New rules enforced by the Financial Conduct Authority (FCA) mean that premiums charged to anyone renewing their private motor insurance can no longer be greater than the price offered to new customers for an equivalent policy. Now, you can expect your insurance policy to be on a level pegging for new and loyal customers alike.
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Customers now have a much wider choice of models, many of which are from mainstream manufacturers and very competitively priced, and they are more willing to be a little more adventurous in their choice of vehicle. At the same time, more employers, in a very competitive labour market, are realising that a salary sacrifice electric vehicle scheme is an excellent way of attracting the best talent and so are willing to make such schemes more widely available.
Zero or very low benefit-in-kind tax rates on electric cars introduced by the government in April 2020 had almost certainly powered the majority of a dramatic increase in salary sacrifice schemes.
SALARY sacrifice is a formal agreement between employee and employer to sacrifice some salary for a new car. Salary sacrifice is sometimes used as an alternative to the provision of a company car. However, Chancellor Philip Hammond announced changes from April 2017 in the 2016 Autumn Statement. This reduces some of the previous tax and NIC advantages of salary sacrifice [...]
A POOL car is a company vehicle that’s available for use by one or more employees of that company. It can be a pool van, as well. It's called a pool car, because it is an asset that can be used by everyone in that organisation: 'pooled use'. However, HMRC is very keen to ensure that employees don’t use pool cars [...]
A company car scheme is run for varying reasons, but mostly because there are a number of employees who need to use a vehicle to carry out their business.
VN5 uses with the same reliable, hard-working construction as LEVC’s highly successful TX taxi with flexible zero emissions and a range of over 300 miles via LEVC’s innovative eCity electric technology. Impressively, VN5 can offer 60 miles pure electric range and a pure EV city range of 75 miles.
While tax increases and changes in tax law are inevitable and even necessary, if not always welcome, it’s already been a difficult year for Britain’s motorists, and proposed tax changes are unlikely to make it any easier
TMC said such a move would reflect real-world cost constraints and restore badly-needed confidence to the UK’s hard-hit new car market.
The consequences of withholding or giving false information to obtain cheaper car insurance can be severe. Far from saving money, being untruthful can be costly.
The distinction between a van and a car can have significant implications for tax particularly with respect to how they are treated for benefit in kind purposes – a van would generally have a lower benefit in kind charge than a car.
Now could be an ideal time to review fleet policy to look at introducing a number of new, tax-efficient vehicles to choice lists for drivers to consider when we come out of lockdown.
It's clear that some sectors are more affected by WLTP than others, which will undoubtedly drive a change in the shape of the UK car parc.
Is it justifiable taxing people on a benefit when that benefit is not really available for use? That’s what is happening at the moment with company cars and vans that can’t be used except for essential travel.
Companies should look to install charging infrastructure and implement policies to manage demands and prevent conflicts.
An increase in fuel duty for conventional internal combustion engine (ICE) vehicles of 2p per litre could raise £4bn over the next five years, whereas a continued freeze on fuel duty could cost the Treasury £1bn a year.
Advisory Fuel Rates apply when you either reimburse employees for business travel in their company cars or when you require employees to repay the cost of fuel used for private travel.
You should make sure you tell HM Revenue and Customs (HMRC) if your company vehicles are available for private use by directors or employees?
Changes to company car tax from 2020/21 – including the 0% rate for EVs – were put on hold when last Autumn's Budget was shelved for the election.
