The Future of Salary Sacrifice Schemes

HM Revenue and Customs (HMRC) are consulting on the future of Salary Sacrifice arrangements and Cash for Car schemes are also to be considered. The UK tax authority had already come under fire for including cars obtained through Salary Sacrifice schemes in the consultation on potential tax changes. However, it now appears that thousands more company car drivers could see their tax arrangements overhauled as HMRC casts its net much wider than first thought. An HMRC spokesman has told Fleet News: “We are not looking just at traditional salary sacrifice, we are looking at when an employee can get a cash sum. “The most common is a car allowance where they can either get a car or a cash sum, which they can use on their own personal car or anything else. In this case, there will still be a direct convertibility to cash,…

Introducing the tax efficient VW Golf GTE

Introducing Volkswagen Golf GTE Nav 5dr – The tax-efficient plug-in hybrid Engine/power: 1.4-litre 4cyl, electric motor/201bhp Price: £35,820 Lease Price available from £259+VAT a month P11D price/2016/17 charge: £35,765/7% BIK bill (high/low): £83/£42 CO2/official economy: 39g/km/166.2mpg 0-62mph/top speed: 7.6 secs/138mph If tax bills put you off running a Volkswagen Golf GTI as a company car, the Golf GTE could be the answer. This smart plug-in hybrid (PHEV) model offers the best of both worlds, mixing the driving thrills of VW’s legendary hot hatch with supermini-sized running costs from the petrol-electric drivetrain. The hatch combines a 1.4 TSI petrol engine with a 75kW electric motor to give 201bhp (almost a match to the GTI figure), while the blue-trimmed grille and distinctive running lights add a sporty appeal. Switch the standard dampers to GTE mode and it drives like a GTI, too, with rapid responses from the…

GreenFleet Arrive n’ Drive event 2014

Once again Fleetdrive Electric will be exhibiting at the GreenFleet Arrive n’ Drive event at Rockingham, Northants and the date is Tuesday 23rd September. Our team of experts will be on hand to offer free and impartial advice on sustainable solutions that best suit your business requirements. Don’t forget to ask us about vehicle and finance options, carbon footprint analysis of your fleet, as well as home and workplace charging solutions. We look forward to seeing you there. Register NOW at http://events.greenfleet.net/and-register to reserve your place

HM Revenue and Customs (HMRC) has opened a consultation on employee Benefits in Kind

The consultation looks at four measures proposed by the Office of Tax Simplification (OTS), and intends to simplify processes for both employers and HMRC. The four areas under consideration are: The abolition of the £8,500 benefit in kind threshold. If an employee earns less than £8,500 (including taxable benefits) then they have to complete a P9D form in place of the P11D. HMRC reports in 2011/2, it only received 15,000 P9D forms. Statutory exemption for trivial benefits in kind. In 2011/12, HMRC reports more than 500,000 P11Ds were completed providing BiKs of £100 or less. The consultation states each P11D costs an estimated £6.50 to process. Views are invited on the definition of a ‘trivial’ BiK and how this exemption should be structured. Exemption for expenses paid or reimbursed by employers. This involves the removing of the current system of dispensations for reporting non-taxable…

Fleetdrive to introduce the Tesla Model S at EcoTechnology Show 2014

Fleetdrive Electric has teamed up with Tesla Motors, premium manufacturer of 100% electric vehicles, at the EcoTechnology Show 2014. The show takes place in Brighton on the 26-27 June and visitors will have the opportunity to get up close and personal with the new Tesla Model S, whilst gaining an insight into the passion and technology behind the ground-breaking electric car. Fleetdrive Electric are the UK’s leading provider of low-emission lease vehicles and have been working with key partners, such as the Energy Saving Trust, Department for Transport and Scottish and Southern Electric, at the forefront of this rapidly increasing market to deliver electric vehicle technology to the UK. As well as an extensive range of electric cars and vans, Fleetdrive Electric also offer sustainable fleet solutions to small business, including carbon footprint analysis, charging equipment available to lease and driver training to optimise…

ACFO welcomes clarity on company car tax

ACFO has welcomed the clarity given by the chancellor on future levels of company car tax, after lobbying HM Revenue and Customs and HM Treasury. Company car benefit-in-kind tax rates up to April 5, 2019 were revealed in Wednesday’s Budget by George Osborne. ACFO chairman Damian James (pictured) said: “At meetings with HM Treasury and HM Revenue and Customs’ officials, ACFO has repeatedly asked for benefit-in-kind tax rates to be known for what, in the vast majority of cases, will be the entire operating cycle of a vehicle. “Historically we have only known benefit-in-kind tax rates for three years, and occasionally four years, in advance. “However, as businesses have moved to longer replacement cycles with company cars driven into a fourth and even a fifth year in some cases, employees have been left in the dark as to what their benefit-in-kind tax bills will…

End of the road for the ‘tax disc’

From October 2014 motorists will no longer have to display their road tax disc in the windscreen of their vehicles. Even though the paper disc is to be scrapped motorists will still be paying Vehicle Excise Duty but the treasury claims that there will also be savings of £20  million for Britain’s hard-pressed motorists as a result of changes to the way car tax can be paid. The number of windscreens checked for tax discs by officers has dropped 75 per cent in the last five years, thanks to the electronic vehicle register that is used by both traffic police and the DVLA. A police source said ‘the tax disc is no longer needed for enforcement purposes, the police use numberplate recognition equipment. If they pull you over they can immediately tap into this database and see whether the car is taxed and insured…

Fuel duty frozen and tax disc scrapped in Autumn Statement

The planned fuel duty increase for September 2014, expected to be worth 1.61p per litre, will be cancelled. The Chancellor George Osborne announced the freeze in the Autumn Statement. In total, fuel duty will have been frozen for nearly four and a half years, the longest freeze for over 20 years. Average pump prices are 13ppl lower than if the Government had implemented the fuel duty escalator, and will be 20ppl lower by the end of the Parliament. The Treasury says that this means that it currently costs the typical motorist £7 less to fill up their tank, and will cost £11 less by the end of the Parliament. ACFO chairman Damian James said: “The move gives some stability to fleets in their budget forecasting and is welcome at a time when the green shoots of economic recovery are sprouting.” In total, the Government…

PREV NEXT 1 2