Hi all again !
Type-R is out of question as I wont have fuel card, just 17p a mile.
done my insurance quote of a 330d bmw at 515 a year. thats £41 a month.
RFL is 200 a year thats £16 a month, so say £60 a month for them two.
so got £300 a month, thats about £6000 finance over two years.
so the only choices to me are (and company stipulate it has to be under 4 years old and 60K miles or less)
peugeot 407 saloon/hatch/estate hdi -£7K
honda accord 2.2 cdti. -£6500
would love bmw 330d - 4 door m sport - but £12K !
MB 53 plate C200 - £8K (but 100K miles)(I know a man and a computer tho!)
really would like a barge type of car but good torque when i need it.
not going to make much out of fuel at 17p per mile, with diesel going toward 105p a litre!
and heated leather seats / cruise would be a bonus.
I just am not going to be looking at laguna, as I have had a few, and they were always breaking down.
or do I go medium and could get seat leon 150tdi cupra for around £7K but will it be comfy on 40K miles of driving a year?
not alfa/skoda/passat/
sometimes I think its eaiser having a company car :o)
look forward to any replies....
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Tax Back
You will get the tax back on the difference between the Tax authority approved mileage rate and your 17p
Say 30K Business miles
1st 10,000 Business Miles
45-17p = 28p x 10,000 = £2800 x 20% = £560 Basic Rate Tax Payer
or £1120 Higher Rate
Next 20,000
25p-17p= 8p x 20,000 = £1600 x 20% = £320basic Rate Taxpayer
£640 for Higher rate
So Tax Rebate = £880 or £1760 back from the tax man
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The cars I've done well out of in terms of miles/cost have been a Saab turbo and an audi tdi.
Im not sure about saabs these days (Im not a fan of the 2.2d and I dont know if that budget will get you a 1..9) but how about an A4 tdi?
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Would love an a4 tdi, the 2.5 quattro would suit my needs perfectly.
but a bit out of my market?
How much?
thx falkirk, I knew this, but that would be just a bonus, and I wouldnt want to equate that in my budget, as I would get that april 2009. could pay off credit card for xmas 2008 tho !
Edited by tiredeyes on 06/12/2007 at 10:39
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Are you actually giving up a existing company car?
If so, you don't seem to be taking account of the tax saving you'll be making on the car (and perhaps also on private fuel, if the company currently pays for that).
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45-17p = 28p x 10 000 = £2800 x 20% = £560 Basic Rate Tax Payer or £1120 Higher Rate
It's 40p, not 45p. (>10K miles rate of 25p is correct)
So it's £460 at 20%, £920 at 40%, for the first 10K miles.
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Sorry, Mr Thicko here....
Are you saying that I can reclaim the difference between 40p (??) and the rate my company pay me per mile (12p) if I opt out of the compnay car scheme and run my own car ? If so how ?
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just do a self cert online, or get a form, search google for it
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Billpayer: Im moving job.
yes I have a company focus 06 plate, comes with all the bells and whistles, you know things like plastic steering wheel, trip gauge, oh and you can clear it and it goes back to 0.
erm, seats, 4 wheels, errm, oh side lights and main lights, rear window screen demister.
the list is endless.
I am thinking £5500 a year is pretty poor now, only around £300 a month, plus I pay £60 a month tax on my focus.
so £360 a month to purchase a car.
thats really poor init?
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thats really poor init?
£60/mth is obviously a pretty good deal to have a car that you only have to put fuel in, even if it's not your dream car.
It sound like you're paying tax at 40% - a pretty basic Focus seems a bit beneath a £30K+ salary.
The people that do very well out of opting out are those middle manager or senior sales rep (especially if based at home as they have no commuting mileage to pay for) type people who may have had 5 Series BMW etc and be doing 15K+ business miles and little private mileage.
They were paying several hundred pounds a month tax (probably also had fuel tax too) so they can opt out, get a stonking allowance and then downsize on the car a bit and pocket a small fortune.
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If so how ?
Send in a P87: www.hmrc.gov.uk/forms/p87.pdf
Make sure you have good records to back up your claim though, in case they ask for proof.
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If the calculations are getting a bit complex you could do worse than visit this page:
uk.biz.yahoo.com/tax/calculators/home.html
One or two of the calculations are out of date, but the mileage allowance and car benefit calculators work just fine.
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