Employee Car Ownership (ECO) Schemes Could Be About To Make A Comeback But 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 [...]
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 [...]
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 [...]
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 [...]
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? [...]
WESC Foundation choses Maxxia’s Enhanced Lifestyle Lease Employee Benefit Car Scheme The WESC Foundation has selected Maxxia’s Lifestyle Lease car scheme to broaden the number of employee benefits available to its staff The Foundation employs more than 200 people and provides a range of services for visually impaired adults and young people, including: education, outreach services, adult day services, work experience at a range of social enterprise initiatives, and lots more. Lifestyle Lease offers [...]
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 [...]
Autumn Statement reduces tax benefits of salary sacrifice schemes But ultra low emission cars are exempt from new proposals One of the most far-reaching changes of the Autumn Statement - Chancellor Philip Hammond’s first and last - was to salary sacrifice schemes, which have grown dramatically throughout both public and private sectors in recent years. The Chancellor announced that his first Autumn Statement would be his last, but that he wasn’t resigning. Rather he [...]
Salary sacrifice is one of three areas under review by HMRC The Government has announced that it has fulfilled a promise made at this year’s Budget to initiate consultations into salary sacrifice schemes, including those that cover cars. This is one of three areas affecting company cars that the Government currently has under scrutiny. The other two areas under review are changes in lease accounting and the balance sheet treatment of assets including company [...]
