Another car allowance/salary calculation quickie

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  • Another car allowance/salary calculation quickie
  • djglover
    Member

    No, you get tax free money, its great…

    🙂

    Premier Icon molgrips
    Subscriber

    Hmm…. *rubs chin*

    The offer is low enough that I’m not sure if I want it, but high enough to make it worth considering.. hmm…

    Premier Icon geoffj
    Subscriber

    what do code monkeys need a car allowance for?

    Premier Icon molgrips
    Subscriber

    Got my job offer, and it comes with a car allowance. Presumably if I don’t take the car then that allowance gets taxed so I just add it onto my gross salary?

    Premier Icon molgrips
    Subscriber

    This is a technical specialist consultant bigwig job 🙂

    Premier Icon cheshirecat
    Subscriber

    Not sure about other people, but I get taxed on my car allowance as if it’s part of my salary.

    Premier Icon molgrips
    Subscriber

    Just worked out it’s actually slightly cheaper in money terms to get a company car instead of servicing, insuring and financing mine.

    However.. need to read up on company car tax as I’m not sure how it affects my rate; and after a couple more years I’d own my current car.

    Premier Icon Kryton57
    Subscriber

    Usually a car allowance is a sum of money, from which your expected to ensure you always have a car to access when your employer needs to travel.

    It doesnt mean they give you a car physically?

    Premier Icon molgrips
    Subscriber

    I’ve got no idea how to calculate all this…

    You can take a company car from their leasing scheme. This obviously costs money, but also affects your tax.. but I think I’d be claiming business miles.. I suppose I need to talk to HR.

    Premier Icon geoffj
    Subscriber

    This is a technical specialist consultant bigwig job

    Oooooooh get her! 😉

    Premier Icon timdavies
    Subscriber

    Car allowance at my place is an addition to your base pay and is taxable at your standard rate. It comes with the obligation to have a car insured taxed and service for company use. It’s more than the allowance for a company car.

    But it still means that I have a car sat on the drive doing nothing as I ride to work everyday of the year!

    Premier Icon Kryton57
    Subscriber

    timdavies – Member
    Car allowance at my place is an addition to your base pay and is taxable at your standard rate. It comes with the obligation to have a car insured taxed and service for company use. It’s more than the allowance for a company car.

    But it still means that I have a car sat on the drive doing nothing as I ride to work everyday of the year!

    With the exception I got relocated to London and get a free travelcard to work & back, same here. Lump sum taxed at source.

    TiRed
    Member

    Taxed on mine, and I have to have a car available to be able to claim in the first place. It’s non-pensionable.

    Premier Icon Kryton57
    Subscriber

    Thats a good point – yes it is non pensionable.

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