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annabella


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trying to work  tax .on a  benifit in kind of 6000 and earns 40000 year

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attilabenko


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Hi,

I would think it depends on the type of benefit...

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annabella


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the type of benefit is company car benefit

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attilabenko


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Have a look at

http://cccfcalculator.hmrc.gov.uk/CCF0.aspx

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Merlion ABS


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Just take the £6000 and work out the % at the applicable tax rate.

To work it out accurately, work out the tax on £40000 salary and then work it out on £46000 salary.

The difference is the tax payable on the BIK.

From a rough Calc, the tax would be as follows for the 2010/11 year

£3900 @ 20% = 780
£2100 @ 40% = 840


This is assuming he has a 647L tax code.

Class 1A NI payable would be approx £207 (based on 780+840=1620 @ 12.8%)



This is always a useful site http://www.ir35calc.co.uk/PAYE_NI_Net_Salary_Tax_Calculator.aspx

Hope that helps.

8)


-- Edited by Merlion ABS on Sunday 5th of September 2010 07:47:54 PM

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