Company Car Tax: Update On 9th July, the Government published the company car Benefit-in-Kind (BiK) tax rates that will apply from April 2020 through to April 2023, providing long-awaited clarity for both drivers and decision-makers. The most obvious change brought about by this announcement is that, from April 2020, company cars producing no emissions will not attract any BiK tax liability. The zero percent BiK rate will also apply to cars producing 1-50g/km [...]
Driving for Business: Know the RulesCar use for business isn’t as simple as just popping out to a client’s office or doing your boss a favour and transporting some bits in the boot. There are strict rules in place for personal car use for business and falling foul of them can be costly.Personal car, cash car allowance or company car?If you do a lot of driving for your work, you may be offered a [...]
Charging Your Car at Work – Electric Cars for the Commute If your driving experience is centred on the commute to work, that daily grind can be much improved by an electric car. Not only does having an electric vehicle (EV) mean that you are likely to be sitting in a brand-new car with all the comfort that comes with, but also you are sitting there safe in the knowledge that you aren’t [...]
New contract hire offers from Maxxia! Take a look at some of our current special offers We have a new selection of special offers to share with you. The prices are keen, the vehicles are available and the stocks are limited, so act quickly to make sure you don’t miss out. This month’s offers include the Mercedes E300e plug in hybrid which combines electric power with a diesel engine. For those high mileage [...]
Electric Vehicles: Why They Should be Your Next Employee Benefit Thinking about your next employee benefit? If you’re looking to retain talent, enhance your brand, and help the environment, electric vehicles (EVs) could be the answer. The UK plans to ban the manufacture of all new petrol or diesel cars by 2040, making EVs the future of transport. Under new salary sacrifice rules, you can help prepare your employees for these changes while [...]
Employee Car Ownership (ECO) Schemes Could Be About To Make A ComebackBut are they right for you?Changes to the rules affecting salary sacrifice car schemes and a seemingly endless tide of rises in Benefit-in-Kind taxes for company car drivers have prompted some industry experts to suggest that Employee Car Ownership (ECO) schemes may be about to make a resurgence.While some pundits have suggested that the latest Government interventions have made a rise in personal [...]
Advantages And Disadvantages Of Employee Benefit Schemes At one time, people left education, got a job and worked their way up through that company until they reached the level they wanted. It wasn’t unusual for employees to spend their entire working lives with the same employer. This often with minimal, or maybe no specific employee benefits to speak of. Believe it or not, that wasn’t so very long ago. Now, it is extremely rare [...]
Company Car Tax Take Goes Up As Number Of Drivers Falls The Government is raising record revenues from the company car market by imposing higher taxes on drivers - at the same time as the number of drivers actually falls. Provisional figures from HMRC for 2016/17, the latest year available, show that the amount the Treasury collected in company car tax and National Insurance Contributions (NICs) increased by more than 24% year-on-year – up [...]
Contract Hire for Business – What are the Tax Implications? Leasing company cars and vans, rather than buying them outright, is now well established for businesses. It provides known, easily budgeted costs with no hidden surprises and predictable cash-flows. The most popular type of vehicle leasing for businesses is contract hire. It's a form of operational leasing which allows the end user or lessee to hire a car for a set period of time and [...]
