If you are a company car driver, company cars are considered a benefit by the HM Revenue and Customs that that you are required to pay tax on. You pay tax on the value of the benefit and this depends on several things such as the car's list price, including any accessories, its carbon dioxide emissions and the the type of fuel it uses.
The value of the benefit may be less if you pay something towards its cost. If your employer provides you with fuel to use for your private motoring, you'll have to pay tax on this as a separate benefit.
MAKE A CALCULATION
This calculator allows you to calculate the benefit in kind value of your Lexus and the monthly tax implications. Remember that Lexus vehicles are highly specified which means that many options such as sunroof, CD hi-fi and alloy wheels are already included in the car's value.
