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Thread: Car - towing / low CO2 / 3 kids

  1. #51
    Regular simonsaunders's Avatar
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    Quote Originally Posted by tallchap View Post
    Nice one Simon!

    After you've done this on your tax return, the tax man should adjust your tax code for the future, so you'll get the benefit monthly, but you'll still have to a tax return and there'll be an adjustment up or down based on your actuals.

    TC.


    While I'm there, I think I can claim 4 a week contribution to working from home.

  2. #52
    Regular tallchap's Avatar
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    Quote Originally Posted by Dave G View Post
    So if you have a company car and you spend more on fuel than you get reimbursed you can claim the difference.

    Quote: 'You can claim tax relief on the money youve spent on fuel or electricity for business trips in your company car. Keep records to show the actual cost of the fuel or electricity youve bought or used.

    If your employer reimburses only some of the money, you can claim relief on the difference.'


    If you use your own car, well bugger me and call me a goat, it appears you can claim the difference.

    Might actually work out better if I choose my own car.

    There's a loophole I didn't know about.

    By the way, bellends, I'm a chartered accountant but management not financial.....
    In a Company Car, you can only claim tax relief if the reimbursement from your employer is lower than the actual cost of the fuel. You cannot claim the full difference to the IR Approved Mileage Rates. The IR rates are for you to reclaim relief for the running costs of your own car.

    However, if you own your own car and use it for company business you can claim the difference between the ppm rate your employer pays and the IR Approved Mileage Rates, as described - my rough calculation last night would net you about 9k, plus you'd have the cash in lieu of the Co Car (which you'd pay tax on at you marginal rate).

    Hope that helps? I work for a Lease Co, so we have to provide info in this respect all the time to drivers based on the various schemes we provide.

    Cheers,

    TC.
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  3. #53
    Regular tallchap's Avatar
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    Quote Originally Posted by simonsaunders View Post


    While I'm there, I think I can claim 4 a week contribution to working from home.
    I do!

    And I claim for my uniform & cleaning costs, and equipment, for my volunteer role with the Ambulance Service.

    TC.

    Edit: Isn't it 4 each day?
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  4. #54
    Regular Dave G's Avatar
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    Quote Originally Posted by tallchap View Post
    In a Company Car, you can only claim tax relief if the reimbursement from your employer is lower than the actual cost of the fuel. You cannot claim the full difference to the IR Approved Mileage Rates. The IR rates are for you to reclaim relief for the running costs of your own car.

    However, if you own your own car and use it for company business you can claim the difference between the ppm rate your employer pays and the IR Approved Mileage Rates, as described - my rough calculation last night would net you about 9k, plus you'd have the cash in lieu of the Co Car (which you'd pay tax on at you marginal rate).

    Hope that helps? I work for a Lease Co, so we have to provide info in this respect all the time to drivers based on the various schemes we provide.

    Cheers,

    TC.

    I've come to the same conclusion using that logic......

    Blimey.

    Looks like my own car could make sense after all.

    Would need to choose carefully but could be net benefit.

    Is the fact I will swap car for car allowance not a factor? I assumed (probably wrongly based on this info) that car allowance meant that CC rules apply for tax purposes.

  5. #55
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    Think so. Ian H is up on this as this is what he does. Ask your company fleet bod for a list as I'm sure they will have one with allowed vehicles. Some companies have emmission restrictions, some have age / max mileage restrictions. Some have both & more.

    Hopefully it works out for you
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  6. #56
    Regular Dave G's Avatar
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    We have 8 years and 80,000 miles so no major drama.

  7. #57
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    So you know all this but still have a company car help thread?

    Bloody accountants x
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  8. #58
    Quote Originally Posted by Dave G View Post

    Is the fact I will swap car for car allowance not a factor? I assumed (probably wrongly based on this info) that car allowance meant that CC rules apply for tax purposes.
    The cash alternative is generally paid as an extra lump to your monthly salary so is just taxed via PAYE at whatever rate you are on.

    Worth checking that the monthly car allowance of taking the cash is the same as if taking a car. At out place if you take the cash you get 50 less a month than if you opt for a car.

  9. #59
    Regular Dave G's Avatar
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    I would get X as car allowance but it would say that in my payslip.....

    I wonder IF you were audited they might say 'hang on, you get allowance which is in lieu of company car, you can't also claim up to the 45p'

    I'm not convinced that that wouldn't happen....

    Simon - this is new news I've just researched!

  10. #60
    Quote Originally Posted by Dave G View Post
    I would get X as car allowance but it would say that in my payslip.....

    I wonder IF you were audited they might say 'hang on, you get allowance which is in lieu of company car, you can't also claim up to the 45p'

    I'm not convinced that that wouldn't happen....
    I can't see that would ever happen, ours works exactly the same and I don't know anyone at work who gets a car allowance who has had that problem.

    We have had issues with people claming travel expenses to travel to the same customers site for over 2 years, but that is different to the whole car allowance piece.

  11. #61
    Regular tallchap's Avatar
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    Quote Originally Posted by Dave G View Post
    I would get X as car allowance but it would say that in my payslip.....

    I wonder IF you were audited they might say 'hang on, you get allowance which is in lieu of company car, you can't also claim up to the 45p'

    I'm not convinced that that wouldn't happen....

    Simon - this is new news I've just researched!
    You'll only get taxed on a CoCar if you have a CoCar stated on your P11D by your employer. If you take the cash, you won't have a CoCar on your P11D. You will pay tax on the allowance via PAYE, so the taxman gets his slice.

    Taking the cash allowance in lieu and claiming the approved mileage rates is an accepted practice by the taxman, honest.
    I've done it 'cos Gary told me to.....

  12. #62
    Regular tallchap's Avatar
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    I've done it 'cos Gary told me to.....

  13. #63
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    Quote Originally Posted by tallchap View Post
    You'll only get taxed on a CoCar if you have a CoCar stated on your P11D by your employer. If you take the cash, you won't have a CoCar on your P11D. You will pay tax on the allowance via PAYE, so the taxman gets his slice.

    Taking the cash allowance in lieu and claiming the approved mileage rates is an accepted practice by the taxman, honest.
    Understood.

    It might change what I do come May.

  14. #64
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    Quote Originally Posted by Dave G View Post
    Understood.

    It might change what I do come May.
    This is quite good;

    http://comcar.co.uk/cashorcar/

    It includes the AMAPS (IR tax relief rates).
    I've done it 'cos Gary told me to.....

  15. #65
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    Quote Originally Posted by tallchap View Post
    I do!

    And I claim for my uniform & cleaning costs, and equipment, for my volunteer role with the Ambulance Service.

    TC.

    Edit: Isn't it 4 each day?
    Hang on a minute can I claim that for being home based ?

    I gave up with trying to get tow car to work under out company car scheme it seems 120k over 3 years was killing anything decent.
    Test Dummy

  16. #66
    Regular tallchap's Avatar
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    Quote Originally Posted by Ollie_247 View Post
    Hang on a minute can I claim that for being home based ?

    I gave up with trying to get tow car to work under out company car scheme it seems 120k over 3 years was killing anything decent.
    It is 4 a week or 18 per month maximum, unless you can prove your additional costs were solely incurred due to your working arrangements from home, it appears;

    https://www.gov.uk/tax-relief-for-em...orking-at-home
    I've done it 'cos Gary told me to.....

  17. #67
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    Yep 18 is the flat rate.

    ...or, you can divide up your home bills V work bills using the HMRC guidance and claim a %age of all bills. I used to doi that but now just use the 18 flat rate.

  18. #68
    Regular findlay's Avatar
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    New forum slogan... "Northloop - We're game for a tax dodge."
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  19. #69
    Regular Tim in Yorkshire's Avatar
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    "Northloop - we're all driving SUVs/4x4s and towing caravans."
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    Northloop - 5.37 worth of tax relief based fun per lap.

  21. #71
    Ive got a company V8 with the company optioned/fitted kaaz diff,in case I have traction problems on damp roads preventing me getting to work. I also get company funded tyres with vat back.
    Im unsure of the Co2 , but road tax is 220 p/y.

    Im considering a new 1 series though as it has spotify integration.I dont care the running gear is horrible cheap. Ill get the smallest diesel engine with the 300 crank pulley that falls off, as long as I can have spotify ill be happy.
    Last edited by pilgrim; 18-08-2017 at 08:39 PM.

  22. #72
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    My company give me a few hundred a month as a car allowance.

    I buy clutter, turn up with it and they roll their eyes.

    Basically they seem happy that I provide weird vehicle entertainment for them.

    I think it's about time the b*stard ugly SEAT left to be replaced with something stupider.

    VED: one of the lower cost line items in running a car - no point getting too bent out of shape over it.
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  23. #73
    Regular findlay's Avatar
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    Back at this again.

    I'll have a new recruit starting for the business in a couple of weeks. I'm inclined to suggest they start using my van as their company wheels.

    That then leaves me with...

    Do I get another van and swap with them when I'm off and need the space (not ideal as I ferry the kids around some afternoons/evenings etc)? So that would be holidays, some weekends etc. Sounds like a bit of a faff.

    Or give myself the CC allowance and just accept that although it would be "my car" I'd be letting them use it when I needed the van back. This then opens up a whole new raft of options. Old uber-barge or new, decent motor along the lines of what I fancy - Golf R, GT86 (although realistically it's just too impractical) - there isn't much else "new" that takes my fancy. Maybe a middle range of a 3-5 year old 3 series etc.

    Stick with the Transit and put him into an utterly uninspiring low CO2 company car.

    I HATE having too much choice
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  24. #74
    Regular simonsaunders's Avatar
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    Quote Originally Posted by findlay View Post
    Back at this again.

    I'll have a new recruit starting for the business in a couple of weeks. I'm inclined to suggest they start using my van as their company wheels.

    That then leaves me with...

    Do I get another van and swap with them when I'm off and need the space (not ideal as I ferry the kids around some afternoons/evenings etc)? So that would be holidays, some weekends etc. Sounds like a bit of a faff.

    Or give myself the CC allowance and just accept that although it would be "my car" I'd be letting them use it when I needed the van back. This then opens up a whole new raft of options. Old uber-barge or new, decent motor along the lines of what I fancy - Golf R, GT86 (although realistically it's just too impractical) - there isn't much else "new" that takes my fancy. Maybe a middle range of a 3-5 year old 3 series etc.

    Stick with the Transit and put him into an utterly uninspiring low CO2 company car.

    I HATE having too much choice
    Mustang GT. I would.

  25. #75
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  26. #76
    Quote Originally Posted by findlay View Post
    Back at this again.

    I'll have a new recruit starting for the business in a couple of weeks. I'm inclined to suggest they start using my van as their company wheels.

    That then leaves me with...

    Do I get another van and swap with them when I'm off and need the space (not ideal as I ferry the kids around some afternoons/evenings etc)? So that would be holidays, some weekends etc. Sounds like a bit of a faff.

    Or give myself the CC allowance and just accept that although it would be "my car" I'd be letting them use it when I needed the van back. This then opens up a whole new raft of options. Old uber-barge or new, decent motor along the lines of what I fancy - Golf R, GT86 (although realistically it's just too impractical) - there isn't much else "new" that takes my fancy. Maybe a middle range of a 3-5 year old 3 series etc.

    Stick with the Transit and put him into an utterly uninspiring low CO2 company car.

    I HATE having too much choice
    If you like having the van, I'd suggest going down the pickup route plus fuel allowance as it's your business and big tax benefits . 5 seats and a cover on the back. Quite trendy in some areas.
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  27. #77
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    ^^^
    Like Cromer last weekend
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  28. #78
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    Elise S1 . In yellow.

    Simon no longer owes me anything, Dave does though.
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  29. #79
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    Quote Originally Posted by Tim in Yorkshire View Post
    This is why 3 or more cars are needed for a 2 adult house hold when running older vehicles.
    This is my logic too. Always have a 'spare' or two.
    Too many cars...

  30. #80
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    Pal of mine reminded me of M135i... Hmmmm.

    Pickups just don't work for me.
    1. I already have the coolest one ever made (albeit with only 2 seats) and
    2. Turning circles are shocking. Just don't float my boat - ladder frame chassis etc. Looking for a decent driving car, not a lumbering barge - we already have a Disco for that job.
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  31. #81
    Regular Dave G's Avatar
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    Just before I ask to hand back my current comp car....

    I will still claim the 11ppm from company but then claim the delta to the HMRC approved rates via self assessment?

    Is that correct?

  32. #82
    Regular Ian H's Avatar
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    Yes.

    Make sure you get your tax status changed with HMRC asap after changing to an opt out car scheme otherwise you'll be paying tax up till the company notifies them which can often be delayed.

    Set up self assessment and do an online return next year when you have your P60 and P11D.
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  33. #83
    Regular Dave G's Avatar
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    Already doing self assess so that bit is fine.

    Grand - thanks dudes.

    Can't wait to pick up my new Micra.

  34. #84
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    Quote Originally Posted by Dave G View Post
    Can't wait to pick up my new Micra.


    I'm sure you'll love it!
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  35. #85
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    Garage just called, they've found a grey M135i LCI with red dakota leather and black kidneys. Sounds like it could be quite nice...

    How's the Micra, Dave?
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  36. #86
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  37. #87
    So the towcar awards for 2018 from the Motorhome and Caravan Club are now out https://www.caravanclub.co.uk/whats-...-year/winners/

  38. #88
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    Quote Originally Posted by jamiehol View Post
    So the towcar awards for 2018 from the Motorhome and Caravan Club are now out https://www.caravanclub.co.uk/whats-...-year/winners/
    They are all caravanny type cars clearly aimed at the target audience. Are you really telling me that these are better than a Range Rover SVR? They should stop lying.

  39. #89
    Quote Originally Posted by simonsaunders View Post
    They are all caravanny type cars clearly aimed at the target audience. Are you really telling me that these are better than a Range Rover SVR? They should stop lying.
    :) on a slightly related note I do prefer towing our Caravan with the wife's Disco 4 but I find my Range Rover better for towing the caravan.

    Perhaps we need to start a Northloop tow car awards

  40. #90
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    Sorry to bring this back into tax talk, buthas anybody mentioned the 10k miles a year limit on the mileage relief allowance?

    My understanding is that you get the difference between your employer's rate and the HMRC rate of 45p for the first 10k miles.
    But after that, you only get the difference between your employer's rate and and an HMRC rate of 25p.
    to the hedge, and beyond.

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  41. #91
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    Quote Originally Posted by djuwenda View Post
    Sorry to bring this back into tax talk, buthas anybody mentioned the 10k miles a year limit on the mileage relief allowance?

    My understanding is that you get the difference between your employer's rate and the HMRC rate of 45p for the first 10k miles.
    But after that, you only get the difference between your employer's rate and and an HMRC rate of 25p.
    Correct. That's the rates im now on in the 135.
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  42. #92
    Quote Originally Posted by jamiehol View Post
    :) on a slightly related note I do prefer towing our Caravan with the wife's Disco 4 but I find my Range Rover better for towing the caravan.

    Perhaps we need to start a Northloop tow car awards
    And the finalists are;
    • Range rover svr
    • Porsche Panamera Turbo s
    • Audi s6
    • Bmw x5m

    Not sure what i've missed that can actually tow.
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  43. #93
    Quote Originally Posted by jjturner View Post
    And the finalists are;
    • Range rover svr
    • Porsche Panamera Turbo s
    • Audi s6
    • Bmw x5m

    Not sure what i've missed that can actually tow.
    Audi SQ7?

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