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Anyone here have this for their work car?
All previous companies I worked for have leased their employee's cars so where do I stand with this situation?
How different will the tax be (better or worse)?
How much would I need to lease my own car and which company would you recommend?
Should I lease or buy?
Many thanks as always T
Hi Tyger, there are lots of pro's and cons for the company providing you a co.car or paying you an allowance and you having the freedom to choose your own car. In fact a whole book of them! To answer your question about tax, when the company provide you a co.car you get taxed on it as it is deemed to be a taxable benefit. When the company pay you a monthly allowance you are free from the dreaded 'co.car tax'. The difference being that you are taxed on the allowance as PAYE at your normal rate. How much you choose to spend of your net allowance from your company will be completely up to you, whether you max it out and spend every penny, or buy a lesser value car and pocket the difference. Again, your own personal financial circumstances whill dictate whether you buy or lease (hire). In my opinion leasing a car will enable you to fix your monthly outgoing and will allow you to have a brand new (and almost maintenance free) car but remember you will also be tied into a term (eg 24/36months etc). Hope that starts to help? Let me know if you have any more questions. Cheers.
Hi Skyliner, very helpful thanks. I wonder if I can get the leasing term linked timewise to my contract of employment LOL !