Company Cars - are they worth it?


(In our opinion - not if you let the tax man set the rules.)

 

 

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Here's a shocker that most company car drivers will recognise -

The tax cost to you of a company car plus "free" fuel is more than the value of the car and fuel combined!

What to do? We suggest

  1. Consider arranging for the car to be in your name, and charge your employer for business travel under the tax-free FPCS scheme. Enjoy significant tax-free expense claims, and no car benefit taxation.

  2. Pay for all your own fuel, but organise a travel-log to base reclaims (tax-free) from your employer.

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"Tax Tips" is offered in good faith but strictly without prejudice. Information given is greatly abbreviated meaning technical details and key conditions are omitted. No responsibility for loss to any person acting as a result of "Tax Tips" is accepted by Bolland Associates.