Company Car Tax Calculation

Honest John Back Room » Motoring discussion
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Mon 5 Mar 2007 14:39
Company Car Tax Calculation - Wee Willie Winkie
Hi All,

One of my colleagues, who had a company car, has left the company. I have been offered the use of his vehicle for the remaining term of the lease as the business are liable for the rental costs (25 days).

Now, I'm sure, like most things in life, this has a tax implication, I'm just not sure what. Would anyone please be able to give a rough idea? Details are:

Car: VW Golf TDi 105
Year: 2006 (56 plate)
Term: 25 days
Business Miles: Nil.

Cheers,
DB
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Mon 5 Mar 2007 14:44
Company Car Tax Calculation - local yokel
www.newcarnet.co.uk/tax_calculator.html
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Mon 5 Mar 2007 14:49
Company Car Tax Calculation - Wee Willie Winkie
So, from the above site:

Your Company Car Tax 2006/07

£
Company car list price (P11D value) 14,782.01
Cost of Options inc. VAT 0.00
Less: personal capital contribution (0.00)

Sub-total 14,782.01
Less: excess over £80,000 0.00

Total adjusted price 14,782.01
CO2 emissions of 132g/km lead to company car benefit tax rate 18%

Company car benefit tax 2,660.76
Less: personal annual contribution (0.00)

Form P11D charge 2,660.76

Income tax on £2,660.76 @40% £1,064.30

So that equals roughly £88 tax liabilty for one month?
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Mon 5 Mar 2007 14:55
Company Car Tax Calculation - Bill Payer
Sounds right. Assumes you're not being given a fuel card etc, and that your company bothers/remembers to put it onto your P11D.
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Mon 5 Mar 2007 14:59
Company Car Tax Calculation - Westpig
'pool cars' can lessen a tax liability........if you're only having it for a short time period you might well fit this category
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Mon 5 Mar 2007 15:02
Company Car Tax Calculation - Wee Willie Winkie
Thanks all!
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