it will cost you a year.

 

[lagerlout]

The amount of tax you pay also depends on whether or not you get subsidised fuel or not. When I had a fuel card I payed tax on an extra 3 grand a year.

 

[HappyH]

I had a company car for a few years a couple of years ago. Changed jobs, new one had no company car so bought myself a car. Went to insure it & every company I tried said I'd lost all my NCB as I didn't have a policy 'recently'. Best I got was one years NCB to start again. Something to consider when you're negotiating mate.
HH.

 

[MH]

It will cost you feck all! In reality!

as mentioned above
You don't pay car tax
You don't pay insurance
You don't pay for sevices or MOT's
You don't pay for breakdown cover
You don't pay for repairs/punctures

Most of all free fuel...well I do!

I have the Vectra 150BHP CDTI....woooosh!

 

[DeadTech]

I used to get free fuel many years ago not any more!

 

[MH]

Well technically free fuel, I do a lot of personal miles and probably pay 1/4 of what it would cost me in the Tax

When you look at the numbers attached...its a fecking bargain!

 

[thebigman]

it'll cost you in tax the car is probarbly worth having, fuel benifit is the one you'll have to think about. I have the choice and I dont take it as it would cost around £90 a month (it varies depending on the car) I only use about £60.

thebigman

 

[K]

LOL and i thought i had a good deal.. i have a 206 HDI lol... Ghey car..

My company took the back windows out and replace it with panals.. looks alright.. supposadly its not classed as a company car without back windows.. dont know the truth in that though all i know is i dont get taxed for it ..

Oh and the allstar fuel card is a dream.. free car wash, oil and diesel happy days.

 

[Biggav]

It will cost you feck all! In reality!

as mentioned above
You don't pay car tax
You don't pay insurance
You don't pay for sevices or MOT's
You don't pay for breakdown cover
You don't pay for repairs/punctures

Most of all free fuel...well I do!

I have the Vectra 150BHP CDTI....woooosh!

ditto here- do you have the cd70 sat nav built in - if so do you know anywhere with a new recent cd for it for cheap

cheers mate

 

[digicol]

ditto here- do you have the cd70 sat nav built in - if so do you know anywhere with a new recent cd for it for cheap

cheers mate

If it is needed will your company not update for you mate?

Worth a try blagging them.

 

[MH]

No, I have my tomtom so did not upgrade.

Thats a tax con, you pay for the upgrade, the car goes up in value so you get taxed on the upgrade...then the company has a better car to sell at the end of the lease!

 

[Taff]

As an update I got verbally offered the job yesterday, I was offered £4,000 less than I really wanted, when the contract arrives I am going to argue for an extra £2,000 but to be honest if I get no where then I am going to accept their original offer as it is still respectable.

There is an annual bonus which will make a significant difference but I guess you got to roll the dice or accept what you get lol....

Hardest decision is resigning from a job I really love and a company I have worked at for 21 years...

Spoke with my boss today and he asked what would I want to stay at my company, they would be hard pressed to match the first offer and there is no car or national fringe benefits included....

I would give anything not to be making this decision right now...

Let this be a lesson all, be careful for what you apply for because you might get it !!!! (however in my case I was head hunted lol)

Regards

Taff