[Krabbypatty]

Anyone know how much tax I will be paying on a m340i in the U.K.?

[Blackers]

Originally Posted by wassap

Its 10% for cars registered after april 2020, 11 the year after then 12% for 22/23

Correct 10% for cars registered after 2020 and 12% for those registered before April 2020

[isleaiw1]

Originally Posted by Krabbypatty

Anyone know how much tax I will be paying on a m340i in the U.K.?

company car tax or road fund licence? latter bound to be the luxury car premium for years 2 to 6 so £450 or thereabouts.

Co car tax - would expect it to be in the 37% range but havent looked it up - but at 37% of say £55k list price (with a few extras) that would give a taxable BIK of £20350, and a tax cost of £8140 a year for a higher rate (40% taxpayer) - that is £678 a month!!!

[Blackers]

Originally Posted by Krabbypatty

Anyone know how much tax I will be paying on a m340i in the U.K.?

When you ordered it back in February didn't the lease company tell you?

[Krabbypatty]

Originally Posted by Blackers

When you ordered it back in February didn't the lease company tell you?

My leasing company's website had the monthly cost and the initial payment on their website but I had to call to order it. The guy on the phone said that was for stock cars for delivery before April. He said he doesn't have the prices for after April delivery, so what he done was increase the payment and monthly cost by a set amount and said no matter how much the tax increases by this is what the price will be for after April too. But what I wanna know now is did I save money by him doing that or spending more now.

Because my tax price is included in the monthly cost and initial payment. Thanks

[Chris Peacock]

Originally Posted by isleaiw1

Co car tax - would expect it to be in the 37% range but havent looked it up - but at 37% of say £55k list price (with a few extras) that would give a taxable BIK of £20350, and a tax cost of £8140 a year for a higher rate (40% taxpayer) - that is £678 a month!!!

This is completely incorrect.

Example;

330e RRP - £45k (added some options)
10% BIK Year 1 - £4,5000
Then you'll pay 20% or 40% pending if you are a lower/higher rate tax payer. On 40% you'll pay £4,500 x 40% = £1,800 / £150pm.

[Bmwnewbie2]

Originally Posted by Chris Peacock

This is completely incorrect.

Example;

330e RRP - £45k (added some options)
10% BIK Year 1 - £4,5000
Then you'll pay 20% or 40% pending if you are a lower/higher rate tax payer. On 40% you'll pay £4,500 x 40% = £1,800 / £150pm.

I think the question referred to a 340i not 330e.

[Blackers]

Originally Posted by Chris Peacock

This is completely incorrect.

Example;

330e RRP - £45k (added some options)
10% BIK Year 1 - £4,5000
Then you'll pay 20% or 40% pending if you are a lower/higher rate tax payer. On 40% you'll pay £4,500 x 40% = £1,800 / £150pm.

For a 340i x drive the workings are completely correct, the 37% gives the clue that it is a 340 not a 330e.
Looking at Comcar.co.uk for a 340 with Comfort, Visibility and Premium packs the monthly tax is £643 for a 40% tax payer or £659 if like me you are in Scotland. These figures are for the 20/21 tax year for a vehicle registered in March 2020

[Chris Peacock]

My apologies, missed the swap to discussing M340i from the 330e thread title.

Mental amount of tax for the M340i, even the 320d is now ridiculous taxation for Business users.

[ThreeBlue]

Has anyone else had an email from HMRC to say that their tax code has been updated? Original letter in the post had car benefit at £5589 (39920 x 14%) which I knew was wrong but I went onto the HMRC portal today and it’s gone down to £3194 (39920 x 8%) which I’m sure is still wrong! This is for a standard G20 330e M-Sport with no options.

[Jkwon]

Originally Posted by ThreeBlue

Has anyone else had an email from HMRC to say that their tax code has been updated? Original letter in the post had car benefit at £5589 (39920 x 14%) which I knew was wrong but I went onto the HMRC portal today and it’s gone down to £3194 (39920 x 8%) which I’m sure is still wrong! This is for a standard G20 330e M-Sport with no options.

Yeah I got an email, my code has gone from 590 to 570...don't think it's right I need to look into it

[Blackers]

Originally Posted by ThreeBlue

Has anyone else had an email from HMRC to say that their tax code has been updated? Original letter in the post had car benefit at £5589 (39920 x 14%) which I knew was wrong but I went onto the HMRC portal today and it's gone down to £3194 (39920 x 8%) which I'm sure is still wrong! This is for a standard G20 330e M-Sport with no options.

Same situation, last week it was 14% now down to 8% but it should be 12%
This is for a 330e M Sport at £41,965

[seacow]

Maybe 8% is right. Lex have told my payroll electric range is 41 and still reckon it will be 8% which they have been quoting all along

[Blackers]

Originally Posted by seacow

Maybe 8% is right. Lex have told my payroll electric range is 41 and still reckon it will be 8% which they have been quoting all along

I think you are correct, 8% for the next 3 years for a 330e registered before April and to be 10%, then 11%, then 12% for a 330e registered April onwards.
Looks to be based on NEDC range of 41 miles for vehicles registered before April 2020 and then WLTP range of 34-36 miles for vehicles registered April onwards.
Www.pod-Point.com/guides/business/company-electric-car-tax

[petejigsaw]

Originally Posted by Blackers

I think you are correct, 8% for the next 3 years for a 330e registered before April and to be 10%, then 11%, then 12% for a 330e registered April onwards.
Looks to be based on NEDC range of 41 miles for vehicles registered before April 2020 and then WLTP range of 34-36 miles for vehicles registered April onwards.
http://Www.pod-Point.com/guides/busi...ectric-car-tax

I agree with Blackers. I've just had my 2020/21 coding notice which includes my Oct '19 330e benefit calculated at 8%. A decent saving over the 12% I'd been expecting.......

[seacow]

Yep 8% confirmed by HMRC when I’ve checked on line!

[wassap]

You'll find, HMRC will correct their mistake and collect their monies in the next tax year. For a 330E M sport registered before April the tax is 12%. 10% if registered after. They have obviously used the incorrect NEDC figure instead of WLTP.

FWIW on the lex portal, ive only ever seen the correct figures since early feb this year. Ive found that lex and most lease companies to be a bit rubbish for figures, they get away with it by having disclaimers.

[petejigsaw]

Originally Posted by wassap

You'll find, HMRC will correct their mistake and collect their monies in the next tax year. For a 330E M sport registered before April the tax is 12%. 10% if registered after. They have obviously used the incorrect NEDC figure instead of WLTP.

FWIW on the lex portal, ive only ever seen the correct figures since early feb this year. Ive found that lex and most lease companies to be a bit rubbish for figures, they get away with it by having disclaimers.

For cars registered BEFORE 1 April 2020, it is the NEDC figures that they have to use. The WLTP figures only apply for cars registered AFTER 1 April 2020.

HMRC used the NEDC figures to calculate the benefot for the current tax year, so I have no reason to expect them to change it. Given what's going on right now, they have far bigger fish to fry....... 😉

The lease companies will be working on the basis of cars being ordered since Jan not being delivered until post 1 April 2020, so the figures they quoted will have been the right ones on which people base their judgements.

[Blackers]

Originally Posted by petejigsaw

For cars registered BEFORE 1 April 2020, it is the NEDC figures that they have to use. The WLTP figures only apply for cars registered AFTER 1 April 2020.

HMRC used the NEDC figures to calculate the benefot for the current tax year, so I have no reason to expect them to change it. Given what's going on right now, they have far bigger fish to fry....... 😉

The lease companies will be working on the basis of cars being ordered since Jan not being delivered until post 1 April 2020, so the figures they quoted will have been the right ones on which people base their judgements.

I agree, HMRC state that they use NEDC emission figures for pre April vehicles and WLTP emission figures for April onwards so it would make sense to do the same for battery range too


'For cars registered between 1 October 1999 and 5 April 2020 inclusive, the measure clarifies that the CO2 emissions figures for company car tax and related charges will continue to be based under the New European Driving Cycle (NEDC) procedure.'

[wassap]

Bit of a result then. Were you paying 16% for the last year?

Be warned though, i have had HMRC correct mistakes and take money off me 18 months afterwoods, happened to me a few years ago mind, hpefully they will stay pre occupied with corona issues and not pick up on it.

[Blackers]

Originally Posted by wassap

Bit of a result then. Were you paying 16% for the last year?

Be warned though, i have had HMRC correct mistakes and take money off me 18 months afterwoods, happened to me a few years ago mind, hpefully they will stay pre occupied with corona issues and not pick up on it.

Yes, 16% which was based on emissions.

I agree, a result, but you are right not to take it for granted as the HMRC Could back date it to 12% . For me the difference is £688 if they claw it back later.

[lloydster82]

Originally Posted by -Nick

I think it's

14% (down from 16%) for cars registered before April 2020

12% for cars registered after April 2020

Is this def correct? On day received car I filled form in on line. Just had tax code through and they are setting at 16%. Just want to be 100% sure what’s it should actually be before I contact them. Thanks!