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jaimito
 Post subject: Company car tax?
PostPosted: Fri Jul 29, 2005 10:20 am 
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Posts: 10
Me again. Thanks for all your help on the other questions. Really helpful. Wondered if you experts had a view on the situation where you hire a vehicle from an operator for a weekly fee then get a level of guaranteed income from them. How does the taxman see the car? Can I offset the cost of rental against my earnings or is it seen like a compnay car?

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steveo
 Post subject: Re: Company car tax?
PostPosted: Fri Jul 29, 2005 12:25 pm 
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Joined: Tue Oct 14, 2003 10:45 am
Posts: 913
Location: Plymouth, i think, i'll just check the A to Z!
jaimito wrote:
Me again. Thanks for all your help on the other questions. Really helpful. Wondered if you experts had a view on the situation where you hire a vehicle from an operator for a weekly fee then get a level of guaranteed income from them. How does the taxman see the car? Can I offset the cost of rental against my earnings or is it seen like a compnay car?


yes. the price you pay to hire your car is a 100% business cost.
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jaimito
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PostPosted: Fri Jul 29, 2005 3:49 pm 
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thats great, thanks.

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TDO
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PostPosted: Sat Jul 30, 2005 3:36 am 
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Location: The Internet
I think the company car rules only come into play if you are an employee and provided with a car as part of your remuneration.

Thus the car is regarded as a perk and in effect is part of your salary, thus a notional value is attributed to the perk and you pay tax on it, as you would on the extra salary you would have if you didn't have a company car.

So at least if you're self-employed and use the car as your private car then you don't have to pay tax on it.

Of course, I'd prefer the big fat salary and the company car anyway :D

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