Employee Car Ownership: The Ideal Car Scheme? There are two competing forces currently shaping the car benefit landscape. The first is benefit in kind (BiK) taxation, which is making some drivers question the value of choosing a company provided car. The second is the shortage of skilled workers, which is making many employers look for ways to enhance their benefit packages to attract the best talent. From our own research, we have discovered [...]
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 [...]
6 Great Employee Perks that Boost Productivity It’s no secret that having happy employees makes for a more productive company – and having happy employees is simple right? As organisations battle to secure the best talent, broadening the employee benefits package remains a focus for employers. And, often, it’s the little things that can make the biggest difference. While you might not be in the position of investing into your employees as much as [...]
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 saving [...]
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 [...]
