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BIK or keep allowances??

Bcfb123456 · 2018-03-21 21:56:49

Hi Am looking for some guidance from somebody whom has a good understanding of the subject. Current situation is I've earned approx 15k in bonus' and expect to earn same in bonus payments over the next 4 years plus. I intend to trade in and purchase a car in the next year to two. It's been suggested to me that a car bought…

21-03-2018 9:56pm

#1

Bcfb123456

Registered Users, Registered Users 2 Posts: 14 ✭

Join Date: December 2017

Posts: 10

Hi
Am looking for some guidance from somebody whom has a good understanding of the subject.

Current situation is I've earned approx 15k in bonus' and expect to earn same in bonus payments over the next 4 years plus.

I intend to trade in and purchase a car in the next year to two.

It's been suggested to me that a car bought by company for my use might be a tax efficient way to remove bonus payments. My employers will also pay tax, circa €350 and insurance €750.

Looking at circa €55k car
Currently on top rate of tax

I currently receive €450 net per month on mileage & petrol allowance for use of my own vehicle.

What would the advice be here?

Many thanks

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