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Advice required:Only guy in my team with a company

Home Forums Car finance Advice required:Only guy in my team with a company

This topic contains 2 replies, has 1 voice, and was last updated by Avatar David 4 years ago.

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  • #66467 Reply
    Avatar
    David

    Well it’s a year later and time is drawing near for me to make a decision on whether I take another company car and receive that dreaded “K” tax code.

    Cars on offer from my company Any BMW from 1 series up to 3 series, Audi A4 and any VW up to Passat. Convertibles are fine as long as they are NCAP rated.

    I have a 3 series with 46k on the clock, the car goes back in October and I have to notify my company by August –( two months’ time). If I will be taking another company car or opting out.
    I get free fuel – not that free as I am taxed on it! I am office based but sometimes I have to do site visits.

    If I opted out of the company car scheme my company will give me £532 less tax will leave me with £319.20 or there abouts.
    Emissions must not be higher than 175g/km. The vehicle should be less than 3 years old initially and never be older than 5 years old.

    So Do I take another 3 Series or opt out, lease or PCP?

  • #66472 Reply
    Stuart Masson
    Stuart Masson
    Keymaster

    If you use an accountant for your tax affairs then they should be able to give you more specific advice as to what is likely to work best for your circumstances.

    As to whether you should choose a lease or PCP, it depends on your plans and the offers available to you. A lease will often be cheaper but much more restrictive if your circumstances change. A PCP might be a bit more expensive but is more flexible. Have a read of our article on company car finance for more info.

  • #66493 Reply
    Avatar
    David

    Thanks.

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