STEvieXE
Member
Registered: 21st Jan 03
Location: Ballymena N.I.
User status: Offline
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quote:
Originally posted by Colin
Yeah but thats determined when the car is made & doesnt matter if its brand new or 18months old!!
Would you be happy to pay £40/month for a car that your not the 1st owner???
I know how company cars work, im just saying he should get a new car, not palmed off an old one to save his boss a few £k's.
do u mean 40 per week??
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corb
Member
Registered: 24th Apr 02
Location: Calgary, Alberta, Canada
User status: Offline
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An Ibiza 1.4 Sport is worked out as BIK of 19% I think. The P11D value is 7516 I think. 19% of 7516 is £1428, so tax man sees it as someone effective being paid another £1428 a year, thus you get taxed on that amount. Depending on the tax band you fall into, dictates what percentage you pay on that to mr tax man.
The tax rates are
Starting rate 10% up to £2,150
Basic rate 22% from £2,151 to £33,300
Higher rate 40% over £33,300
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