Company Car Schemes– Keep or Discard?

Thinking Of Ending Your Company Car Scheme? Announcements in the 2017 Government Autumn budget of tax increases on company vehicles have prompted many businesses to consider giving their employees cash allowances in place of running company car schemes. On the face of it, this would seem to be a cost-effective solution for the company, but comes with often-overlooked ramifications which impact on employees and company alike. Some of these consequences appear to be relatively minor but, taken as a whole, can seriously affect the business in several areas and may even raise costs, instead of reducing them. Costs to employees Companies have access to corporate leasing discounts, which individual employees [...]

How Can School Budgets Achieve More?

Schools in Financial Crisis Is there a solution? Everywhere we look in the news today there are stories about schools struggling to function in the face of budget cuts. You might think, ‘Nothing new there. Everyone is in the same boat.’ However, this situation is having an incredibly damaging impact on the quality of particularly secondary education for our children. This will potentially have a wide-ranging effect on every aspect of the life of the nation for years into the future, as these children become working adults. Massive budget cuts Recent reports from School Cuts, the education unions alliance, reveal that schools in England have suffered losses of more [...]

By |February 8th, 2018|Categories: Education|0 Comments

Maxxia Celebrates Five Years Of Dynamic UK Growth

Maxxia Group Is Five Today! We launched the business on this day five years ago – and what a fantastic five years it’s been! Our parent, Australian-listed McMillan Shakespeare Group, launched into the UK market with the intention of creating a major fleet and asset finance business and providing a wide array of business customers with enterprise-wide financing solutions. Since then, carefully targeted acquisitions have been an important part of our growth strategy. In November 2013, in our first move into the fleet market, we acquired long-established fleet management specialists, CLM. We then followed it up two years later in November 2015 with the acquisition of asset finance broker, Anglo [...]

By |February 1st, 2018|Categories: Asset Finance|0 Comments

Maxxia Joins FN50

Fast-growing Maxxia Joins League Of Top Leasing Companies Maxxia, already one of the country’s largest and fastest-growing broker businesses, has entered the FN50 league table of the top 50 contract hire and leasing companies in the UK for the first time. The Group, which has witnessed strong UK growth as the result of organic growth and targeted acquisitions, has seen saw the number of its employees more than double in the last three years while the value of its transactions has increased by 14 times over the same period. Maxxia was one of five newcomers to this year’s league table of leading leasing companies, which between them operate a combined [...]

Accounting For Leases In Schools: A Beginner’s Guide

A Beginner’s Guide To Accounting For Leases In Schools Most schools have used leasing at some time but in recent years there have been reports that some schools that have found themselves on the wrong side of accounting rules. We’ve put together a beginner’s guide to understanding leases for schools, written for the teachers and school managers who aren’t accountants. Don’t assume you need to pay for new equipment upfront These days with tighter-than-ever budgets, few schools have the luxury of keeping a sufficient pot of money to allow them to pay cash for big investments in new equipment, such as IT, vehicles or gym equipment. Often schools assume this [...]

By |January 5th, 2018|Categories: Education|2 Comments

Personal Car Finance Increases

Personal Contract Purchase and Personal Contract Hire Fuels Growth in the UK Car Leasing Market More new car buyers are alive to the benefits of personal leasing, according to the latest quarterly survey carried out by the British Vehicle Rental and Leasing Association (BVRLA). Total car leasing, including leasing of all types, grew by 8% year-on-year in the second quarter of this year, and much of this growth has been driven by the personal contract hire and leasing (PCH) sector. The BVRLA figures show that the PCH sector has grown by 36% year-on-year and 7% quarter-on-quarter. Personal lease cars are not greener However, there is an environmental downside to this [...]

Benefits of Salary Sacrifice Car Schemes

Explained: The Benefits of Salary Sacrifice Car Schemes for Individuals We help you decide whether a salary sacrifice car is right for you   Q. My company has introduced a salary sacrifice car scheme for employees but I’m unsure how it works. Can you help? A. Salary sacrifice car schemes have been one of the success stories of recent times, and increasing numbers of companies throughout the UK now offer their employees the benefit of a brand new car in return for surrendering a set amount from their salary every month. One of the main reasons behind introducing a salary sacrifice car scheme is that it extends the number and [...]

By |October 10th, 2017|Categories: Salary Sacrifice|0 Comments

HMRC Updates its Guidance for Salary Sacrifice Schemes

HMRC Updates its Guidance for Salary Sacrifice Schemes Her Majesty’s Revenue & Customs (HMRC) has updated its guidance on the government website regarding the introduction of salary sacrifice schemes, following the changes which came into effect in April this year. The government announced in last November’s Autumn Statement that it was changing the rules covering salary sacrifice schemes, which have become increasingly popular in recent years. Why were there changes to salary sacrifice schemes? Salary sacrifice schemes had led to some employees paying less tax than their colleagues, which was not fair, said the government in the Autumn Statement. As a result, those opting to take benefits through new salary [...]

Contract Hire Explained

Contract Hire Explained – A Guide To The UK’s Most Popular Vehicle Funding Method There has been a definite shift towards the contract hire of company vehicles since the last recession, not least because it provides known, easily budgeted costs with no hidden surprises. But what is contract hire exactly and how does it work? What is contract hire? It’s the most popular type of vehicle leasing in the UK, and allows the end user or lessee to hire a car for a set period of time and pre-determined mileage, in return for a fixed monthly contract hire rental. How does contract hire work? There is no option for the [...]