Did McLaren Cheat and did their drivers benefit from the information?

P11D fuel card tax benefit Help and Information?

• TAX does not have to be taxing, but somehow it is Hello, I have a company fuel card which pays for all my fuel, at the end of the financial year my company sends the total fuel spend to HMR Customs and this total shows up on my P11D as a taxable benefit. i.e. if I fill my car with £3000.00 of fuel this is the total taxable amount shown on my P11D. A large proportion of the miles I do are business miles, so I am entitled to claim back the tax for these miles from the total shown on my P11D. From the information I have managed to obtain I need to complete a self assessment form to reclaim the tax on the business miles if the total shown on the P11D exceed £2500.00 otherwise a P87 form is used. The current rate which is offered by HMR Customs is 40p for the first 10,000 miles and then 25p after that – This rate applies only to people using their own vehicle and is meant not only to cover the fuel , but also vehicle depreciation and maintainance accrued through business use. I am in the process of filling out my self assessment form and I need to confirm where these figures will go. The Page: Tax Return: Employment: Page E1 Section 2: Benefits from your employment –use your form P11D (or equivalent information) Does the figure from my P11D for my fuel benefit go in option 10 or option 15? And do I put the total from my 40p x 10000 + 25p x (other) in the Employment Expenses section option 17. The following information is regarding my TAX code which the above seems to change. Due to the fuel benefit HMRC tries to correct the amount due by changing my TAX code to a K code. If I re-adjust my tax code to calculate the above rather than raise a claim at year end will the following be true: (This would only be for 2008 - 2009 because I know the figures) If the current single persons allowance code is 647L and let us say my fuel benefit is 3000 and the employment expense is 4500. Would this mean my TAX code should be 797L (2008-09) this being an increase of £1500.00 on top of my personal allowance? This makes the calcuation easy I take my actual TAX for the year and subract it from this new tax code and this should give me the total amount I should get back. Thanks All

• Answer:

  To answer about your code number, the difficulty is that in-year, we work on last year's form P11D figures, which is the last information held. For this year, that means an estimate, and in your situation, there is nearly always an overpayment or underpayment at the end of the tax year. You can always send an estimate to HMRC of what you think code number should be, but there is no guarantee that the right amount of tax will be deducted if P11D figures different.