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 [...]
How does IFRS 16 affect you? What is IFRS 16? IFRS 16 (International Financial Reporting Standard) is a new standard for lease accounting which will come into force in January 2019. It will replace the existing IAS 17 lease accounting standard. It’s been put together by the International Accounting Standards Board (IASB). At first glance, it’s a complicated piece of accounting legislation which could potentially be a nightmare to navigate. On closer examination, however, [...]
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 [...]
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 [...]
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 [...]
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 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 [...]
Vehicle Funding - What are the Options? Introduction In the UK, the majority of business vehicles are sourced using contract hire, although other vehicle funding options are available and may be more suitable to your organisation. This vehicle funding guide has been created to help you understand the differences between funding options and think about what might suit you/your business the most. Here we review some of the options: Contract hire Finance lease [...]
