Salary Calculation
Hi all,
I'm employed with a yearly salary and also have a car allowance paid monthly. How do I work out how much tax I pay on that car allowance? Cheers Lee |
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https://www.clm.co.uk/company-car-tax/ Quote:
---------- Post added at 11:46 ---------- Previous post was at 11:42 ---------- There is also a cash allowance calculator here. https://comcar.co.uk/cashorcar/ |
Re: Salary Calculation
Nope!
That's selecting a company car again. All I need to know is how much of my car allowance is deducted for tax. |
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You can also claim tax relief on your mileage under the allowable expenses section on your tax return |
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If you are a basic rate taxpayer then the following gives you how much tax you pay on your combined monthly salary/car allowance.
Tax = (Monthly Gross Salary + Car Allowance - 1054.17) x 0.2 This gives you the total tax paid in a month. To work out how much tax you pay on your car allowance use the following. (Car Allowance / Salary) x Tax(from above) Obviously this is approximate figures. |
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