The Audi Guide to Fleet Management February 2012

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1 The Audi Guide to Fleet Management February 2012 For internal use only

2 The Audi Fleet Manager s Guide provides essential information on a variety of subjects concerning the acquisition and operation of company cars. The guide is not designed to be exhaustive, and gives general advice only on important issues. Customers seeking information that exceeds that provided in the guide should seek their own professional advice before proceeding further with a transaction.

3 Company car Benefit in Kind tax is related to the car s CO2 emissions, based on a sliding scale, with the highest-emitting models incurring more tax relative to their cost new. The tax is calculated on a scale running from 10% to 35% of a car s P11D price the basic price including VAT, delivery charge and any accessories, but excluding the Government first registration fee (currently 55). Taxable percentages of P11D value % of P11D CO2 (g/km) CO2 (g/km) CO2 (g/km) price to be taxed 2011/ / /14 5* Up to 75 Up to 75 Up to 75 10* 120 Up to 99 Up to 95 11* * * * * * * * * * * * * * * * * * * * * * ** *** **** * Add 3% for diesel. ** Add 2% for diesel. *** Add 1% for diesel. **** Maximum charge, so no supplement The sliding scale (see table) is designed to incentivise drivers into the lowest emitting models. Drivers choosing a company car with CO2 emissions of 120g/km or less is liable to pay tax in the 10% band (13% for diesel). For 2011/12, the threshold for the 10% charge rate (13% for diesels) for calculating company car tax remains at 120g/km. Cars with CO2 emissions of g/km are taxed at 15% of P11D price (18% for diesels), with each 5g/km increment thereafter rising by 1% up to the maximum of 35%. In 2012/13, the 10% band (13% for diesels) applies to cars with CO2 emissions up to 99g/km. The rate for cars with emissions of 100g/km will be 11%, increasing by 1% for every 5g/km to the maximum of 35%. Vehicle Excise Duty (VED) Rates of Vehicle Excise duty for are are shown in the table (below). VED bands, VED CO2 emissions 2011/ /12 2 Band (g/km) First year rate Standard rate A Up to B C D E F G H I J K L M Over 255 1, : Includes cars emitting over 225g/km registered between 1 March 2001 and 23 March, : Alternative fuel discount 2011/12 is 10 for all cars. VED rates for 2011/12 apply from 1 April 2011

4 Capital allowances and National Insurance Capital allowances, based on emissions of CO2 The capital allowance treatment of company cars was reformed to favour those with low CO2 emissions with effect from April 1, 2009, for corporation tax and April 6, 2009, for income tax. Existing cars on-fleet at these dates continue under the previous regime, based on vehicle price, until disposal, with a likely switch-over period of five years imposed from the date of inception of the new system. Under the emissions-based rules, company cars registered since April 2009 with CO2 emissions of 111g/km to 160g/km inclusive attract a 20% writedown allowance (WDA), while those with emissions above 160g/km attract a 10% WDA. As with the previous system, a 100% first-year allowance applies to cars with CO2 emissions of 110g/ km or less, with this allowance applicable until March 31, Zero-emission electric vans became eligible for a 100% first-year capital allowance from April 2010, joining electric cars which have qualified for the allowance since From April 2012, main rate capital allowances will be cut from 20% to 18%, with the special rate cut from 10% to 8%, ensuring both allowances remain in line with economic depreciation rates. Leasing disallowances (lease rental restriction) New company cars with CO2 emissions of 160g/km or less are eligible for 100% of their lease payments to be offset against corporation tax. The rules which disallow a proportion of car lease rental payments have also been reformed in line with the new capital allowances rules, with the new disallowance set at 15% of the relevant payments, applied to cars emitting 161g/km of CO2 or more. Calculation of employer s Class 1A National Insurance Contributions For 2011/12 the percentage for the calculation of employers Class 1A National Insurance Contributions (NICs) on company cars is 13.8% of taxable value. To calculate the annual Class 1A NICs, you need to know the car s taxable value, derived from multiplying the P11D price by the relevant BIK tax percentage. This is then multiplied by 13.8% to give the annual tax due. Example: An Audi A4 2.0 TDI 136PS SE with a P11D value of 26,300 has CO2 emissions of 120g/km. The tax percentage for this model is therefore 13% in 2011/12. Multiplying 26,300 by 13% derives a taxable value of 3,419, which, when multiplied by 13.8%, gives annual Class 1A NIC due of 471 in 2011/12.

5 Much has been said about fleet operators duty of care and the rules surrounding corporate manslaughter. For all the discussion and concern, the issue comes down to this: if a fleet manager does all that is reasonably practicable in the management of his/her fleet then they should have nothing to fear from the new legislation. Fleet managers who are already doing what is required in terms of risk management, and who ensure servicing is completed regularly and that driving licences and fitness to drive are regularly audited, should not find themselves in trouble. The Corporate Manslaughter legislation that became law in April 2008 doesn t include anything radically different from what companies already encounter. It merely reinforces the obligation on a company to comply with existing health and safety legislation. However, the way in which a company could be prosecuted is different from before. The new legislation provides that the company itself can be held responsible where a gross breach of duty of care by a senior manager has occurred; previously an individual had to be found guilty. If successfully prosecuted under the new legislation, a camapny may find itself subject to a large fine, which can be as much as 10% of annual turnover. But the notion that a company will be found guilty of negligence because of the actions of its drivers has very little basis in fact.all drivers are subject to the rules of the Highway Code and laws pertaining to road safety. An employer would become liable only if it was found they were imposing measures that meant the driver was responsible for an incident: for example, forcing them to drive for unacceptably long hours or talking to them on a mobile phone with the knowledge they were driving, would hold the company culpable. Equally, poor servicing or repair work which a fleet had failed to rectify when aware of the situation, could also render a company liable in the event of an accident. But for fleet operators keeping a full audit trail for servicing and repairs, and who have efficient systems for checking licences and fitness to drive while ensuring employees understand their responsibilities on the road, there should be little to fear.

6 CO2 emissions and the future Carbon dioxide emissions have become the largest influencer governing fleet acquisition polices because at all levels they affect the running costs of a vehicle. The Government s emissions-based taxation penalises the worst polluters. Choose a high-emitting company car and the driver and company will face increased costs in Benefit in Kind tax, VED, National Insurance contributions and the tax deductions available for depreciation and leasing. There are also indirect costs associated with choosing higher CO2 emitters. A car s emissions are linked proportionately to fuel consumption, so those with higher emissions will cost more to fuel. And on the used market, cars with lower CO2 emissions are becoming more popular, meaning worsening residual values for less efficient models. Average new car CO2 figures reduced by 4.7% to 145.2g/km in the first half of 2010 compared with the same period in 2009, the SMMT has said. Registrations of alternatively fuelled cars doubled over this period. Continued vehicle manufacturer efforts to improve fuel efficiency and cut emissions has further reduced average CO2 output during a better than anticipated first half of 2010, said Paul Everitt, SMMT chief executive. There was also a noticeable fall in annual average mileages too, down from 21,643 in 2009 to 19,617 in The BVRLA believes this is due to high fuel prices, which have forced people to cut down on both business and private mileage. These figures show that drivers are choosing lowemitting cars to optimise their personal tax liabilities, while companies are encouraging staff to take more fuel-efficient cars to reduce running costs, said BVRLA chief executive, John Lewis. Despite this, there is still some way to go before CO2 emissions are at a level acceptable to the legislators. If reductions continue at the current rate, by 2012 average CO2 emissions for fleet vehicles would work out at approximately 142g/km still some way off the European Parliament s target of a 125g/km average for all new cars by Audi s emission-reducing technologies now mean there are more than 180 models available in the UK with CO2 emissions of 160g/km or less, of which 35 offer BIK tax-beating CO2 emissions of 120g/km or less.

7 Fuels today and tomorrow Fuel type Biodiesel What is it? A fuel oil derived from biological sources, eg palm oil The Pros Easy to add to current fuel network. Can be produced from renewable or recycled sources. Most modern cars can run on a 5%-10% blend. Produces less soot, NOx, carbon monoxide and sulphur emissions. Carbon neutral in some cases The Cons Environmental damage issues in crop production. Less availability. Quality standards for production vary. High mix (+60%) prone to waxing in cold weather. Produces 10%-plus less power at combustion Availability All Audi TDI engines can use 5% biodiesel without modification Its future in fleet? If production issues can be overcome, it has a strong future Bioethanol LPG A crop-based fuel made from ethanol produced by sugar fermentation Liquified petroleum gas derived from oil Made from sustainable crop resource. In 5% quantities. Can be blended with fossil fuel. 85% bioethanol/15% petrol (E85) cuts CO2 by up to 70%. Produces more power than conventional fuels Pump prices currently around half that of diesel. Decent availability in the fuel network. Car can also run on petrol, extending range Availability an issue. Engines need to be specially built to run on high mixes. Conversion cost may be prohibitive. Land needed to grow enough crops would be vast 1,500-2,000 cost of conversion. Fuel burns less efficiently, offsetting some of the lower purchase price. Loss of boot space due to extra tank. Residual values of LPG cars poor Very low Around 1,300 fuel stations in the UK Limited. Would need massive investment in infrastructure and vehicle modifications Lack of conviction by industry in its advantages means future is limited CNG CNG (compressed natural gas) is sourced from underground reserves and stored under pressure Can be used in a modified petrol engine, or as part of a bi-fuel set-up. Cheap and clean, with up to 10-15% less CO2 than diesel, 80% lower NOx and zero particulate emissions. Quieter than diesel Reduction in load area due to storage tank, which needs to be pressure tested every three years. CNG energy content is also about 25% of diesel hindering performance and range Poor. nationwide fuelling network. Own bunkered storage system essential Although it delivers lower CO2 and emissions, CNG is likely to remain a specialist fuel for fleets with bunkering facilities Hybrid Electric and petrol engines combine to power car Recycles wasted energy through systems such as brake regeneration. Use of electric motor only at low speeds. Stop-start engine ability. Electric motor aids performance. Uses existing technology Electric motor offers limited environmental benefit at motorway speeds. Battery pack cumbersome. Lack of model choice currently Limited to two manufacturers in the UK Honda and Toyota at present Bright, as technology and model choice increases. Currently being explored by several manufacturers Hydrogen Hydrogen reacts with oxygen in a fuel cell to produce electricity Only tailpipe emission is water. Seamless and instant production of power. noise pollution. Hydrogen can be produced by solar, wind or water power Storage issues. Production and refuelling infrastructure nonexistent in UK. Battery range low. Very expensive technology. Political ramifications of change to hydrogen society away from oil. Cold weather running causes problems Almost impossible to run in the UK currently as refuelling infrastructure is effectively nonexistent Zero emissions make it hugely important, but currently a long way off owing to practical problems associated with refuelling network and fuel storage Electric power Usually taken from the National Grid and stored in batteries. Some models fitted with a range extender petrol engine charging an onboard generator Zero emissions in pure electric vehicles, though these are rare. Models fitted with a range extender offer a good compromise, with the petrol engine optimised to charge the batteries and deliver minimal CO2 emissions. Low operating costs once acquisition costs are overcome Expensive to buy, though Government incentive offers a 5,000 grant per qualifying vehicle. Limited range of pure EVs and battery cost are obstacles though battery technology is improving. Charging times can also be prohibitive, reducing practicality Good, though recharging stations on the road for pure EVs are few and far between Strengthening, especially for range extender models. Several pure EVs and range extender cars being readied for market (Chevrolet Volt, Vauxhall Ampera, Renault Fluence)

8 Scheme Outright purchase Vehicle owned by Fleet On or off fleet s balance sheet On RV risk to fleet Mileage/wear limitations Advantages Flexibility: fleet retains control of vehicles and is not locked into contract Any resale profits (if applicable) at the end of the vehicle s life will be retained by the fleet Capital allowances available for depreciation element VAT on maintenance and repairs can be reclaimed Disadvantages Fleet unable to reclaim full VAT on purchase price unless car is used solely for business Full exposure to residual value risk Administration lies with the fleet Fleet takes risk for unexpected repair costs Ties up capital that could be used elsewhere Contract hire Funding company Off Little to no risk for the company as full residual risk is passed to the leasing company Low initial outlay typically three rentals in advance Fixed outgoings make reliable budgeting easy Administration burden handed to third party Early termination and excess mileage charges give perceived inflexibility with fixed term contract Unsuitable for fleets with unpredictable mileage Fleet does not own vehicle so cannot benefit from potential residual value rewards Full VAT liability for non-vat-registered companies Finance lease Funding company On More transparent and flexible than contract hire Payment patterns can be structured to suit business Incorporates a balloon payment reducing monthly costs Provides additional credit line VAT can be reclaimed by fleet on finance element, subject to 50% restriction where private use occurs Fleet exposed to risks of ownership Fleet liable for unexpected maintenance, repair and potential residual value losses Sale proceeds may not match final balloon Full VAT liability for non-vat-registered companies Hire purchase Fleet On Profit at disposal retained by fleet Interest element of repayments is offset against tax up to 12,000 Opens new credit line Fleet claims writing down allowances Potentially, a large deposit required Administrative burden retained by company Company is liable for RV risk as disposal is transferred to company Vehicles are on-balance sheet which may inhibit further borrowing Contract purchase Fleet On Combines tax advantages of out- right purchase with cashflow and operation benefits of contract hire residual value risk Fleet can claim capital allowances Efficient for non-vat companies as irrecoverable VAT spread over term Fleets can reclaim VAT on the vehicle capital cost only if it is used solely for business mileage Vehicles appear on-balance sheet and count as assets which may or may not be advantageous Contracts include mileage and wear limitations Employee car ownership scheme (ECOS) Driver Off Potential tax and National Insurance Contributions savings for drivers and the company if operated properly on both Vehicle choice not limited by BIK tax More cost-effective than cash lump sum Can be costly and risky to launch Mileage record vital. Cost of driver support can be high HM Revenue and Customs take a keen interest in ensuring schemes are compliant Sale and leaseback Funding company Off Releases capital tied up in an outright purchased fleet of vehicles Removes vehicles from balance sheet, improving financial ratios Eliminates RV risks and operational issues of fleet operation by placing administration with leasing company Need to negotiate with leasing company carefully to agree a value for the fleet Reduces value of company as vehicles not counted as assets

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