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Car BIK Calculation

  • 01-02-2011 3:47pm
    #1
    Mattlemon
    Registered Users, Registered Users 2 Posts: 38 ✭


    Hi,

    My wife is a director of our company and earns €12K Gross. We would like to buy a car through the company for her and I wondered if someone could let me know what kind of BIK she'd be likeley to be hit with?

    Car value €45,000
    Annual Contribution €5000
    Mileage 36,000 approx

    I have all of her allowances except PAYE of course.

    Many thanks,

    Matt


Comments

  • #2
    teddy99
    Closed Accounts Posts: 27 ✭teddy99


    Mattlemon wrote: »
    Hi,

    My wife is a director of our company and earns €12K Gross. We would like to buy a car through the company for her and I wondered if someone could let me know what kind of BIK she'd be likeley to be hit with?

    Car value €45,000
    Annual Contribution €5000
    Mileage 36,000 approx

    I have all of her allowances except PAYE of course.

    Many thanks,

    Matt

    Get a van instead!!


  • #3
    Mattlemon
    Registered Users, Registered Users 2 Posts: 38 ✭Mattlemon


    teddy99 wrote: »
    Get a van instead!!

    Thanks for the tip, not much use for a family and kids though !


  • #4
    eurokev
    Registered Users, Registered Users 2 Posts: 973 ✭✭✭eurokev


    These should do it for you

    http://www.deloitte.ie/tc/

    http://www.accountingnet.ie/channels/taxation/benefit_in_kind.php

    Its too late for me to be doing the calculations though. Im probably wrong but something in the back of my mind is saying because your wife is a director BIK doesnt apply, probanly wrong though


  • #5
    teddy99
    Closed Accounts Posts: 27 ✭teddy99


    Mattlemon wrote: »
    Thanks for the tip, not much use for a family and kids though !

    Do you have to take a company car - if you had your own car it might make more sense , to benefit from mileage expenses depending on your point of view?


  • #6
    Mattlemon
    Registered Users, Registered Users 2 Posts: 38 ✭Mattlemon


    teddy99 wrote: »
    Do you have to take a company car - if you had your own car it might make more sense , to benefit from mileage expenses depending on your point of view?

    No, you're right, it might work out better to buy the car personally and take advantage of the tax free mileage allowance! Something to think about and do the sums on anyway !!

    Thanks.


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