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2.9% financing on MY
- Thread starter WllXM
- Start date
Yes, £51,090, which was the price for the LR with MSM paint & 18" wheels at the time.
Wattsisname
MY Red/White/Gems
Wattsisname
MY Red/White/Gems
Very interesting! Who knew? Well, you did.
So, I have just paid the 16th of 36 payments which means 44.44% of the loan plus interest has be paid. The settlement figure as provide through the app as you describe, includes 53.5% of the total interest equating to a, not unreasonable, early termination penalty of £460. The loan rate is 4.9%. ( Whilst the end result numbers are correct, the way in which interest is applied to the loan, could show that £460 in a less favourable light but, of itself £460 is not a bank breaker)
The first year or two's depreciation is never fun with any car and I don't even want to know by what my Y has fallen
because as long as I continue to enjoy and retain her, market value is immaterial...... sorta
Looks like you are topping above the normal 20000 miles high user category and sure paying peanuts for electricity charges! Imagine having one of those legacy cars and doing 39000 miles in 18 months, you would have spent around £9000 in fuel and of course that needs to be deducted minus your electricity charge. That may sweeten the deal a little bit, I mean Just!
well, these are company miles.
My company, for the unreasonable reasons, pays less for the EV miles than they do for the ICE miles (45p for first 10k miles for ICE and 10p for EV). so there...
then, when it was late last year and SC were at around 60p, charging at SC became more or less same as driving petrol 45 mpg car.. I did the calcs.
on top I pay significantly more for the insurance.
adding all that into account, it would be not such a massive difference.
I am happy that I have free charging at work,...
I had a similar stupid offer from Tesla not that long ago. Just not worth it. I'll be waiting until the last month before I swap/sell.I would be tempted at such financing rates... so I checked trade in.
23k for my 2022 feb model 3 LR with 39k mileswhile loan balance is 33k
nope, not upgrading any time soon
Jason71
Well-Known Member
Why on would HMRC give you 35p per mile?Do you not claim the difference from HMRC (35p)? ....for 10k miles, there is £3.5k just there
if 35p per mile is considered a legitimate business expense you have not been re-reimbursed for I can see that you might be able to claim back the income tax you paid on that money but that would only amount to 20-40% of it.
Because if it's your personal car then the 45p per mileage rate for the first 10,000 miles applies and his employer is only paying him 10p for fuel. If your employer pays you less than this (usually because you have a car allowance or because they are chancers) you can claim the difference back from HMRC as tax relief. It's all to do with contributing to the cost of a car for business use as an expense you've incurred. It sounds like in this case the poster is getting the fuel advisory rate from his employer likely because he gets a car allowance so he can claim that 35p per mile in tax relief because it's his own car for business use.
I've done this before, I'm also an accountant but a crap one. I only do it for the fun..............
no. Because you claim income tax (rate) on the difference.Do you not claim the difference from HMRC (35p)? ....for 10k miles, there is £3.5k just there
So in essence, if the difference is 35p for first 10k, and you are on the higher tax bracket, then you can claim 0.35 x 10,000 x 40% = 1,400.00
however if you are paid full 45 p, then it is 0.45 x 10,000 = 4,500
quite a difference
Look, I spent hours and billions of pagedows emailing to finance and hr and etc etc. So in order for you to understand and not to mix things:
- Business miles in personal vehicle is 0.45p for the first 10.000 miles irrespective of:-
- type of fuel
- you receive car allowance or not
- You receive TAX RELIEF and not the full reimbursement.
- 45p or any other rate should be for the running and any other costs (i.e. insurance, maintenance, services, tyres... etc)
What it means is:
- HMRC do not give a flying fcuk if you receive any other subsidy for your own vehicle or not - the standard rate for any type of fuel is same.
- If you receive any subsidy in the form of the car allowance or anything - that is taxed on your income tax rate anyway.
- If your employer pays MORE than the standard rate - then you pay income tax for anything what is above 0.45 for first 10.000 miles.
- If you employer pays LESS than the standard rate - then you can claim tax relief on the difference. Tax relief is based on your income tax rate and only that can be relieved. And on top of that you have to complete self assessment.
Not all is so simple and rosy
because you are mixing two things.I dont really get how you would get taxed on a tax relief (this is how I interpreted what you said). I only know this as the Mrs claims it. However, Im sure you've done your maths so its all good
Tax relief is TAX relief. It is reduction of the TAX you ALREADY PAID (or due to pay).
so you pay Income taxes all year long. then in May/June you claim tax relief - 40% of the difference between what your employer paid vs what you could get in theory based on rate.
You've got too much time on your hands, you nailed it with your first post highlighting it's tax relief and not the entire difference back.
Claim tax relief for your job expenses
Claiming tax relief on expenses you have to pay for your work, like uniforms, tools, travel and working from home costs.
try again Mileage Tax Relief CalculatorClaim tax relief for your job expenses
Claiming tax relief on expenses you have to pay for your work, like uniforms, tools, travel and working from home costs.www.gov.uk
not all that rosy. and yes, initially, before I got familiar with this, I though the same as you...
I won't quibble. Im sure you've done you're maths... All I know is My mrs gets about 200 quid mileage (untaxed on top of her wages) and then she fills in the hmrc form for the difference. Her car(model 3) is about about £30 to run (or less) so that's about £170 clean she puts away just from the car per month... thats my simple maths
you put in the full difference on the tax form, but you don't get all that money - you actually only get 20 or 40% back (depending on your tax rate).
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