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      02-11-2013, 07:53 AM   #23
Hotcoupe
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Quote:
Originally Posted by AlanQS View Post
From April 6th

Standard tax allowance - 9,440
20% tax on next 32,010
40% thereafter
On the one hand they give it (personal allowance),the other hand takes it back (tipping point for going into 40% tax bracket).

I'll bet the advantage is in HMRC's (Govt's) favour,I can't be bothered to do the maths though.

Some you lose,some you lose!
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      02-11-2013, 08:28 AM   #24
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Quote:
Originally Posted by gIzzE View Post
You can do a personal contract hire on a new Mercedes E220cdi sport auto for 399 a month including vat for 2 years doing 25k miles a year.
That is with just 1200 deposit.
Or 449/m equivalent, a good deal for a 25k/year hire.
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      02-11-2013, 09:19 AM   #25
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But, you still have to insure, (road tax maybe) and service it - and put new tyres on it.
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      02-11-2013, 09:49 AM   #26
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One other thing is what are you being offered. In my case opting out was no brainer I had a choice between Astra or a 406 and thats it when I opted out. Opting out allowed me to get the E90 brand new to my spec. It also something worth considering. Seems if you dont mind to be in same car for 4 years and you can get something you like its vs vs choice. Total cost of company car (re tax etc) vs opting out buying one and then paying the road tax, service, insurance, tyres etc. over the 4 years. It can be close call when model of the car is not issue.
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      02-11-2013, 06:10 PM   #27
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AlanQS - thanks for the detail info also.

Magic- I need to chat to the 'authorities' but I may still have the choice to top up my 450 (before stoppages) car value.
When I got the little 318dES on the company scheme, I was recieving a fair bit less, but leases were cheaper too.
I think I topped that up to the tune of 60 or so per month.
It paid off in my favour 3yrs as I was making a little more on fuel and paying a lot less BIK than the outgoing Passat.

There does appear to be open choice in the company scheme, and even opting out there are the same daft restrictions:
Diesel, no convertibles, no 2doors, no tow hitches, no 4x4 etc

However I heard a rumour of a major new caveat for those topping up - if you leave you will be liable for the top-up for the duration of the remaining lease.
This came about as a couple of people took new XFs and then bailed a few months later landing the business with the leases. Hey-ho...

Still dont know what to buy
Could do with more load space, so Skoda Superb or another Passat look favorite right now. The 3er E90 is overpriced for what it is IMO.
Then there was the left field - the new Meganes run to over 80mpg.... and the Hyundai i40 is very much a Passat on a budget...
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      02-11-2013, 06:29 PM   #28
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What about the Mercedes E Class?

There are some really silly deals at the moment out there as the facelift arrives in mid April.

E220cdi SE Auto with the new 7g+ gearbox can be had for 300 a month on 10k miles pa and around 400 for 25k miles pa. That is personal and includes vat.
Not bad for a 35,000 car, and there really isn't a much better way to rack up 25k miles a year.

My old one....


Plus not bad looking for an estate!




Plus owners are getting between 42 - 55mpg from them.
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      02-11-2013, 06:32 PM   #29
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In stock and with nav...

http://www.contracthireandleasing.co...lass/11558352/


E250cdi estate......
http://www.contracthireandleasing.co...lass/12301788/
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      02-11-2013, 06:43 PM   #30
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Quote:
Originally Posted by sohlman View Post
I run my own company. Have no car allowance and just charge the company for my mileage. I claim back around 5k per year and this just about funds my car.

I buy normally a 4-6 year old BMW. Currently a e90 330i petrol which had 19k on clock an was bought for £8995. I do around 12-15k per year. It has a personalised plate and after 1 year has cost me nearly nothing to run. Just fuel and a service. Next year should cost just fuel.

If you buy second hand carefully you can get a car that's just about new in condition, but not have depreciation to worry about.
+1. Great advice..

Still driving a 55 plate 330i bought in 2008 for 12k. Do about 15k business pa (5750 back per year) If I added it all up, including depreciation, tax, Servicing etc it is not far off free motoring.
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      02-11-2013, 10:10 PM   #31
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When the 'option' scheme was introduced (around 15 years ago) I was offered 500 monthly to switch to that scheme.

My salary already included a company car - 1.6 vectra, modeo, golf etc.
I wasn't offered 450 month to have a company car, or 550 month for the option scheme.
It must be a no brainer to have additional 450 month to have a company car?
Otherwise, as you say, it's only 100 a month to fund an option....

My case.
The option gives a wider choice of cars, although no SUV's, sports cars and must be less than 4 years old.

I calculated, taking the option scheme, by year 3, I would be able to purchase a new car cash. (No loan. 500 month).
Based on, first year buying 320d, 50% loan and from running approx 18k business miles a year, on 40% tax.
Have to just touch the 40% bracket to get the relief to make it worthwhile.

If you also have a fuel card option, that totally depends on your private mileage.

It worked for me, but if you're not touching 40%, in my opinion, stick with the company car.
I cannot see how 100 a month could fund the option.
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      02-12-2013, 05:05 AM   #32
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Seat Exeo 2.0 tdi

260+vat on 3 yr (25k pa)

It's an Audi a4 with the badge changed....

I'll be leasing my next car and it'll probably have to be a boring diesel
...
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      03-13-2013, 05:31 PM   #33
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This still rumbles on.
I really, really appreciate the ideas for cars and Alans detailed and thoughtful number crunching.

But one argument abounds in my business unit, and from what I read here what I'm being told at work is just plain wrong - and it concerns HMRC, private cars and the rates that I could claim.

A couple of pals insist that I can only claim back from HMRC the VAT on the difference between the 15p my company would pay for my own car, and 45/25p allowance stated.

I'm sure this is not correct - I can claim the full 30ppm shortfall for first 10k and then 10ppm for the rest from HMRC surely?
I thought this was tax free also?

So far as I can ascertain, up to 2500pa fuel claims are by a simple HMRC form, above that by SA is this correct guys?

We have had our wings cliped next month. The 17p rate (enhanced due to carrying heavy loads) is being dropped and a 2ltr diesel will revert to 15ppm.

So why do employers not juts let me claim the 45/25 and pay that - why make me do the paperwork to claim from HMRC?
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      03-13-2013, 06:06 PM   #34
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Quote:
Originally Posted by m1bjr View Post

A couple of pals insist that I can only claim back from HMRC the VAT on the difference between the 15p my company would pay for my own car, and 45/25p allowance stated.

I'm sure this is not correct - I can claim the full 30ppm shortfall for first 10k and then 10ppm for the rest from HMRC surely?
I thought this was tax free also?

So far as I can ascertain, up to 2500pa fuel claims are by a simple HMRC form, above that by SA is this correct guys?

We have had our wings cliped next month. The 17p rate (enhanced due to carrying heavy loads) is being dropped and a 2ltr diesel will revert to 15ppm.

So why do employers not juts let me claim the 45/25 and pay that - why make me do the paperwork to claim from HMRC?
Your pals are incorrect,and you can claim back the difference between what your employer pays you for your fuel,and what the HMRC appoved rates are,info here:

http://www.hmrc.gov.uk/incometax/relief-mileage.htm
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      03-13-2013, 06:11 PM   #35
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But reading further - I see what they are alluding too.
You dont get the difference - you get TAX RELIEF to the value of the difference.
So somewhat less.
Better for the 40% guys of course.

Correct?
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      03-13-2013, 06:26 PM   #36
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Quote:
Originally Posted by m1bjr View Post
But reading further - I see what they are alluding too.
You dont get the difference - you get TAX RELIEF to the value of the difference.
So somewhat less.
Better for the 40% guys of course.

Correct?
yes this is right, it's TAX RELIEF not the full amount back, lets make this clear.

i've not read this thread in full, but i can't believe this isn't made clear already..
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      03-13-2013, 06:30 PM   #37
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BGM is absolutely correct. You can claim back the tax on the difference at the highest rate you pay.
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      03-13-2013, 06:42 PM   #38
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here is a screenshot of what i'm submitting to HMRC at the end of the FY, it's broadly correct, but i've still never got it 100% bang on. i think it's actually slightly thiefed from someone on this forum

the differing PPM rates are them changing mid year, and also me switching to a 118d over a 325d mid financial year

something to also bear in mind is that if you do irregular business mileage (like me) the HMRC 'carry over' what they think you'll do to the following tax year...

so if you do 20000 miles in one year, and then only 2000 the next... HMRC will tax you as if you are doing 20k until the point that you submit your next P87 form and they then sting you for a massive tax shortfall!!

i found that out the hard way

P.S. I've shown the formulas so you can replicate / improve
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      03-13-2013, 06:49 PM   #39
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ooo, this feature is cool i just found 45%
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      03-27-2013, 06:13 PM   #40
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Gizzie is on the money.
Just about to plonk down on the runout C220 Sport Auto - 3+23 on 25K is a lowly 290+VAT.

NOw the pressure is of course to complete by COP tomorrow (Thursday 28th).
Whats the inside track - is it likely there will be better deals in April, or is this really the end of the road?
No idea what built stock is about on these and cant find out. But all cars are metallic paint and stock - at this price I guess pre-reg too?

Bit of a gamble if I wait a week

The new model E-Class is awesome, but I have to be out of my bimmer on 1st June and projected merc delivery dates are slipping into July.
TBH I dont want the hassle of finding wheels for two months (or more) and this one is cheap motoring for two years

Thoughts?
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      03-27-2013, 06:46 PM   #41
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There are brokers with cars in stock mate, or at least stock allocation for April and May, call around.

279 a month now for an E220cdi auto with metallic.
But it comes with Media interface, Internet, Comand Nav, bluetooth, leather, xenons, DAB and what else do you really need?
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      03-27-2013, 07:42 PM   #42
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I think that your quote above relates to the runout 2012 model.

Not any that I can find with COMAND - that would be nice, as would dab.

Whats the broker?


Steve
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      03-28-2013, 03:25 AM   #43
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No, that is the new 2013 model.

http://www.clvr.org.uk/vehicle.php?f...tail&id=965640

I am looking at estates, but saloons are available too.
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      03-28-2013, 03:26 AM   #44
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They are doing the run out at 259 a month, and have stock.
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