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Where Taxpayers and Advisers Meet

First company car - help!

Benji.williams
Posts: 1
Joined: Tue Apr 25, 2017 12:29 pm

First company car - help!

Postby Benji.williams » Tue Apr 25, 2017 1:50 pm

Hi

New to this forum and hoping for some help with my first company car.

I was excited until i started to dig a bit deeper .

I am really struggling to understand how the BIK will affect my take home pay. I have used some online calculators and also contacted my company's payroll. The information they gave as an approximate differs from what HMRC told me to calculate.

I am on a salary of £35,300 p.a (I was also given an annual bonus this month of £2,673.42)
Tax code - S1143L
Pension contribution - 4%

Car - XC60 DIESEL ESTATE D4 [190] R DESIGN Nav 5dr17
Taxable list price - £34780
P11d value - £8,695 (I think this is right for 117co2)
Monthly BIK - £144.92
CO2 rebate £10 per month
My car contribution - £41.12 per month from net pay

Would ideally have it in two month, but dont want to be stung with a bigger reduction in salary than i expected.

payroll said roughly £2123 take home after tax but after speaking to HMRC I'mm working it out as £1996.

Could anyone shed some light on this?

SteLacca
Posts: 439
Joined: Fri Aug 07, 2015 2:17 pm

Re: First company car - help!

Postby SteLacca » Tue Apr 25, 2017 4:04 pm

I agree £2,123 (well, £2,122.xx where xx pence will vary slightly month on month).


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