Annual rail season ticket

[pluggyg]

Hi there, hope someone can help with my query (hopefully on correct forum if not just let me know
My company has allowed me to buy my annual season ticket (approx £1300) on a company credit card and then pay them back from my salary every month. They give me a P11d form with section K completed but it appears they have not marked anything on the section that asks if any of the amount has been made good by the employee.
I have had my tax code reduced from 810L to 679L (for the last tax year) but after some searching i think they may have this wrong? I also have the value of the monthly payment £115.00 deducted form my salary after tax, should this be deducted before taxaation in the gross salary side? I have queried this with my HR manager and they have been assured by their accountants this is correct although i dont know if the correct info has been passed to them!

Hope someone can help clear things up for me
Cheers

[mullet]

If you have no other loans from your employer then £1,300 is not reportable as a beneficial loan and no taxable benefit arises. The restriction in your tax code matches the ticket cost and has the effect of charging income tax on the value of the ticket - which is clearly wrong if you are reimbusing the cost each month. The deduction is made from net pay, which is the equivalent of paying it out of your own pocket. If it was deducted from gross pay the effect would be that you received tax relief - which would be wrong, as relief is not available for home to work travel.

[pluggyg]

thanks mullet....so i am right on tax code thing but at least they are taking the cost of the ticket correctly as in from my nett pay.
Appreciate your input on this one.

[King_Maker]

And the Beneficial Loan limit has been increased by the Budget from £5000 to £10,000 for 2014-15 et seq.