oufc1976
Registered User
I picked up my first company car on 21st March 2014 so I'm not at all clued up on how the car tax works.
I know in principle what I will pay a month, I'm just not sure on WHEN I'll actually start paying it.
I asked my HR department and they've confirmed that they will send their P11Ds to HMRC for tax year 2013/14 by July.
My understanding of the P11D is that it lists all benefits received for that entire year.
So for me, presumably it will show that I had a company car for the last two weeks of the year, along with a month or so of critical illness cover and BUPA.
Does that mean then, that for the whole of tax year 2014/15, I will only pay for those two weeks of benefit, over the 12 months. So basically...not a lot!
And that in tax year 2015/16 I will begin to pay my full tax amount of circa £170 a month.
I'm sure it's simple...but it has my brain aching!
I know in principle what I will pay a month, I'm just not sure on WHEN I'll actually start paying it.
I asked my HR department and they've confirmed that they will send their P11Ds to HMRC for tax year 2013/14 by July.
My understanding of the P11D is that it lists all benefits received for that entire year.
So for me, presumably it will show that I had a company car for the last two weeks of the year, along with a month or so of critical illness cover and BUPA.
Does that mean then, that for the whole of tax year 2014/15, I will only pay for those two weeks of benefit, over the 12 months. So basically...not a lot!
And that in tax year 2015/16 I will begin to pay my full tax amount of circa £170 a month.
I'm sure it's simple...but it has my brain aching!