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If I share a company car, how much will I be taxed?

You are only taxed on the proportion of the year you use the car

Tax due on fuel can also be worked out proportionately if you give up the ‘free’ fuel and so long as the fuel is not reinstated later.
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Invested in new machinery and now facing a loss? Don't fret! You can claim 100% of the cost against your profits, potentially turning that loss around. Find out how to navigate this tax-saving strategy. #TaxTips
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If an employer makes a cash gift or gift voucher to an employee, then this is taxable as earnings under PAYE and subject to NIC. A gift such as a turkey, box of chocolates, bottle of wine can be treated as ‘trivial’ benefits (around £50) won’t impose a tax charge
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Terminal loss relief: an ace up your sleeve when your company ceases trading. Explore how this option can provide tax relief by carrying losses back up to 3 years.
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Would sharing a company car be of benefit me?

Sharing a car reduces the benefit each employee pays tax on

The value of the benefit for each employee is reduced on a just and reasonable basis.

📝 Need to make changes to your Company's Corporation Tax return? You've got a window of opportunity. Act within 12 months of the filing deadline or opt for a paper return. We'll guide you through the process.

As we are getting towards the tax year end of 5 April, it is worth looking at whether there is anything you can do before this date to maximise your tax reliefs and to possibly save money.

If you run a business as a Limited Company, you may sometimes make a loss.
This may be due to lost customers, or perhaps you have started a new business and have higher costs initially.
Click here to read out latest blog on this:
jollyaccountancyservices.co.uk/2024/04/01/los…

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If I pay the full cost of fuel for private travel, do I have to pay private fuel tax? No. If you pay the full cost of fuel for private travel, you do not have to pay private fuel tax. This includes paying for fuel for journeys to and from work.
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PAYE stands for “Pay As You Earn”, which is basically when your income tax is deducted from your salary before you receive it; paid straight from your employer to HMRC. This is different if you are self-employed and you would then need to do a self-assessment tax return.
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If your turnover is more than £85k in any 12 month rolling period you will need to register for VAT and charge the additional 20% to customers. You can then also claim back any VAT you incur on expenditure.
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Curious about how HMRC calculates tax codes? have a read of my latest Blog: How does HMRC work out tax codes
jollyaccountancyservices.co.uk/?p=2599

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Are second cars taxed on the same basis as first cars?

The answer to this is yes. Second cars are taxed on the same basis as first cars, with the exception of the additional £390 annual tax for cars with a list price of over £40,000.
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Discover the top reasons why your PAYE code might be wrong and how to fix it.
HMRC issues some 20 million PAYE codes to employees and pensioners each year. Using data collected under PAYE Real Time Information Reporting by employers.
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Discover the top reasons why your PAYE code might be wrong and how to fix it.
HMRC issues some 20 million PAYE codes to employees and pensioners each year. Using data collected under PAYE Real Time Information Reporting by employers.
#PAYE Codes #TaxTips #PAYE

If your annual gross property income is £1,000 or less, from one or more property businesses you will not have to tell HMRC or declare this income on a tax return. You may be required to complete a tax return for other income.
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