GE Capital. Cash or Car? Choosing what s best for me

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "GE Capital. Cash or Car? Choosing what s best for me"

Transcription

1 GE Capital Cash or Car? Choosing what s best for me

2 Making the right decision for you Wondering whether you should choose a Company Car or take a Cash Allowance in lieu of a Company Car? Is it time to review the choice you made given the fact your personal circumstance may have changed, your Company Car Scheme and the tax treatment on a Company Car as a Benefit-in- Kind have been updated? This essential guide to cash or car outlines the key factors to consider so you can arrive at the right decision. 02

3 What s the ultimate difference? V No taxable Benefit-in-Kind therefore making your payslip larger You will be entitled to choose a brand new vehicle but you will still be taxed on the cash allowance and pay National Insurance including insurance, road tax, breakdown, maintenance, tyres and servicing and you will have to source, purchase, run and maintain your own car You will not pay National Insurance but you will be taxed at your appropriate Benefit-in-Kind rate 03

4 Company Car Tax explained All company car drivers pay tax on a percentage of the taxable value (P11D price) of their car. This percentage is based on: > the CO 2 emissions of the car (translated into a taxbanding - see below) > the fuel type of the car! Company Car Tax is known as Benefit-in- Kind (BIK) Taxation Benefit-in-Kind CO2 Bands by Tax Year CO2 Emissions g/km 2012/ / / / /17 Zero Emissions 1 to to to to to to to to to to to to to to to to to to to to to to to to to to to to to to and above 0% 5% 10% 10% 11% 12% 13% 14% 16% 17% 18% 19% 20% 21% 22% 23% 24% 25% 26% 27% 28% 29% 30% 31% 32% 33% 34% 0% 5% 10% 11% 12% 13% 14% 16% 16% 17% 18% 19% 20% 21% 22% 23% 24% 25% 26% 27% 28% 29% 30% 31% 32% 33% 34% 0% 5% 11% 12% 13% 14% 16% 17% 17% 18% 19% 20% 21% 22% 23% 24% 25% 26% 27% 28% 29% 30% 31% 32% 33% 34% 13% 13% 13% 14% 16% 17% 18% 19% 19% 20% 21% 22% 23% 24% 25% 26% 27% 28% 29% 30% 31% 32% 33% 34% 36% 04 16% 17% 18% 19% 20% 21% 21% 22% 23% 24% 25% 26% 27% 28% 29% 30% 31% 32% 33% 34% 36% The table features the latest BIK tables set by the Government. These are reviewed annually during the budget. NB: There is a 3% supplement applied to all Diesel cars. This 3% Diesel surchage is removed from April 2016.

5 Calculating the company car option The CO 2 car emissions tax based system has proven successful in encouraging drivers into lower CO 2 emitting cars and car manufacturers have responded by introducing new car models into the market.! Benefit-in-Kind bands are set by Tax Year and can be viewed over four years which helps to predict future changes to your tax. BMW 320d = 109 g/km BMW 520d Efficient Dynamics = 119 g/km Audi A4 Diesel = 119 g/km Ford S-Max DV6 Estate = 139 g/km Example for 2012/13 BMW 5 SERIES DIESEL SALOON 520d Efficient Dynamics 4dr Key Information: P11d: 31,945 CO 2 : 119g/km Fuel: Diesel (14%+3% Diesel surcharge = 17% Benefit-in-Kind) Tax band: 40% Calculation: 31,945 x 17% Benefit-in-Kind x 40% Income Tax 2, p.a. in tax per month 05

6 Benefits and considerations when choosing cash Freedom to spend the cash in any way you want. You can either opt for a less expensive car and take the cash allowance as extra salary, or use the full amount of the allowance for a different type of car. More freedom to choose the car you drive more suited to your lifestyle and personal circumstance.!!!! You will pay Income Tax and National Insurance on your cash allowance. You take responsibility for your own car which incudes initial outlay to purchase a car, road tax, maintenance, breakdown, tyre replacement and servicing. You are responsible for your own insurance for both private and business use which should cover yourself, colleagues and /or customers as passengers. As the car may be used on company business, you must adhere to cash option rules and guidelines set out in your Company Car Policy - this may include stipulation of type and age of vehicle. 06

7 Benefits and considerations when choosing a car A brand new fully maintained vehicle for a fixed monthly cost. No unexpected bills with business and private insurance covered as well as maintenance, tyres, breakdown, accident management, glass and servicing. Peace of mind that if something goes wrong, help is just a phone call away. Ability to predict your Benefit-in-Kind taxation over a typical four year period.! It is important to understand that Company Car tax rates may change over the period you have the car. Please review the table on page 4 which lists the tax rates by year. 07

8 compare with opting for a company car? Calculating the cash option The calculation below provides an illustration of cost considerations when choosing the cash option to fund the same car featured in the company car tax example featured on page 5. BMW 5 SERIES DIESEL SALOON 520d Efficient Dynamics 4dr Based on 40% tax payer Monthly Car Costs** Income Depreciation and Interest Service, Maintenance & Repair Motor Insurance Total vehicle costs ** For illustration only Calculations based on : Depreciation and Interest : Cost of the Vehicle less anticipated future value of vehicle based on 4 years /48,000 miles. Service, Maintenance and Repair : Includes averaged costs for tyres, breakdown, routine servicing and any other adhoc repairs to the vehicle through wear and tear. Motor Insurance : Flat rate across the leasing market Tax deduction : Assumed at 40% for purposes of illustration NI deduction : Assumed NI rate is 12% for 20% tax payers and 2% for all others Gross Cash allowance Income Tax deduction NI deduction Net monthly cash allowance = Net Personal cost to you (or for a 20% tax payer) 20% tax payer) cost to you (or for a so how does this compare with opting for a company car? Net Personal

9 How do they compare in cost? V Monthly company car cost saving for the same model if you opt for company car for the same model if you opt for company car

10 So... what is best for me? My 6-Step Checklist We recognise that drivers will have their own personal and financial circumstances to consider. Beyond the cost, ask yourself key questions around your lifestyle needs in relation to how you use a car, how many miles you will drive and the type of car you wish to drive. Finally, we recommend that you review your decision every two years as personal circumstance, the company car scheme and taxation rules can change. Once you have considered the 6-steps featured on the next pages, you will have the right information to decide what is best for you. 11

11 6-step checklist step 1 List your key requirements when choosing the right option and car for you. LIFESTYLE considerations over a 3-4 year period are key in setting your priorities. step 2 Work out the mileage split between business and private miles you travel each year given that MILEAGE is a major cost contributor toward the running of your vehicle as well as its depreciation. step 3 Does the company car scheme meet your requirements in terms of CHOICE available or does cash give greater freedom? 12

12 step 4 COMPARE cash versus car by working out the likely Net Monthly cash allowance and the Benefit-in-Kind Taxation. step 5 Understand how you will FUND the initial outlay for a car if you were to choose cash, for example; deposit, loan or existing cash funds. step 6 Take into account ONGOING COSTS such as car insurance for business and personal use, tax, breakdown, servicing, maintenance and depreciation costs to ensure you have a true understanding of the financial implications of choosing cash. 13

13 Next steps... Essential Guide to choosing cash or car. For more in-depth information in helping to choose what s best for you, visit No obligation personal consultation For more help and advice please to request a no obligation personal iquote Online quote and ordering To quote and order a company car GE s online tool makes ordering your next company car quick and simple. Request access by contacting your fleet manager. 14

14 Your online Toolbox for essential driver support Whether you manage your company s fleet or are a driver, Toolbox by GE Capital is packed with essential information, latest guides and tips for the journey ahead. Simply visit gedrivertoolbox.co.uk to find out more. GE Capital Fleet Services Old Hall Road Sale Cheshire M33 2GZ gecapital.co.uk/fleet July 2012 Whilst all reasonable care has been taken in the preparation of the above information, GE Capital or its employees or agents accept no responsibility for any errors or omissions therein. No liability is accepted for any direct or consequential losses arising from the use of this information.

GE Capital Solutions. Driver guide. What s Best for Me?

GE Capital Solutions. Driver guide. What s Best for Me? GE Capital Solutions Driver guide What s Best for Me? Welcome When it comes to choosing your car, choosing what s best for you, can often be complex and based on numerous factors including lifestyle, vehicle

More information

Key Solutions Thought Leadership

Key Solutions Thought Leadership GE Capital Fleet Policy A step-by-step guide to writing your fleet policy Key Solutions Thought Leadership GE Capital A step by step guide to writing a fleet policy Any organisation that runs a company

More information

Toyota Finance for Business

Toyota Finance for Business Toyota Finance for Business Welcome 2 Why choose Toyota Financial Services? 3 1 Toyota Contract Hire 4 AccessToyota 7 Other financial products 9 Protecting your car 12 Personal Tax for Company Car Drivers

More information

COLLEAGUE CARS FAQ S. What are the benefits of Colleague Cars? What is included in the package? How much can I save?

COLLEAGUE CARS FAQ S. What are the benefits of Colleague Cars? What is included in the package? How much can I save? What are the benefits of Colleague Cars? What is included in the package? How much can I save? COLLEAGUE CARS FAQ S Can I arrange to test drive a car? What makes and models are available? A brief insight

More information

Company Car tax. 2013/2014. IncludIng details of the 2013 emissions-based reforms, VehIcle excise duty and national Insurance.

Company Car tax. 2013/2014. IncludIng details of the 2013 emissions-based reforms, VehIcle excise duty and national Insurance. Company Car tax. 2013/2014. IncludIng details of the 2013 emissions-based reforms, VehIcle excise duty and national Insurance. Whilst we have made every effort to ensure the information in this document

More information

Including details of the 2015 emissions-based changes, Vehicle Excise Duty and fuel allowances.

Including details of the 2015 emissions-based changes, Vehicle Excise Duty and fuel allowances. BMW Fleet & Business Sales bmwcorporate.co.uk The Ultimate Driving Machine Company Car tax. 2015/2016. Including details of the 2015 emissions-based changes, Vehicle Excise Duty and fuel allowances. Whille

More information

Frequently Asked Questions.

Frequently Asked Questions. Frequently Asked Questions. Introduction to TCH Salsa We are introducing a unique benefit to our employees which allows you to sacrifice an element of your salary for a leased car, taking advantage of

More information

Derbyshire Healthcare NHS Foundation Trust. Lease Car Scheme

Derbyshire Healthcare NHS Foundation Trust. Lease Car Scheme Derbyshire Healthcare NHS Foundation Trust Lease Car Scheme October 2012-1 - 1. INTRODUCTION Derbyshire Healthcare Foundation Trust has agreed to introduce a Lease Car Scheme which enables employees who

More information

salary sacrifice schemes for cars: decision maker s guide

salary sacrifice schemes for cars: decision maker s guide salary sacrifice schemes for cars: decision maker s guide The decision maker s guide Introduction Salary have attracted increased levels of interest from fleets and the media over the past couple of years.

More information

Key Solutions Thought Leadership

Key Solutions Thought Leadership GE Capital Fleet Services Company Car Trends Your essential guide to the latest developments in the fleet industry Key Solutions Thought Leadership Welcome Every quarter since 2004, GE Capital, Fleet Services

More information

Since 1988 we ve supplied over 40,000 vehicles to business fleets of all sizes

Since 1988 we ve supplied over 40,000 vehicles to business fleets of all sizes Since 1988 we ve supplied over 40,000 vehicles to business fleets of all sizes Contents Part of the JCT600 Group our roots are strong Total vehicle leasing solutions you can trust JCT600 Vehicle Leasing

More information

Efficient cars, efficient finance and perfect business sense. Fleet solutions to get your business moving.

Efficient cars, efficient finance and perfect business sense. Fleet solutions to get your business moving. Efficient cars, efficient finance and perfect business sense. Fleet solutions to get your business moving. Toyota continues to push technology forward for today s constantly evolving world. Our long-standing

More information

Taxation and the Company Car

Taxation and the Company Car Home Budget 2012 Vehicle Excise Duty / First Registration Fee / P11D value 2012 / 2013 Company car taxation Fuel allowances Class 1A National Insurance Contributions Writing Down Allowances / Lease rental

More information

The sacrifice is achieved by varying your terms and conditions of employment for the term which you choose to receive a company car.

The sacrifice is achieved by varying your terms and conditions of employment for the term which you choose to receive a company car. Employee Frequently Asked Questions General 1 What is Colleague Cars? Colleague Cars is a unique scheme open to all employees whereby you exchange some of your normal salary in return for a company car.

More information

Company Car Tax in 2009/2010 Including details of the 2009 vehicle excise duty reform and emissions-based capital allowance system

Company Car Tax in 2009/2010 Including details of the 2009 vehicle excise duty reform and emissions-based capital allowance system The explanations and data set out in this leaflet are for general information only, and though given in good faith, are given without any warranty as to their accuracy. Please refer to your legal or tax

More information

Including details of the 2014 emissions-based changes, Vehicle Excise Duty and fuel allowances.

Including details of the 2014 emissions-based changes, Vehicle Excise Duty and fuel allowances. BMW Corporate Sales bmwcorporate.co.uk The Ultimate Driving Machine Company Car tax. 2014/2015. Including details of the 2014 emissions-based changes, Vehicle Excise Duty and fuel allowances. Whille we

More information

Cash fleet,grey fleet

Cash fleet,grey fleet GE Capital Cash fleet,grey fleet An employer s guide to managing the compliance of employee-owned cars used for business Key Solutions Thought Leadership Welcome By some estimates, nearly half of the business

More information

THE TAXATION OF COMPANY CARS. Calculating the cash equivalent

THE TAXATION OF COMPANY CARS. Calculating the cash equivalent THE TAXATION OF COMPANY CARS Company cars remain a popular employment-related benefit despite the fact that income tax charges on them are generally high. The benefit of having a company car available

More information

Frequently Asked Questions by Employees. Fuel Efficient Car Lease Scheme. An employee benefit offered by the University of Birmingham

Frequently Asked Questions by Employees. Fuel Efficient Car Lease Scheme. An employee benefit offered by the University of Birmingham Frequently Asked Questions by Employees Fuel Efficient Car Lease Scheme An employee benefit offered by the University of Birmingham If you have any further questions or would prefer to talk to someone,

More information

Key Solutions Thought Leadership

Key Solutions Thought Leadership GE Capital How to Cut fleet costs A practical guide to looking at ways to reduce fleet costs Key Solutions Thought Leadership Welcome 2012 has brought renewed impetus to the subject of cutting fleet costs.

More information

Introduction. How company cars are taxed. Calculating the cash equivalent

Introduction. How company cars are taxed. Calculating the cash equivalent Introduction Company cars remain a popular employment-related benefit despite the generally high income tax charges on them. The tax charge on company cars cars provided to employees by their employers

More information

Volkswagen Company Car and Van Tax Guide 2015/2016.

Volkswagen Company Car and Van Tax Guide 2015/2016. Volkswagen Company Car and Van Tax Guide 2015/2016. Budget 2015 headlines The coalition Government s sixth and final budget, ahead of the 2015 general election, contained a number of announcements impacting

More information

Business Vehicle Finance from Ford. A guide to Business Vehicle Finance and company vehicle taxation

Business Vehicle Finance from Ford. A guide to Business Vehicle Finance and company vehicle taxation Business Vehicle Finance from Ford A guide to Business Vehicle Finance and company vehicle taxation 2 3 Business Vehicle Finance from Ford A guide to company vehicle taxation and business finance. This

More information

An easy read guide to getting a Motability car

An easy read guide to getting a Motability car An easy read guide to getting a Motability car Contents Page How it works 3 This is what you get We take care of everything 5 Servicing and repairs, breakdown, tax and tyres 6 Windscreen, 60,000 miles

More information

The Audi Guide to contract hire Getting the most from your leasing provider

The Audi Guide to contract hire Getting the most from your leasing provider The Audi Guide to contract hire Getting the most from your leasing provider Audi Fleet supports Business July 2012 : why choose contract hire? Contract hire is the most popular funding method in the fleet

More information

SALARY SACRIFICE CAR SCHEME

SALARY SACRIFICE CAR SCHEME SALARY SACRIFICE CAR SCHEME www.knowlesfleet.com 01206 255420 ABOUT THE SCHEME SALARY SACRIFICE PROVIDES THE OPPORTUNITY FOR ALL ELIGIBLE EMPLOYEES TO HAVE ACCESS TO A BRAND NEW CAR. Salary sacrifice allows

More information

GE Capital. Fleet Policy. A step-by-step guide to writing your fleet policy. Key Solutions Thought Leadership

GE Capital. Fleet Policy. A step-by-step guide to writing your fleet policy. Key Solutions Thought Leadership GE Capital Fleet Policy A step-by-step guide to writing your fleet policy Key Solutions Thought Leadership A step by step guide to writing a fleet policy Any organisation that runs a company car or van

More information

Frequently Ask Questions

Frequently Ask Questions Frequently Ask Questions This document has been prepared to answer questions that you are likely to have on the new SalarySacrifice4Cars scheme ( the car scheme ). It is set out in 3 sections The car scheme

More information

GREYFLEET SYSTEM FREQUENTLY ASKED QUESTIONS

GREYFLEET SYSTEM FREQUENTLY ASKED QUESTIONS GREYFLEET SYSTEM FREQUENTLY ASKED QUESTIONS This list of questions and answers has been put together based on feedback from various meetings with NHS staff and managers. The questions are in no particular

More information

GUIDE TO COMPANY CAR TAX

GUIDE TO COMPANY CAR TAX GUIDE TO COMPANY CAR TAX 2013/2014 The explanations and data set out in this guide are for general information only, and though given in good faith, are given without any warranty as to their accuracy

More information

Business Vehicle Finance from Ford. A guide to Business Vehicle Finance and company vehicle taxation

Business Vehicle Finance from Ford. A guide to Business Vehicle Finance and company vehicle taxation Business Vehicle Finance from Ford A guide to Business Vehicle Finance and company vehicle taxation 2 3 Business Vehicle Finance from Ford A guide to company vehicle taxation and business finance. Vehicle

More information

THE BMW GROUP GUIDE TO FLEET FUNDING.

THE BMW GROUP GUIDE TO FLEET FUNDING. THE BMW GROUP GUIDE TO FLEET FUNDING. The way vehicles are funded in a fleet context varies widely and there are two main methods for acquiring vehicles for your fleet: Outright purchase over a fixed period

More information

Employee car leasing and cash alternative scheme conditions (live scheme) FOR EMPLOYEES ON BAND 9 AND ABOVE Effective from August 2007

Employee car leasing and cash alternative scheme conditions (live scheme) FOR EMPLOYEES ON BAND 9 AND ABOVE Effective from August 2007 Employee car leasing and cash alternative scheme conditions (live scheme) FOR EMPLOYEES ON BAND 9 AND ABOVE Effective from August 2007 1 INTRODUCTION This Scheme provides a leased car of the employee s

More information

Fleet Alliance is a leading UK fleet management provider offering contract hire, leasing and a complete range of fleet solutions products.

Fleet Alliance is a leading UK fleet management provider offering contract hire, leasing and a complete range of fleet solutions products. The all-round fleet solution Fleet Audit CONSULTANCY Funding Products Green Fleet & Whole Life Cost Competitive Tendering Flexi Hire Fleet Management & Support Accident Management FLEET SOLUTIONS Driver

More information

Company Car Tax 2014/2015

Company Car Tax 2014/2015 Company Car Tax 2014/2015 Produced for Zenith by Income Tax Rates 2014/15 2013/14 Rate Band Band % 20 0 31,865 0 32,010 40 31,866 150,000 32,011 150,000 45 150,000+ 150,000+ Personal Allowances 2014/15

More information

Guide to Company Car Tax 2009/2010

Guide to Company Car Tax 2009/2010 Guide to Company Car Tax 2009/2010 The explanations and data set out in this guide are for general information only, and though given in good faith, are given without any warranty as to their accuracy.

More information

Company Car Tax 2011/12

Company Car Tax 2011/12 Company Car Tax 2011/12 Details of new company car tax bandings, changes to VED rates, fuel benefit charge and AMAPs, plus the fair fuel stabiliser Produced in association with Vehicle Excise Duty (Ved)

More information

A GUIDE TO SALARY SMART FOR EMPLOYERS 25+

A GUIDE TO SALARY SMART FOR EMPLOYERS 25+ A GUIDE TO SALARY SMART FOR EMPLOYERS 25+ Introducing Salary Smart Salary Smart is an arrangement where an employee gives up part of their future earnings or bonus in exchange for a non-cash benefit. As

More information

Guide to Company Car Tax 2011/2012

Guide to Company Car Tax 2011/2012 Guide to Company Car Tax 2011/2012 The explanations and data set out in this guide are for general information only, and though given in good faith, are given without any warranty as to their accuracy

More information

LEASE CAR POLICY AND PROCEDURE

LEASE CAR POLICY AND PROCEDURE LEASE CAR POLICY AND PROCEDURE Lease Car Policy & Procedure Page: Page 1 of 16 Recommended by Approved by Executive Management Team Board of Directors Approval date 4 May 2011 Version number 1.4 Review

More information

Reduce your fleet costs in nine simple steps

Reduce your fleet costs in nine simple steps Reduce your fleet costs in nine simple steps 75% of fleets expect their costs to rise in 2010. 1 Running a cost efficient fleet is therefore more important than ever in order to keep your expenditure under

More information

These VAT rules apply whether you are a sole trader or a limited company.

These VAT rules apply whether you are a sole trader or a limited company. Cars and Vehicles VAT You will not be able to reclaim any input VAT on the purchase of your car, (nor will you have to charge any output VAT on sale, unless you are in the very unlikely business of making

More information

COMPANY VEHICLE POLICY

COMPANY VEHICLE POLICY COMPANY VEHICLE POLICY The following is a guide of what to include in a Company Vehicle Scheme. This can be used as a template by you to construct your own policy and adapted to suit your own company.

More information

Car Lease Scheme. I hope staff will welcome this scheme and support it. Jan Filochowski Chief Executive

Car Lease Scheme. I hope staff will welcome this scheme and support it. Jan Filochowski Chief Executive Car Lease Scheme I am delighted to be able to introduce West Hertfordshire Hospitals Car Lease Scheme. The scheme is designed to provide staff with the option of having access to a new car of their choice

More information

Accountable Director Executive Director of Resources (Deputy Chief Executive) Financial Planning Accountant

Accountable Director Executive Director of Resources (Deputy Chief Executive) Financial Planning Accountant Policy Number HR15 Policy Title LEASE CAR POLICY Accountable Director Executive Director of Resources (Deputy Chief Executive) Author Financial Planning Accountant This Policy is a valid document however;

More information

With AlphaDrive you can target each group of drivers with the most cost-effective solution.

With AlphaDrive you can target each group of drivers with the most cost-effective solution. AlphaDrive. With AlphaDrive you can target each group of drivers with the most cost-effective solution. At the same time, it helps to safeguard your obligations to your employees in line with the Health

More information

Salary Sacrifice. A tax-efficient and cost-saving green fleet solution.

Salary Sacrifice. A tax-efficient and cost-saving green fleet solution. Salary Sacrifice. Salary Sacrifice. A tax-efficient and cost-saving green fleet solution. Alphabet Salary Sacrifice. Satisfaction guaranteed for you and your employees. Salary Sacrifice is the perfect

More information

Company Cars Top Tips & Trends

Company Cars Top Tips & Trends Company Cars Top Tips & Trends E-Reward Annual Conference 24 November 2011 Elspeth Jones Innecto Mike Moore - Deloitte Elspeth Jones 07775 817940 www.innectogroup.co.uk Going Green & Staying Safe Top Tips

More information

company cars: a guide for drivers

company cars: a guide for drivers company cars: a guide for drivers Contents Introduction 03 The basics 04 Beyond the basics 06 Private fuel costs 07 Vehicle specification 09 Conclusion and action plan 10 Next steps: resources 11 02 Introduction

More information

FAQs. efits; The car scheme and how it works. Introduction

FAQs. efits; The car scheme and how it works. Introduction FAQs This document has been prepared to answer questions that you are likely to have about the Affordable Car Scheme (Car Salary Sacrifice Scheme). It is set out in 3 sections: efits; Once your vehicle

More information

optimizer Key Facts An introduction to the benefits available to you through the optimizer Salary Sacrifice Car Scheme.

optimizer Key Facts An introduction to the benefits available to you through the optimizer Salary Sacrifice Car Scheme. optimizer Key Facts An introduction to the benefits available to you through the optimizer Salary Sacrifice Car Scheme. What is optimizer? Optimizer is a new kind of car scheme that gives you access to

More information

Budget 2014 Its impact on your fleet

Budget 2014 Its impact on your fleet Budget 2014 Its impact on your fleet This year s Budget, presented by the Chancellor on Wednesday 19 March 2014, was a Budget for building a resilient economy, with the objective of supporting businesses

More information

INTRODUCTION WHAT IS THE LEASE CAR SCHEME? WHO CAN JOIN THE SCHEME?

INTRODUCTION WHAT IS THE LEASE CAR SCHEME? WHO CAN JOIN THE SCHEME? Introduction What is the lease car scheme? Who can join the scheme? How much will it cost? Is it cheaper than owning my own car? Can I choose any make of car? Who is insured to drive the car? What is included

More information

What is benefit in kind tax and how quickly will it be applied to my pay?

What is benefit in kind tax and how quickly will it be applied to my pay? FAQ S Can anyone apply for a salary sacrifice lease car? You must be a permanent employee of the Trust; Salary must be above the minimum wage after all salary sacrifices are taken into account (currently

More information

Lease Car Scheme Policy and Conditions of Use

Lease Car Scheme Policy and Conditions of Use Lease Car Scheme Policy and Conditions of Use Subject: Employee Benefits Date of implementation: Draft Version 2.2 10.08.06 Date of review: Person responsible for policy Implementation and review: Policy

More information

2015 BUDGET REPORT. arval.co.uk

2015 BUDGET REPORT. arval.co.uk 2015 BUDGET REPORT arval.co.uk Contents Company Car Tax Company Car Benefit-In- Kind Bandings Roads Crossings Vehicle Tax Vehicle Excise Duty Fuel Benefit Charge Van Benefit Charge Autonomous Car Funding

More information

An evaluation of the UK s shift to CO 2 based Company Car Taxation

An evaluation of the UK s shift to CO 2 based Company Car Taxation Taxation of Company Cars Workshop An evaluation of the UK s shift to CO 2 based Company Car Taxation Stephen Potter Professor of Transport Strategy and member of the UK Green Fiscal Commission Context

More information

ATTRACT MOTIVATE RETAIN

ATTRACT MOTIVATE RETAIN ATTRACT MOTIVATE RETAIN A Salary Sacrifice Car Scheme white paper from the UK s leading fleet services company. A LEX AUTOLEASE WHITE PAPER SALARY SACRIFICE CAR SCHEME 1 A CAR FOR ALL EMPLOYEES As a method

More information

Tax benefits for ultra low emission vehicles

Tax benefits for ultra low emission vehicles k0 Tax benefits for ultra low emission vehicles Ultra low emission vehicles (ULEVs) are vehicles that produce less than 75g of carbon dioxide (CO2) for every kilometre travelled. Both private and business

More information

There can be a benefit on: a) A car that is provided for private use (however incidental the private use is); and/or

There can be a benefit on: a) A car that is provided for private use (however incidental the private use is); and/or Registered in England Registered Number: 04744238 Registered Address: 62 The Street, Ashtead, Surrey, KT21 1AT Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers Car

More information

VAT guide should I register for VAT?

VAT guide should I register for VAT? VAT guide should I register for VAT? associates ltd Should I register for VAT? This guide will give you an understanding as to whether you should register, what the various schemes are for small businesses

More information

Lease Car Scheme. Drivers Guide

Lease Car Scheme. Drivers Guide NHS Fleet Lease Car Scheme Drivers Guide Scheme Administrator: Knowles Associates TFM Ltd Red Lion House, The Green Great Bentley Colchester Essex CO7 8QG Telephone: 01206 252300 Fax: 01206 252211 Email:

More information

GET THE CAR YOU LOVE THE SMART AND EASY WAY

GET THE CAR YOU LOVE THE SMART AND EASY WAY GET THE CAR YOU LOVE THE SMART AND EASY WAY What is Novated Leasing? NOVATED LEASING MADE EASY A Novated Lease is a three way agreement between you, Custom Fleet and your employer. It can potentially save

More information

Flexi Hire. Accident. Management. Fleet. Insurance

Flexi Hire. Accident. Management. Fleet. Insurance CONSULTANCY The all-round fleet solution Funding Products Green Fleet & Whole Life Cost Fleet Audit Competitive Tendering Fleet Management & Support Flexi Hire Accident Management FLE Fleet Insurance E

More information

NHS South Tees CCG. Lease Car Policy

NHS South Tees CCG. Lease Car Policy NHS South Tees CCG Lease Car Policy Policy Title: Lease Car Policy Date: July 2013 1. Introduction NHS South Tees CCG Guide to Scheme Principles and Conditions for Employees NHS South Tees CCG has in operation

More information

Lancaster University Frequently Asked Questions

Lancaster University Frequently Asked Questions Lancaster University Frequently Asked Questions CONTENTS 1. About the Scheme and Salary Sacrifice Arrangements... 2 2. Ordering a Car... 5 3. Taking Delivery of a Car... 7 4. Leaving the Scheme Early...

More information

Staff car leasing scheme

Staff car leasing scheme Staff car leasing scheme 1. General 1.1 This document details the arrangements and conditions for providing cars to employees under the Council's Car Leasing Scheme ("the Scheme"). Eligible employees are:-

More information

A Guide to Novated Leases. www.sgfleet.com

A Guide to Novated Leases. www.sgfleet.com A Guide to Novated Leases www.sgfleet.com Improve the Weekly Budget A holiday, new clothes or just a bit more money in the wallet; whatever the reason, everyone should consider the potential improvements

More information

INCOME TAX RATES OF TAX 2014/2015 2015/2016

INCOME TAX RATES OF TAX 2014/2015 2015/2016 INCOME TAX RATES OF TAX Starting rate for savings* 10% 0% Basic rate 20% 20% Higher rate 40% 40% Additional rate 45% 45% Starting rate limit 2,880* 5,000* Threshold of taxable income above which higher

More information

Mercedes-Benz Finance Your finance options guide.

Mercedes-Benz Finance Your finance options guide. Mercedes-Benz Finance Your finance options guide. S & B Commercials Welham Green Stansted West Thurrock T: 01707 261111 E: enquiry@sbcommercials.co.uk W: www.sbcommercials.co.uk Choosing Mercedes-Benz

More information

Pocket Car Tax Guide 2012/13. www.deloitte.co.uk/carconsulting

Pocket Car Tax Guide 2012/13. www.deloitte.co.uk/carconsulting Pocket Car Tax Guide 2012/13 www.deloitte.co.uk/carconsulting Income Tax Rates 2012/13 2011/12 Rate Band Band % 20 0 34,370 0 35,000 40 34,371 150,000 35,001 150,000 50 150,001+ 150,001+ Personal Allowances

More information

Tax Tips & Tools. 2015/16 Edition. Tax Tips & Tools has been comprehensively updated for the 2015/16 tax year

Tax Tips & Tools. 2015/16 Edition. Tax Tips & Tools has been comprehensively updated for the 2015/16 tax year A comprehensive collection of tax calculators, spreadsheets, checklists and other tax tools Tax Tips & Tools Tax Tips & Tools has been comprehensively updated for the 2015/16 tax year 2015/16 Edition Tax

More information

Lease Car Scheme Managers Guide

Lease Car Scheme Managers Guide NHS Fleet Lease Car Scheme Managers Guide The administration of the scheme is outsourced to a specialist management company (Knowles Associates) who provides quotations, scheme management, driver support

More information

Guide to Calculating your Income Tax Liability for 2001 - Additional Notes -

Guide to Calculating your Income Tax Liability for 2001 - Additional Notes - Guide to Calculating your Income Tax Liability for 2001 - Additional Notes - The purpose of these additional notes is to help you compute some of the more difficult calculations that you will need to do

More information

What you need to know about your lease car

What you need to know about your lease car About this booklet Lease Car Drivers Handbook What you need to know about your lease car The following notes are provided to help you deal with emergency situations, accidents and breakdowns and to ensure

More information

Service Guide. Help on the road. 24-hour service hotline: +41 800 818 418

Service Guide. Help on the road. 24-hour service hotline: +41 800 818 418 Service Guide. Help on the road. 24-hour service hotline: +41 800 818 418 Table of contents. 24-hour service hotline Page 3 Service Card Page 4 Claims management Page 5 Insurance management Page 6 Fuel

More information

THE CHARTERED INSURANCE INSTITUTE. Diploma in Regulated Financial Planning SPECIAL NOTICES

THE CHARTERED INSURANCE INSTITUTE. Diploma in Regulated Financial Planning SPECIAL NOTICES THE CHARTERED INSURANCE INSTITUTE R06 Diploma in Regulated Financial Planning Unit 6 Financial planning practice April 2015 examination SPECIAL NOTICES All questions in this paper are based on English

More information

carbon footprinting a guide for fleet managers

carbon footprinting a guide for fleet managers carbon footprinting a guide for fleet managers Introduction For some organisations, carbon footprinting is perceived to be about reducing emissions purely for environmental reasons. But it is primarily

More information

Company Car Tax. Cars running solely on diesel fuel are subject to a 3% supplement.

Company Car Tax. Cars running solely on diesel fuel are subject to a 3% supplement. Company Car Tax The basis for taxing those who use company cars is to tax a figure calculated by multiplying the car s list price by an emissions-based percentage (the appropriate percentage ), with a

More information

Driver Card. Driver Helpline. Your. Your

Driver Card. Driver Helpline. Your. Your Your Driver Card Dispatched before the delivery of the new vehicle, the driver card features a helpline number, your customer identification number (where applicable) and details of any additional service

More information

The Audi Guide to controlling costs How to streamline your fleet for efficiency

The Audi Guide to controlling costs How to streamline your fleet for efficiency The Audi Guide to controlling costs How to streamline your fleet for efficiency Audi Fleet supports Business July 2012 Making the most of every penny spent is vital for most fleets, and for many businesses

More information

EAST RIDING OF YORKSHIRE COUNCIL

EAST RIDING OF YORKSHIRE COUNCIL Agenda Item No: 13 Page Numbers: 175-182 EAST RIDING OF YORKSHIRE COUNCIL Report to: The Cabinet 18 January 2011 Wards: All wards Review of Lease Car Scheme Report of the Interim Director of Corporate

More information

Company Car Taxation 2014 Your Guide. Produced in association with

Company Car Taxation 2014 Your Guide. Produced in association with Company Car Taxation 2014 Your Guide Produced in association with Company Car Taxation Your Guide Disclaimer This publication is intended to provide general information and is not an exhaustive treatment

More information

Driving Tax Savings. How to make company cars less taxing for your clients

Driving Tax Savings. How to make company cars less taxing for your clients Driving Tax Savings How to make company cars less taxing for your clients introduction emissions have become a critical part of the choice process when selecting vehicles for use on business. Not only

More information

Fundamentals Level Skills Module, Paper F6 (UK)

Fundamentals Level Skills Module, Paper F6 (UK) Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) June 205 Answers and Marking Scheme Section A A 2 D Output VAT 408 x 20/20 = 68 Input VAT 600 x 20/20 = 00 3 A 6,00 (23,700

More information

Refer us a friend today and receive 100 EXPENSES GUIDELINE

Refer us a friend today and receive 100 EXPENSES GUIDELINE Refer us a friend today and receive 100 EXPENSES GUIDELINE CONTENTS Limited company expense guidelines 1 Business Expenses 2 Salaries 2 Travel and Subsistence Expenses 2 Business Mileage 3 Company Car

More information

ebrief for freelancers and contractors Contractors guide to claiming motorbike, bicycle & van expenses

ebrief for freelancers and contractors Contractors guide to claiming motorbike, bicycle & van expenses ebrief for freelancers and contractors Contractors guide to claiming motorbike, bicycle & van expenses Do you do your bit for the environment by cycling to work? Or do you commute by van or motorbike?

More information

BUSINESS MILEAGE CHANGES FREQUENTLY ASKED QUESTIONS

BUSINESS MILEAGE CHANGES FREQUENTLY ASKED QUESTIONS BUSINESS MILEAGE CHANGES FREQUENTLY ASKED QUESTIONS Question 1 What has prompted these changes? 2 Are all staff affected by these changes? Who is most affected by these changes? 3 What are the current

More information

NHS WALES CAR LEASE SALARY BENEFIT SCHEME

NHS WALES CAR LEASE SALARY BENEFIT SCHEME NHS WALES CAR LEASE SALARY BENEFIT SCHEME Car Lease Salary Benefit Scheme A new salary sacrifice scheme is being launched by Cardiff and Vale University Health Board in association with the NHS Wales Shared

More information

Broomfield & Alexander Employment Tax Advisory Services

Broomfield & Alexander Employment Tax Advisory Services Broomfield & Alexander Employment Tax Advisory Services Contents Broomfield & Alexander Employment Tax Advisory Services 1 Tax responsibilities for employers Tax mitigation and red tape Specialist help

More information

BUSINESS LEASE CAR POLICY

BUSINESS LEASE CAR POLICY BUSINESS LEASE CAR POLICY Version: 2 Ratified by Senior Managers Operational Group Date ratified August 2015 Title of originator/author: Title of responsible Committee/group Assistant Director of Finance

More information

Funding your company cars Options and operations explained

Funding your company cars Options and operations explained Funding your cars Options and operations explained April 2015 Introduction purchase or lease? There are two main routes to vehicle acquisition: you either own the vehicle outright or hire the use of it

More information

Suzuki Finance and Insurance Solutions

Suzuki Finance and Insurance Solutions Suzuki Finance and Insurance Solutions Suzuki Finance, Leasing and Insurance Solutions Our finance and leasing solutions make it easy for you to get the Suzuki you want. Whether it s to zip around the

More information

A Guide to Car Sharing

A Guide to Car Sharing A Guide to Car Sharing Frequently Asked Questions We ve prepared a list of frequently asked questions about car sharing and also a best practice guide (some dos and don ts) for those participating in the

More information

Your guide to Volkswagen Financial Services

Your guide to Volkswagen Financial Services Your guide to Volkswagen Financial Services 1 About Volkswagen Financial Services Volkswagen Financial Services Product Benefits Personal Finance Consumer Loans 12 Novated Lease / Salary Packaging 14 Business

More information

As a guide, the following are examples of some of the expenses we can allow:

As a guide, the following are examples of some of the expenses we can allow: How do I know if I m self-employed? A person is self-employed if they are gainfully employed but are not under a contract of service with an employer. You may be a sole trader or in a business partnership.

More information

Motor Vehicle Transition 2012

Motor Vehicle Transition 2012 Motor Vehicle Transition 2012 - Fully Maintained Vehicles Contents of this booklet Key Changes to the Motor Vehicle Policy 2 What does this mean for me? 3 Novated Lease 6 Vehicle Approval Criteria 7 Examples

More information

1. About the Scheme and Salary Sacrifice Arrangements

1. About the Scheme and Salary Sacrifice Arrangements CONTENTS 1. About the Scheme and Salary Sacrifice Arrangements... 2 2. Changes to the NHS Pension Scheme in 2015... 5 3. Ordering a Car... 6 4. Taking Delivery of a Car... 8 5. Leaving the Scheme Early...

More information

Simple Financial Records for a Small Business

Simple Financial Records for a Small Business Simple Financial Records for a Small Business December 2014 March 2015 A GUIDE TO SIMPLE FINANCIAL RECORDS FOR A SMALL BUSINESS CAVEAT This guide aims to help you set up simple financial records for your

More information