1. Could a £70,000 electric car cost you less than £50 per month in vehicle benefit tax?
2. Do you realise how much your current car is worth?
3. Should you cash in now and have a company car?
For some years now company car drivers have been deterred from the luxury of a fully maintained, and insured company car due to the inherent company car tax burden.
The majority of these road users have looked to a mileage or car allowance to fund their personal contract hire or personal contract purchase agreement.
Now with the ever-increasing costs of vehicles, there has never been a better time to reconsider the company car and in particular an electric vehicle.
I was recently speaking to a friend of mine and long term client re his vehicle situation. As a director of a limited company, he had re-financed his Jaguar F-Pace through his business. After a year, he realised that this 5 year only Jaguar was costing him in excess of £500 per month in company car tax alone.
We looked at solutions, and have organised a lease on a BMW iX which will cost him less than £50 per month in company car tax. In addition his company will gain 100% tax relief on the rental and irrecoverable VAT.
The icing on the cake is this Jaguar is now valued much higher than he imagined, hence we can now settle the finance agreement on his behalf and transfer a nice big Christmas bonus!!
Talk to us on how best to save you and your company money!