Uk Taxable Allowance
January 14th, 2010
Question: Fuel Card and TAX for the UK Help !!?
I have a fuel card and a personal car funded through an allowance.
Because the car is funded via an allowance, I will be taxed on this as part of my normal pay against my tax code. So I know I'm paying the full and correct amount of tax on the allowance.
The fuel car is a little more complicated.
Last year my fuel card was put on my P11D as a taxable benefit of £2343.00.
This taxable amount assumes that all the mileage made was personal mileage, and if I prove to the tax office that a proportion of this was for business they will reduce the taxable amount, and I will be entitled to a refund.
If I have anything wrong here, please tell me.
My question is:
In my previous job I had a company car and a company fuel card - Can I claim the tax back on the fuel contribution in the same way even.
Answer: Yes, you need to make a claim to your tax office for 40p pm for the first 10,000 business miles and 25p pm thereafter.
Regarding your previous job, the provision of fuel for private use is a benefit in kind. If you had a fuel card, your employer would have been paying for all of your fuel, so this is taxable. Even 1 litre of fuel provided for private use gives rise to the full charge.
Financial Times FT.com
Investors are being warned to expect to an increase in capital gains tax (CGT) in the pre-Budget report on December 9 – but most advisers still believe growth investments will offer advantages over income holdings for high earners.
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