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

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

2 2 3 Business Vehicle Finance from Ford A guide to company vehicle taxation and business finance. Vehicle Excise Duty (VED) The latest VED bandings and charges effective from April 1, 2015 are shown below: This guide has been designed to provide you with all the basic information you need to know when running or driving company vehicles. It covers company vehicle taxation, VAT, Vehicle Excise Duty, Fuel Allowances and finance products. The current system of taxation gives businesses choice and the way that you fund your company vehicles dictates the amount of taxation you or your business pay. Over the last few years the Government has made substantial changes to the company car taxation system to try to encourage businesses to drive greener vehicles. This new system based around has also encouraged car manufacturers to produce greener vehicles. Ford are committed to reducing their environmental impact through a broad range of measures and actions. Ford cars and commercial vehicles are now more fuel efficient and manufacturing processes are more sustainable. Contents: Part 1 Cars Vehicle Excise Duty 3 Company Car Tax 4 Calculating Benefit in Kind costs 5 Class 1A National Insurance 6 Capital Allowances 7 VAT Recovery 9 Fuel Allowances 10 VED Band (g/km) First year rate Standard rate A Up to B 101 to C 111 to D 121 to E 131 to F 141 to G 151 to H 166 to I 176 to J 186 to K 201 to L 226 to M Over 255 1, Part 2 Commercial Vehicles Benefit in Kind 11 Class 1A National Insurance 11 Annual Investment Allowance 11 Vehicle Excise Duty 12 VAT Recovery 12 Part 3 Business Vehicle Finance Buying vs Leasing 13 Outright Purchase 14 Leasing 15

3 4 5 Background: Company Car Tax A company car is a car which you do not own but can use by reason of your employment. A company car is classed as a non-cash benefit if it is made available to you or a member of your family or household by your employer, and is available for private use (including commuting). You may have to pay tax on this benefit in addition to the tax and National Insurance contributions you already pay via Pay As You Earn (PAYE). Your company car is valued according to: the car s list price including any accessories and factory-fitted options its the type of fuel it uses The value of the benefit may be lower if the car is unavailable for part of the year, if you pay something towards its cost (capital contributions), or if you make payments to your employer for the private use of the vehicle. The provision of a company car gives rise to what is known as a taxable Benefit in Kind (BIK). The Government is committed to encouraging drivers to choose greener vehicles which is why the rate of tax payable for a company car is dependent on its CO 2 emissions. There is also a 3% penalty for diesel engines. This penalty will be abolished in April The company car tax benefit rates for the 2015/16 tax year are shown below: Calculating Benefit in Kind costs The company car tax benefit is calculated using the table shown on page 4. Note that all diesel cars are currently subject to a 3% loading up to a maximum of 37%. What is a P11D? A P11D is a form used by your employer to tell the employee and HMRC about the value of any Benefits in Kind that they have given you during the tax year. The P11D price of your car is calculated as the total of the following: The manufacturer s list price of the car (excluding any vehicle discounts) Any accessories or factory-fitted options (including metallic paint) Delivery costs and number plates VAT on all of the above How do I calculate the tax due on my company car Benefit in Kind value? You will need: The P11D price of the vehicle (see above to calculate) The of the vehicle Company car tax rate from the table on the previous page Your marginal rate of income tax Example 1: In this example Laura is driving a petrol company car with of 109g per km for the whole tax year, and pays income tax at the higher rate of 40%. (g/km) Petrol % Diesel % 0 to to to to to to to to to to to to to to (g/km) Petrol % Diesel % 150 to to to to to to to to to to to to Example 2: Petrol vehicle with 109 g/km CO /2016 P11D price of the vehicle 18,000 Company car tax % for 109 g/km 16% Car taxable benefit 2,880 Annual Tax 40% 1,152 Mark has a diesel company car also with emissions of 109g per km for the whole tax year. He also pays the higher rate income tax of 40%. Diesel vehicle with 109 g/km CO /2016 P11D price of the vehicle 20,000 Company car tax % for 109 g/km 19% Car taxable benefit 3,800 Annual Tax 40% 1,520 Examples 1 and 2 assume no free private fuel.

4 6 7 Class 1A National Insurance Contributions Class 1A is an employer-only National Insurance contribution, and is payable by employers when a company car is made available to the employee (or a member of his family or household) for private use. It is also payable where free private fuel is provided. The 2015/2016 Class 1A employer s rate is 13.8% and is payable on the car taxable benefit. There is currently no employee NIC due on a company car BIK. Example: Sarah has a diesel company car with a P11D value of 15,000 and of 139 g/km. Capital Allowances outright purchase: Capital allowances is a system used to calculate tax relief for businesses for cars, plant and machinery. Companies and businesses that choose to buy their cars outright may be able to claim tax relief against the cost of the car. The current scheme was introduced in April 2009 and is based on. The level of tax relief or writing down allowance (WDA) which can be claimed against taxable profits in a year is split into three categories: 1. Cars with of 75g/km and below will attract a 100% WDA 2. Cars with of 76g/km to 130g/km will attract an 18% WDA 3. Cars with of 131g/km and above will attract an 8% WDA Diesel vehicle with 139 g/km CO /2016 Company car tax % for 139 g/km 25% Car taxable benefit 3,750 The amount of WDA is applied to the opening balance or Tax Written Down Value (TWDV) each year until the asset is fully depreciated or sold. Example 1: Employer Class 1A National Insurance Contributions at 13.8% Jonathan has purchased a company car for his business via a Hire Purchase Agreement. Example assumes no free private fuel. Purchase price of car 12,000 Tax relief no.1 above Year 1 WDA claimed against taxable profit 75 g/km 100% WDA 12,000 Example 2: Alex has purchased a company car for his business via a Hire Purchase Agreement. Purchase price of car 17, g/km Tax relief no.2 above 18% WDA claimed against taxable profit Tax written down value (TWDV) carried into year 2 Year 2 WDA claimed against taxable profit 3,060 13,940 2, TWDV carried into year 3 11, Companies who run multiple vehicles can lump the calculations of all its cars into a tax or asset pool. A separate pool is required for each CO 2 category. New purchases are added (and sales proceeds deducted) to the closing TWDV and then the appropriate WDA is applied to the pool.

5 8 9 Capital Allowances Leasing: Companies who choose to lease their business vehicles are usually unable to claim capital allowances. However, the rentals that the company pays to the leasing company may be offset against its taxable profit. There are some exceptions where rentals may not be fully offset against profits, for example: Vehicles with over 130g/km may only offset 85% of the rental amount or where: - The rentals aren t evenly spread over the life of the lease - The lease has clauses that may allow the company to eventually own the car Example: LPT Estate Agency has financed a new vehicle via a Contract Hire agreement. 120 g/km Contract Hire profile 3+35 Monthly rentals excluding VAT 229 VAT Recovery (applies to VAT registered businesses only) Outright purchase: VAT is not recoverable if the car is available for private use. As nearly all vehicles have the potential to be used privately by an employee it makes it very difficult to argue the case for VAT recovery on the price of a company car. The supply of some specially adapted cars (such as for example a vehicle modifed to transport disabled persons) may be invoiced VAT free when supplied to certain individuals or eligible bodies such as charities. Please note that any special adaptation neccessary to qualify for a VAT free sale must take place before the sale of the car and that other conditions must also be satisfied. Leasing: When a car is financed via a leasing agreement the car is owned by the Leasing company who purchase the vehicle and then lease on to the end user. As the leasing company are using the vehicle entirely for business purposes they can recover the VAT on the price of the vehicle. These savings can then be passed on to the end user as reduced rentals. The rentals are subject to VAT. Annual amount of rentals offset against taxable profit Initial rental of 3x 229 = 687 Plus 11 rentals of 229 = 2,519 Total rental amount offset = 3, 206 The company leasing the car may recover 50% of the VAT applied to the rental amount. VAT-registered businesses can generally reclaim the VAT when they purchase a commercial vehicle. A van is classed as a commercial vehicle if it has a payload of one tonne or more, or an unladen weight of three tonnes. Car-derived vans and combi vans are classed as commercial vehicles provided the alterations made to the vehicle meet the technical requirements for a commercial vehicle as specified by HMRC. Service, maintenance and repair: 100% of the VAT applied to service, maintenance and repair costs may be recovered by a business provided the vehicle is used to some extent for business and the business pays for the work to be done. Companies who take a fully maintained contract hire or leasing product can recover 100% of the VAT costs associated with the maintenance element of their monthly rental. The maintenance costs should be shown separately from the lease or hire charge on any invoice.

6 10 11 Fuel Allowances: Employer-provided fuel for private mileage in a Company Car If an employer provides free or subsidised fuel for the private use of a company car then this is classed as a fuel benefit and the employee is subject to tax on this benefit. A fixed sum of 22,100 is used when calculating the annual fuel benefit charge for 2015/16. This may not be the most cost effective way of receiving fuel. Employees can check their break-even position to decide. Example: Charlotte drives a company car provided by her employer and receives free fuel. Her car is a 5-door diesel hatchback with of 120 g/km and a combined fuel consumption of 48.9 mpg. Current average diesel prices are 1.18 per litre. Commercial Vehicles: Benefit in Kind Taxation A light commercial vehicle is classed as a non-cash benefit if it is actually used for private use (excluding commuting) by an employee or a member of their family or household. If the van is only used for business purposes then there is no BIK taxation. Employees with a company van may have to pay tax on this benefit in addition to the tax and National Insurance contributions they already pay via Pay As You Earn (PAYE). For vans the BIK charges are not linked to and the 2015/16 taxable benefit for vans is 3,150. If free or subsidised fuel is provided by the employer for private mileage, the taxable benefit is an additional 594. The value of the benefit may be lower if the van is unavailable for part of the year, if you make payments to your employer for your private use of the vehicle. Fixed sum (Government set figure) 22,100 Example: Mick works for a plumbing business and for the whole tax year he is provided with a van to use for work which he keeps at home and uses for private mileage. Company car tax % 22% Taxable fuel benefit 4,862 Income tax payable at 40% 1, No. of litres purchasable with 1, annual income tax charge of 1.18 per litre Equivalent no. of gallons (divide by ) Break-even mileage ( mpg) HMRC Advisory Fuel Rates (AFRs) ,728 If Charlotte has less private mileage than this during the year, buying her own fuel would be cheaper. These payments are made by companies to employees who have made business journeys using their company car, based on the number of business miles driven (please note that different rates are used by employees using their own vehicle which they own). Payments up to the government-provided AFRs are free of income tax. Any payments made over the approved AFRs will be taxable, unless the employer can demonstrate that the cost of business travel in company cars in the fleet concerned is higher than the AFRs. Company car advisory fuel rates from March 1, 2015 until further notice: Example assumes no free private fuel. Class 1A National Insurance Where a van has been provided to an employee and BIK taxation is chargeable then employer Class 1A National Insurance also becomes due. Annual Investment Allowance and Writing Down Allowances The Annual Investment Allowance (AIA) is a tax allowance pool which businesses can use to claim 100% Writing Down Allowances (WDA) on plant and equipment purchases. This includes purchased commercial vehicles. From April 2014 the AIA is 500,000. All plant and equipment purchased by the business can be included in the AIA (cars are not eligible for this allowance). Once the 100% allowance has been used then the 18% WDA is applied to the remaining value of the pool. Example 1: Taxable benefit 3,150 Annual tax 40% 1,260 Taxable benefit 3,150 Class 1A National Insurance % Plant and machinery purchases (excluding CVs) 480,000 CV purchase 20, % AIA WDA applied to profit 500,000 Engine Size Petrol Engine Size Diesel 1400cc or less 11p 1600cc or less 9p 1400cc to 2000cc 13p 1600cc to 2000cc 11p Over 2000cc 20p Over 2000cc 14p Example 2: Plant and machinery purchases (excluding CVs) 500,000 CV purchase 20, % AIA WDA 500,000 Standard 18% WDA applied to 20,000 3,600 Total amount applied to taxable profit 503,600 From December 2015 this reduces to 25,000.

7 12 13 Commercial Vehicles: Vehicle Excise Duty: The latest VED categories and costs for commercial vehicles (including people movers and minibuses) are shown below. VAT Recovery: Private or light goods vehicles (PLG) Tax class 11 (goods vehicles weighing no more than 3500kg) Not over 1549cc 145 Over 1549cc 230 TC34 Buses (10 to 17 seats) 165 Private HGV 3.5T + Light goods vehicles tax class 39 (weighing no more than 3500kg) TC49 Diesel Car Band J (CO 2 from 186 to 200 g/km) VAT-registered businesses can generally reclaim the VAT when they purchase a commercial vehicle. A van is classed as a commercial vehicle if it has a payload of one tonne or more, or an unladen weight of three tonnes. Car-derived vans and combi vans are classed as commercial vehicles provided the alterations made to the vehicle meet the technical requirements for a commercial vehicle as specified by HMRC. Service, maintenance and repair: % of the VAT applied to service, maintenance and repair costs may be recovered by a business provided the vehicle is used to some extent for business and the business pays for the work to be done. Companies who take a fully maintained contract hire or leasing product can recover 100% of the VAT costs associated with the maintenance element of their monthly rental. The maintenance element should be separately itemised on the invoice. Buying vs Leasing: Below is a summary of the differences between buying and leasing a vehicle for your business, for use by your employees. You should always seek independent financial advice before making your final decision. Outright Purchase Leasing Vehicle Ownership Yes No Capital Allowances Writing Down Allowances (WDA) Capital Allowances Lease Rental Restriction Benefit In Kind Company car tax costs Benefit In Kind Class 1A National Insurance Contributions Up to 100% WDA may be claimed in the 1st year dependent on CO 2 emissions see page 7 for more details Not applicable to Outright Purchase products Based on the P11D price of the car and its The table below shows where the responsibility for taxation lies: Capital Allowances Writing Down Allowances (WDA) Capital Allowances Lease Rental Restriction Benefit In Kind* Company car tax costs Benefit In Kind Class 1A National Insurance Contributions Based on the P11D price of the car and its Employer Not available with Leasing products Rentals may be offset against taxable profit see page 8 for more details Based on the P11D price of the car and its Based on the P11D price of the car and its Employee (Driver) *Although the responsibility for paying Benefit in Kind tax lies with the employee, the employer is responsible for reporting the Benefit in Kind to HMRC so they can collect the tax from the employee.

8 14 15 Funding your Company Vehicles: Outright Purchase: The vehicle is bought in the company name using cash, bank loan or a finance plan such as Hire Purchase. Hire Purchase: Also known as HP it is considered the traditional way to fund vehicles. The customer usually pays a deposit and then the balance plus any charges is split into equal instalments over an agreed contract term. The interest rate is normally fixed for the life of the agreement. Some finance companies offer Hire Purchase with balloon which enables customers to reduce their monthly payments by paying the balloon amount at the end of their agreement. Ford Acquire from Ford Credit provides a traditional, convenient way to fund your business vehicles. Funding your Company Vehicles Leasing There are two main types of leasing: Operating Lease (Contract Hire) Finance Lease Contract Hire: Contract hire is a fixed-term operating lease. The customer pays a fixed monthly rental and at the end of the agreement the vehicle is handed back to the contract hire company subject to wear and tear and any excess mileage costs. All contract hire rentals are subject to VAT and the customer never owns the vehicle. The vehicle is off-balance sheet and the rentals can normally be offset against taxable profit see page 8 for more information. Most finance companies offer a maintenance package which covers all scheduled servicing, maintenance and repairs. Ford Contract Hire from Ford Lease provides finance tailored to suit your business needs. Deposit + Regular payments Deposit Regular payments + Final balloon + payment Advance rental Return vehicle + & to Ford Lease Regular rentals Deposit Regular payments + Final balloon + payment In addition to Ford Acquire, commercial vehicle customers may also choose Ford Acquire with balloon. Customer Benefits: Traditional Hire Purchase product with ultimate vehicle ownership (subject to all payments, plus any fees being paid) Interest rate fixed for the loan duration Regular fixed payments to help with budgeting A choice of repayment periods and deposit levels Writing Down Allowances (WDAs) can be claimed against the price of the vehicle (see page 7 for more information) Finance charges and fees may be offset against taxable profit Commercial Vehicle customers may reduce their regular payments by choosing the Ford Acquire with balloon option Business users only. Available to car and commercial vehicle customers. Customer Benefits: Minimum initial outlay typically three monthly rentals Fixed repayments to assist cashflow and budgeting Rentals are tax allowable Additional line of credit for your business No part exchange or disposal issues the vehicle is returned at the end of the agreement Vehicle Excise Duty (VED) is included for the duration of the agreement Free replacement vehicle for up to 48 hours in the event of a breakdown attended by the AA if the vehicle cannot be repaired at the roadside Optional maintenance and servicing packages (at additional cost) Finance subject to status. Guarantees may be required. Freepost Ford Credit. Ford Credit is a trading style of FCE Bank plc which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under firm reference number Ford Lease is provided by ALD Automotive Ltd., trading as Ford Lease, Oakwood Park, Lodge Causeway, Fishponds, Bristol BS16 3JA. ALD Automotive is registered in England No For the purposes of the Data Protection Act 1998 the data controllers in relation to any information you supply Ford Motor Company Limited, FCE Bank plc, and ALD Automotive. Finance subject to status. Guarantees/indemnities may be required. ALD Automotive is authorised and regulated by the Financial Conduct Authority in respect of general insurance products.

9 Important Information This information has been provided as a general guide and should not be relied upon. This booklet is intended only to bring customers attention to certain product attributes and general features of the UK tax system. It is not comprehensive and is not intended to recommend a particular product. The corporation tax, personal tax and VAT treatment associated with the purchase or leasing of a commercial vehicle may vary depending on your precise circumstances, relevant tax law and vehicle classification. This document cannot, and should not be used for tax advice. All figures and fuel consumption figures in mpg are from officially approved tests in accordance with 80/1268/EEC as amended. The and fuel consumption test figures shown in the comparison tables do not express or imply any guarantee of the fuel consumption of a car of the class in question. All the figures are based on tests conducted on vehicles with Core equipment level and with standard wheels and tyres; optional or accessory wheels and tyres may have an effect on and fuel consumption of a vehicle. Details correct at time of going to print. BVF052 Published June 2015 Display until April 2016

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