In this article, you will know all about the Company Cars window. There are various organization where the employer provides the company cars and fuel benefits to the employees working for them. They get liable for the National Insurance contributions on the value of their cars and the fuel they utilize.
Calculating the Company Car Cost in P11D
Sage 50 P11D is a software which completely automates the whole process of calculation for the cost of a company car. These calculation generally varies at it depends on the type of cars the employee is using and other factors too play an important role like power, fuel, etc. Mostly, five elements are responsible for the calculation:
- Total cost of the company car.
- The CO2 released from the car based on the type of fuel and the percentage which is used to the total cost.
- The percentage of the reduced cost is divided by the time. It is time period when the car is available to the employee during the tax year.
- Deductions are made from the contributions made by an employee while using the car.
- The end product is rounded off to the nearest whole number.
This way the calculation is made for the company car in P11D.
If the employee is using the pool car, then it won’t be available for private use. There is no provision for entering the information regarding the pool cars in the Sage P11D.
Fuel Benefits and the Company car are not included in the Form P11D(b)
The two major reasons responsible why the company car and fuel benefits may not be included in the Form P11D(b) are:
- Employer do not belong to the Class 1A NICs
- Employee do not belong to the Class 1A NICs
Note: There are certain conditions when the company car and the fuel benefits are included in the Form P11D(b). The information provided should come in the Class 1A NICs.
Here are some basic steps through which you can easily complete your Company Cars window.
- Click on the employee.
- Go to the Benefits option and click on the Company Cars option.
- Fill the Vehicle details, Mileage, Benefit, P46(car) and Notes tabs.
- Save the document and then close it.
You can read the detailed steps on how you can fill the form.
- Enter the details for the company cars benefit record.
- Fill the details in the Vehicle Details tab.
- Enter the information in the Benefit tab.
- Fill the details in the Mileage tab.
- Enter the details in the P46(Car) tab. The detail which is provided in this tab is not used in the P11d benefit calculation.
- Enter the details in the Notes and Summary tabs.
- After entering the data in every tab, save the document.
You have successfully completed the Company Cars Benefits window in Sage 50 P11D. If you have any queries or you are facing trouble in filling the details, then you can contact one of the Sage best customer support agency i.e. RemoteAccounting247. They provide round the clock assistance and you can reach out to them by calling on their Sage customer support number +1-800-961-6588.