Company car drivers warned to check tax codes

COMPANY CARS

Company car drivers warned to check tax codes

Some company car drivers are likely to underpay tax through this year but will face an unexpected bill later, warns the Inland Revenue. Because the Inland Revenue does not have the correct information to calculate the value of the benefit under the new rules, the amount of car benefit in recently issued PAYE coding notices for 2002— 03 are based on estimates and probably need to be changed.

Want to know more?

Visit the Inland Revenue’ s web site . . .

www.inlandrevenue.gov.uk/cars/calc_ben_company_cars.htm

Posted 1 March 2002