With things being tight as they are, I am interested to know if I can hand back my company car which sits on the drive most days anyway and get the benefit worth back into my salary?? Pepole always bang on about how much these cars are worth to the employee so the question is if you opt out of this perk are you entitled to this amount as salary or is it up to the discretion of the company?
check your contract, some will have a cash equivalent instead of a car.
problem for employer - they have to pay NI on any salary they pay you.
if there's nothign in the contract then talk to them - get some info on costs of runnign the car for them and and how much you expect instead. Say you'll have the money separately (so they don't have to pay salary increase on it each year).
issue for them might be payign you private milage for any work journeys too.
A lot of firms say either company car, or your own car, but with a lot of caveats. The main one usually being that it must be less than a certain age. So you may not save much.
miss read that - Can I crash my company car.
That would get it off your drive
We have a couple of pool cars so it shouldn't be an issue to them. I wouldn't be supprised if the NI increase plus the extra salary was still less than the lease fee they currenty fork out for?
I probably should have said that I very rearly require the use of said car as my job spec has changed so it's just a contractual thing that i still have the car.
other thing to consider is how long has the lease on the car got to run - they'll have top carry on payign that until it expires and if they can't give the car to someone else it's dead money for them.