Personal Tax Computations

chelvin
Registered Posts: 12 Regular contributor ⭐ 😼 ⭐
Can anyone help me answer a question on a Tax Computation please....
The computation says
The company will provide Tom with a new 1400cc Car Costing £19,500 which is primaruly for his personal use. Peotrol for private use will be provided but Tom must make a contribution of £500 per year towards its cost.
Advise Tom of the taxiation implications of his employment package as it stands with illustrative figures.
The computation says
The company will provide Tom with a new 1400cc Car Costing £19,500 which is primaruly for his personal use. Peotrol for private use will be provided but Tom must make a contribution of £500 per year towards its cost.
Advise Tom of the taxiation implications of his employment package as it stands with illustrative figures.
0
Comments
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He will have a car benefit, however you need to know the CO2 emissions to work this out. It will result in a % between 15 - 35%. This figure is multiplied by the list price of the car (£19500) to give you the car benefit figure.
He will also have a fuel benefit which is £14400 x % used in the car benefit calculation. He will receive no deduction from the fuel benefit even though he has contributed towards its cost.0
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