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. 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 CO 2 emissions has forced 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 4 Company Car Tax 6 Calculating Benefit in Kind costs 7 Class 1A National Insurance 8 Capital Allowances 10 VAT Recovery 13 Fuel Allowances 14 Part 2 - Commercial Vehicles Benefit in Kind 16 Class 1A National Insurance 16 Annual Investment Allowance 16 Vehicle Excise Duty 17 VAT Recovery 17 Part 3 - Business Vehicle Finance Buying vs Leasing 19 Outright Purchase 20 Leasing 22

3 4 5 Vehicle Excise Duty (VED) Since 2009 the VED system has been based on vehicle CO 2 emissions and is split into bands. The latest VED bandings and charges for new car registrations effective from April 1, 2012 are shown below: VED Band CO 2 emissions (g/km) First year rate* Standard rate* A Up to B 101 to The 85mpg * FORD FIESTA ECOnetic 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, *Alternative fuel discount: 10 for all cars 87 g/km CO 2 emissions Zero first year Vehicle Excise Duty 85.6 mpg* combined fuel economy Company car tax rate 13% London Congestion Charge exempt *85 mpg refers to 1.6 8v Duratorq TDCi (95PS) with DPF and Auto-Start/Stop. Combined cycle.

4 6 7 Background: Company Car Tax Calculating Benefit in Kind costs Understanding the company car Tax benefit rates: 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 CO 2 emissions 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. A company car is also known as a 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. The company car tax benefit rates for the 2012/13 tax year are shown below: 1. The actual emissions figure of the car should be rounded down to the nearest multiple of All diesel cars are subject to a 3% loading up to a maximum of 35%. 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 my company car Benefit in Kind value? You will need: The P11D price of the vehicle (see above to calculate) The CO 2 emissions of the vehicle Company car tax rate from the table on the previous page Your annual rate of income tax CO 2 emissions (g/km) Petrol % Diesel % Up to to to to to to to to to to to to to to CO 2 emissions (g/km) Petrol % Diesel % 160 to to to to to to to to to to to to to to Example 1: In this example Laura is driving a petrol company car with CO 2 emissions of 109g per km for the whole tax year, and pays income tax at the higher rate of 40%. Example 2: Petrol vehicle with 109 g/km CO /2013 P11D price of the vehicle 18,000 Company car tax % for 109 g/km 12% Car taxable benefit 2,160 Annual Tax 40% 864 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 /2013 P11D price of the vehicle 20,000 Company car tax % for 109 g/km 15% Car taxable benefit 3,000 Annual Tax 40% 1,200

5 8 9 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 current 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 car with a P11D value of 15,000 and CO 2 emissions of 139 g/km. Diesel vehicle with 139 g/km CO /2013 Top of its class for efficiency. FORD FOCUS with the innovative 1.6TDCi Duratorq engine. 109 g/km CO 2 emissions Zero first year Vehicle Excise Duty 67.3 mpg combined fuel economy Company car tax rate 15% Company car tax % for 139 g/km 13% Car taxable benefit 1,950 Employer Class 1A National Insurance Contributions at 13.8%

6 10 11 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 CO 2 emissions. The level of tax relief or writing down allowance (WDA) which can be claimed in a year is split into three categories: 1. Cars with CO 2 emissions of 110g/km and below will attract a 100% WDA 2. Cars with CO 2 emissions of 111g/km to 160g/km will attract an 18% WDA 3. Cars with CO 2 emissions of 161g/km and above will attract an 8% WDA The amount of WDA is applied to the opening balance or Tax Written Down Value (TWDV) each year until the asset is fully depreciated. Capital Allowances Leasing: Companies who choose to lease their business vehicles are usually unable to claim capital allowances. This is because the rentals that the company pay to the leasing company may be fully offset against its taxable profit. There are some exceptions where rentals may not be fully offset against profits: Vehicles with CO 2 emissions over 160g/km may only offset 85% of the rental amount 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. Example 1: CO 2 emissions 120 g/km Jonathan has purchased a company car for his business via a Hire Purchase Agreement. Contract Hire profile 3+35 Monthly rentals excluding VAT 229 Purchase price of car 12,000 CO 2 emissions 99 g/km Tax relief - no.1 above 100% WDA Year 1 WDA claimed against 12,000 taxable profit 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 Example 2: Alex has purchased a company car for his business via a Hire Purchase Agreement. Purchase price of car 17,000 CO 2 emissions 136 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 to the closing TWDV and then the appropriate WDA applied to the pool.

7 12 13 Power Economy Low CO 2 How did we fit it all in? 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. 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 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. 1.0 Litre EcoBoost 100 PS 109 g/km CO 2 emissions Zero first year Vehicle Excise Duty 58.9 mpg combined fuel economy Company car tax rate 12% 1.0 Litre EcoBoost 125 PS 114 g/km CO 2 emissions Zero first year Vehicle Excise Duty 56.5 mpg combined fuel economy Company car tax rate 13% One of Ford s most advanced engines ever

8 14 15 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 20,200 is used when calculating the annual fuel benefit charge for 2012/13. 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 CO 2 emissions of 120 g/km and a combined fuel consumption of 48.9 mpg. Current average diesel prices are 1.47 per litre. FORD MONDEO Zetec Business Edition 1.6TDCi 5-Door 114 g/km CO 2 emissions Zero first year Vehicle Excise Duty 65.6 mpg combined fuel economy Company car tax rate 15% Fixed sum (Government set figure) 20,200 Company car tax band 18% Taxable fuel benefit 3,636 Income tax payable at 40% 1, No. of litres purchasable with annual income tax charge of 1.47 per litre Equivalent no. of gallons (divide by ) Break even mileage ( mpg) ,638 If Charlotte has less private mileage than this during the year, buying her own fuel would be cheaper. HMRC Advisory Fuel Rates (AFRs) 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, 2012: Engine Size Petrol Diesel 1400cc or less 15p 10p 1400cc to 2000cc 18p 12p Over 2000cc 26p 18p Features include: Colour touchscreen navigation system with USB connectivity 17" multispoke alloy wheels LED daytime running lights Privacy glass Front and rear parking distance sensors Power-foldable door mirrors Bluetooth with voice control and USB connectivity Note The Bluetooth word mark and logos are owned by the Bluetooth SIG, Inc. and any use of such marks by Ford Motor Company Limited and its associated companies is under licence. Other trademarks and trade names are those of their respective owners.

9 16 17 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 CO 2 emissions and the 2012/13 taxable benefit for vans is 3,000. If free or subsidised fuel is provided by the employer for private mileage, the taxable benefit is an additional 500. Commercial Vehicles: Vehicle Excise Duty: The latest VED categories and costs for commercial vehicles (including people movers and minibuses) are shown below Private or light goods vehicles (PLG) Tax class 11 (goods vehicles weighing no more than 3500kg) Not over 1549cc 130 Over 1549cc 215 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. 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. TC34 Buses (10 to 17 seats) 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) Class 1A National Insurance Taxable benefit 3,000 Annual tax 40% 600 Where a van has been provided to an employee and BIK taxation is chargeable then employer Class 1A National Insurance also becomes due. VAT Recovery: 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. Taxable benefit 3,000 Class 1A National Insurance 13.8% 414 Service, maintenance and repair: 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 2012 the AIA is 25,000. 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. 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. Example 1: Plant and machinery purchases (excluding CVs) 10,000 CV purchase 15, % AIA WDA applied to profit 25,000 Example 2: Plant and machinery purchases (excluding CVs) 20,000 CV purchase 15, % AIA WDA 25,000 Standard 18% WDA applied to 10,000 1,800 Total amount applied to taxable profit 26,800

10 18 19 A device that captures energy. And a wind turbine. Buying vs Leasing: Below is a summary of the differences between buying and leasing a car for your business. 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 10 for more details Not available with Outright Purchase products Based on the P11D price of the car and its CO 2 emissions Based on the P11D price of the car and its CO 2 emissions Not available with Leasing products Rentals may be fully offset against taxable profit - see page 11 for more details Based on the P11D price of the car and its CO 2 emissions Based on the P11D price of the car and its CO 2 emissions 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 Employer Employee (Driver) Converting kinetic energy into electric energy, Smart Regenerative Charging makes the new 2.2 litre Duratorq TDCi engine even more energy-efficient and improves fuel economy. And with an achievable fuel consumption reaching 43.5mpg* it s not just about reducing emissions; it s about saving you money every time you drive. THE NEW FORD TRANSIT ECOnetic ford.co.uk/transit Official fuel consumption figures in mpg (l/100km) for the Ford Transit ECOnetic 2.2 TDCi 100PS: urban 37.7 (7.5), extra urban 47.1 (6.0), *combined 43.5 (6.5). Official CO 2 emission 173g/km. *Figure shown is combined fuel consumption based upon installation of fixed 62mph speed limiter as an option at extra cost. Vehicle shown is Ford Transit ECOnetic. Please see your Ford Dealer for details.

11 20 21 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 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 CREDIT ford.co.uk FORD CREDIT provides traditional finance for business customers who are interested in owning their business vehicles. Ford Acquire from Ford Credit provides a traditional, convenient way to fund your business vehicles. Regular payments Deposit 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 10 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. For more information ask your Ford Dealer or visit Business users only. Finance subject to status. Guarantees may be required. Freepost Ford Credit.

12 22 23 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 car is off-balance sheet and the rentals can normally be offset against taxable profit see page 11 for more information. Most finance companies offer a maintenance package which covers all scheduled servicing, maintenance and repairs. FORD LEASE ford.co.uk FORD LEASE specialises in contract hire and leasing and provides an alternative range of finance products which can be tailored to suit your business Ford Contract Hire from Ford Lease provides finance tailored to suit your business needs. Return vehicle to Ford Lease Regular rentals Advance rental Advance rental Regular rentals Final balloon rental Available to car and commercial vehicle customers. Customer Benefits: Minimum capital 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) For more information ask your Ford Dealer or visit Business users only. 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 Services Authority.

13 24 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 availability of tax and VAT benefits may vary subject to the facts and circumstances of individual cases and tax law is subject to change over time. Customers are therefore advised to seek professional advice with regard to taxation. All CO 2 emissions figures and fuel consumption figures in mpg are from officially approved tests in accordance with 80/1268/EEC as amended. The CO 2 emissions 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 CO 2 emissions and fuel consumption of a vehicle. Details correct at time of going to print. BVF011 Published April 2012

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