It also raises a number of questions from the employee. In this guide, we explain the process and what you need to keep in mind for your company car policy to work effectively. Another consideration when pitting company car v allowance are the tax implications.
A company car typically incurs much heavier tax payments than a car allowance. The staff member will have to source and buy the vehicle by themselves.
However, it is worth noting that you can still give mileage allowance in addition to car allowance if you wish. This should cover the cost of fuel as well as wear and tear. However, if you provide a company car you may need further assistance. Due to the complex nature of car allowance, and the amount of responsibilities the employee has to take on, a number of questions are likely to arise.
Car fuel allowance typically means you can claim over 45p tax-free as a private mileage allowance. Currently, private mileage for cars and vans is 45 per mile, up to 10, miles, and 25p per mile, over 10, miles. The mileage for motorcycles, bikes, and other vehicles varies, again refer to the HMRC advisory fuel rates.
You should receive this allowance upon employment and select an appropriate vehicle of your choice. Start your search today. We specialise in prestige, luxury, performance and 4 x 4 cars. Borne out of a passion for all things motoring. Start your search for your dream car. Our business solutions division can offer a range of services to support your business fleet.
From consultancy through to fleet supply and ongoing management. Call us today. Our knowledge base is our information store. It's the home for our guides, calculators, tools, whitepapers, FAQs, case studies and more. Although a company car continues to be seen as an enticing work perk to most, employees are increasingly being offered a cash allowance as an alternative to a company car scheme. This guide looks at the costs, long-term implications, advantages and disadvantages of both to help you decide which option best suits your needs.
A company car scheme is where a company offers its employees a vehicle for personal and business use. Company cars are usually offered to those who need to drive as a requirement of their job or to other employees as an additional work perk. One popular company car scheme is salary sacrifice , where an employee gives up part of their gross salary in exchange for a fully maintained and insured new vehicle. As the salary is sacrificed before tax and national insurance contributions are taken, the employee effectively gets a brand new car at a significantly lower cost than the retail market.
Typically servicing, maintenance and fully comprehensive motor insurance is included in the scheme. To enter into a company car scheme, employees generally need to be in a substantive or permanent position within the business and have a regular pattern of work.
Their wage must also not drop below the national minimum wage once they join the scheme. When effectively managed, a company car scheme is an attractive way for employees to save on the cost of driving a brand new vehicle, even after paying BIK tax.
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