Will be interesting to see what car options I get with my new role
A big fat hefty tax bill
Nope, it's a low value lease scheme so paid for after tax
So not a BIK? Always fancied a company car, not that I would ever get one via Sky.
Nope, you get extra cash in lieu and then pay for a heavily discounted lease scheme post tax.
How does that differ from car allowance?
Is the lease scheme company sponsored, meaning you have to go via them? (bit like old days)
As I understand current most common setup, is that a job advertises role with "£5k car allowance" on top of a salary. So ~£416/m, no doubt in 40% bracket, so take ~£166 off that. Leaving you £250/m for a car....
The BIK rates then hit you in tax, meaning if you take car you get hit in national insurance/PAYE tax hit. I was looking at Auto Express BIK calculator other day, suggested things like a Tesla could be had for £300/m