This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

BIK and am I paying to much tax

Firstthebanker
Posts:1
Joined:Fri Apr 24, 2020 10:27 am
BIK and am I paying to much tax

Postby Firstthebanker » Fri Apr 24, 2020 10:35 am

Hi everyone, I hope everyone is staying safe and well. The start of a new tax year has thrown me a couple of questions I could not find the answer to by searching the web.

When I checked my tax account, I noticed that the tax man doesn't know I have a fully expended company car, but work have just under £500 under the taxable benefits on my payslip. I earned commission last quarter which was paid this month, so my salary this month was £6417.58, but just my income tax was £1525, does this sound correct. O dont wantvto go to the tax man, in case I owe money and in the current climate that would be very problematic for me, I will I go back to work. Thanks for any help.

darthblingbling
Posts:698
Joined:Wed Aug 02, 2017 9:09 pm

Re: BIK and am I paying to much tax

Postby darthblingbling » Fri Apr 24, 2020 11:36 am

Tax looks fine assuming a tax code of 1250L

Is the taxable benefit part of the £6417 figure? If so I'm assuming the benefit is being payrolled as £500 is being added onto your taxable income figure monthly to account for the benefit, which sounds about right for a car and maybe fuel benefit.


Return to “Income Tax”