FAQs About Our Fleet Consultancy Services
Do you want to manage risk and reward of vehicle ownership yourself or have someone else manage this for you? We have a number of products that can meet both of these requirements.
What is your normal rate of return? Are you tying up cash in expensive vehicles? Is this the best way forward or should you be looking to re invest this into growing your business? We can look at the options for you and offer a true independent view.
This can be complex, but need not be. All vehicle financing products have specific corporation tax considerations so let us review your requirements and help you choose a financing method that will meet your specific needs.
We can design a tailored fleet policy to cover all your specific needs, using the right funding platform to minimise your costs and meet your operatinal requirements.
Needs change over time and we can look at what is best for you now and in the future. We can provide a number of options taking into account how your needs may change.
We can look into this. You may have specific On or Off balance sheet requirements. please see below an important update that may impact your company.We can help you choose the right product and structure in conjunction with your finance team to deliver what you need.
IFRS 16 Update : For Publicly quoted firms that report to the International Financial Reporting Standards and the public sector
New lease accounting rules effective from 1 January 2019.
The International Accounting Standards Board (IASB) has now published a new International Financial Reporting Standard (IFRS) 16, which requires lessees (customers leasing an asset) to recognise assets and liabilities for most leases on the balance sheet. IFRS 16 will supersede the current lease standard International Accounting Standard (IAS) 17. Previously, a lessee would have to determine whether the lease is a finance lease or an operating lease. This is effectively done by assessing the risks and rewards inherent in the lease. Contract hire arrangements are usually operating leases. Publicly listed companies already have to make a note to the annual report, which reflects any operating lease rentals payable. Businesses will need to ensure they report on their liabilities (rental payment arising under the lease) and their asset (the right to use the leased asset). |
Understanding your vehicle usage requiements is critical to effectively manageing your costs, wherther this relates to annual mileage or activities your vehicles will be used for. We can look at the options available to you and potential scenario planning.
Dependent on your VAT status, funding product and business usage there are restrictions on the amount of VAT recoverable. We can model different products and their tax treatment so that you can make an informed decision on what really is best for your business.
Specific products have different employee Benefit in Kind impacts. We can model what the potential BIK impacts can be for your employee base dependent on your potential product selection and choice of vehicles.
This can be very complex, cash flow, personal and business tax, whole life costs are just some of the key elements to consider. Utilising our bespoke and highly spophisticated financial modelling tools we can help you understand how these factors vary by product and what is best for you.
There are a number of factors to think about, technical specification, health & safety, true whole life costs, employee preferences are just a few. Let us help you navigate through this complex decision process so that you have the optimum policy in place for your business needs.
This is something we can look at for you, benchmarking your costs versus your peers and competitors ensuring you get the right costs, right contract, and right service.
There are lots of service providers, offering different services and potential value. We have the knowledge to save you time, so let us do this for you and more importantly do it independently.
This is moving constantly and we see it in use everyday. We have the experience. Let us match your needs with what is available for the best fit.
Outsourcing could be an option but maybe small steps to start. Let us have a look where we could help and save you time.
Good question and we would know - let us have a look, review and benchmark and come back to you.
Let us complete a quick audit and have a look, without the right data in the right format it is difficult to say.
Using our expertise we can review. All services have features which you may need but with our knowledge we can quickly match this to what you really need.
No, definitely not, there could be advantages at using different providers, let us have a look for you.
We get asked this constantly. It is possible and we have lots of suggestions on how to do this.
We have a great audit process to find this out, looking at the different costs you have and benchmarking with other companies.
We are here to help and simplify based on experince. As we are independent we can offer you the best ideas.
Good question. Over or under changes can all impact your costs. We have tools to monitor and forecast future costs and parameters.
This ia a question we get asked a lot. It all depends on a number of factors. We can have a look and let you know.
There are lots of different schemes out there. We can guide you through them to see what's best for you and your needs.
This has changed and is constantly changing. We can look into your specific fleet and let you know.
No right answer here but we can look into this and using our independence look at some options and let you know.
We have seen this many times and we know how this can work and why it sometimes does not. Let us have a look for you.
That's why we are here, completely independent and as per our values passionate about fleet.
No, should be maybe, it's about the drivers who drive on business mileage but using their own cars. These need to managed by you as you still have a duty of care on these drivers.
Is there an outright winner? It all depends. As we are independent we can advise one or the other as we do not sell either.
This will depend on your specific circumstances, Corporation Tax, Income tax, VAT and National Insurance contributions for both the employer and employee are all areas that need to be taken into account. We are here to offer true independant analysis to ensure you have a clear and complete understanding.
The UK Government is still offering grants to incentivise the take up of low Co2 vehicles, these are dependant on meeting certain crieria and are limited in availability. Reach out and we can help identify grants that may be available to you.
There are recommended rates from HMRC which dictake the maximum values that can be paid to an employee for using their personal vehicle for business use, payments made above these values will incur a tax charge. We can look at this for you in more detail and help make sure that the amounts you reimburse are both fair to your employee and cost effective for your business.
Recent changes have meant a potential increase in costs. Please take alook at our Vehicle Excise Duty table and reach out to us for more information.
Depending on the type of vehicle and its usage this will vary, also the method by which your veicle is acquired will determine the VAT treatment. Our VAT tables provide a useful guide but for more specific information reach out and we we will be happy to help.
New tax legilation which went live in April 2017 has tax implications for running a salary sacrifice car scheme. This now reduces the tax benefit obtained for cars with a Co2 value of greater than 75gms. Whilst some salary sacrifice schemes are still a valid and effective way to provide cars to your employees careful consideration is needed.. Please reach out, we are here to help.
Please take a look at our Capital Allowance guide or reach out to one of our team of specialists for more specific information.