Contract Hire For Business – What are the Tax Implications?

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 [...]

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 [...]

Press release | Employee car schemes

Employee car schemes at a crossroads, says new survey Some 70% of respondents would opt out if tax levels rise still further Tax and cost more important than the environment 78% less likely to choose a low emission vehicle if incentives removed   While employees still view employer-provided car schemes as a benefit, growing numbers would consider opting out of such schemes if car tax increases still further. At the same time, tax and [...]

Business Car Leasing Explained

Business Car Leasing Explained Buying vehicles for business purposes inevitably means handing over a large lump sum and is accepted by most businesses as a necessary expenditure, but this doesn’t have to be the case. The option of leasing a business vehicle is becoming increasingly popular in the UK, allowing companies to offer business vehicles to their employees, but with a smaller capital outlay, and as a result, a much healthier cash flow. So [...]

2014 Budget points of interest for fleets

A much sign-posted freeze in fuel duty, an extension of the 2% increase in company car tax, a £200 million fund to repair the UK’s roads and a rise in VED in line with inflation. These were some of the headlines of interest for fleet operators announced by Chancellor George Osborne in his fifth Budget speech and possibly the last before the next General Election. In the Budget, which was, said Mr Osborne, for [...]

By |March 19th, 2014|Categories: Cars, Contract hire, Fleet management, Vehicle Finance|Comments Off on 2014 Budget points of interest for fleets

Fleet maintenance: inclusive vs pay-as-you-go plans

Which fleet maintenance methods are most cost effective? Most contract hire packages today come with a maintenance-inclusive element, but many companies that use contract hire to fund their company cars this way don’t realise that there may well be a more cost-effective alternative. Maintenance-inclusive contract hire packages are widespread and undoubtedly profitable for contract hirers, some of whom are prepared to share these profits with fleet clients, while others are reluctant to do so. [...]

By |January 6th, 2014|Categories: Cars, Fleet management|Comments Off on Fleet maintenance: inclusive vs pay-as-you-go plans

Benefits for fleets in Chancellor’s Autumn Statement

Chancellor's Autumn Statement announces changes to fuel duty and tax discs The Chancellor has abolished the tax disc and frozen fuel duty for the remainder of the Parliament in his Autumn Statement, in a series of announcements that will benefit fleet operators. The introduction of an online system, in place of the current paper tax disc, will benefit fleets, resulting in an estimated £10m cost saving per annum. It will also speed up leasing [...]

By |December 7th, 2013|Categories: Cars, Contract hire, Fleet management|Comments Off on Benefits for fleets in Chancellor’s Autumn Statement

Advisory fuel rates change for December 2013

Company car advisory fuel rates Applicable from 1 December 2013, HMRC has announced the new rates which will apply until further notice. In most categories there is a reduction in the rate payable; 1p per mile for the larger engined diesel cars or smaller petrol or LPG vehicles, and 2p per mile for the larger engined petrol cars. What are advisory fuel rates? HMRC first introduced the advisory fuel rates in January 2002. These [...]

By |November 27th, 2013|Categories: Cars, Fleet management|Comments Off on Advisory fuel rates change for December 2013