Hi all, I’m hoping this is a simple question for someone with the right knowledge. I earn just enough to put me in the 40% tax bracket. My pay packet includes a car allowance of £4500 per annum. I’m considering taking the company car instead and am trying to work out the pay and tax implications of that.
The removal of the car allowance will take me comfortably back into the 20% bracket. Does that mean then when working out my company car tax with an online calculator my tax band will be basic rate 20%? Any advice would be much appreciated.
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