Value of a Company Car

B

boots

Registered User
Messages
48
I'm thinking of changing jobs and need to put a value on my company car.
Its a 04 Seat Toledo, new purchase price approx 23k.
Should I work on the basis of the cost to me if I had bought that car myself, say with a bank loan, which would cost approx € 500 per month.
Or is there another method by which I should be doing my sums?

I know that I will also need to factor in insurance, tax, fuel, services etc.
At the moment I figure that I would need to add 8 to 10k to my 'package' if I was to change jobs, and not be provided with a compnay car.

Thanks for any suggestions
Boots
 
Looks like you're on the right track, but don't forget to take the tax/BIK impacts into account. Are you hit for BIK in your current role? You will get hit for tax on any car allowance you get in your new role.
 
Thanks for that Rainyday,

At the moment I am being deducted BIK, which I had allowed as a 'credit'
on this calculation.
I didn't realise that I would also be liable for tax on a car allowance...
 
boots said:
Thanks for that Rainyday,

At the moment I am being deducted BIK, which I had allowed as a 'credit'
on this calculation.
I didn't realise that I would also be liable for tax on a car allowance...
Click to expand...

On a fixed sum car allowance not related to business mileage yes you would. You can be reimbursed civil service mileage rates for actual business mileage incurred in a personal car tax free.
 

i'd have a long think about this one if I were you, I've found that the bik on my car was killing me and like you , come my next role I'll be weighing up whether the company car is worth having... overally the only real benefit I saw was the maintenance\service on a fleet car,, otherwise I found it's a rip!
 
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