Cheshire and Manchester-based accountancy firm Ascendis is calling on businesses to assess their company car fleet and use to see if significant savings can be made by going green.
Company cars still remain a popular benefit among many employees, which is why many businesses want to offer them as incentives to recruit and retain the best workers.
However, Ascendis says the choice of car, whether it is leased or purchased, and other key factors could have a big impact on the amount of tax an employee and their business pay.
Andy Wilson, Tax Partner at Ascendis, said: “There can be significant tax and cost savings on offer to businesses based on their vehicles that are purchased for staff.
“For example, buying or leasing certain types of vehicles, such as the latest generation of fully electric cars, could slash the amount that businesses and their employees pay in tax, while also reducing a company’s impact on the environment.”
Andy added that recent changes to the company car rules had made the process of purchasing or leasing company cars more complicated, with small decisions having a big impact on the final bill that a company or its staff may pay.
“Company cars can be a great way to support and reward employees,” said Andy. “But these days you cannot base a decision purely on the most popular brand or model and companies need clear advice on the cost and tax implications of running their fleet.”
To help employers review their current company car fleet and offer assistance to the purchasers of new company cars, the firm has launched a new Company Car campaign, which features guidance via social media and explainer presentations.
The experienced tax and accounting team at Andy has also helped put together a helpful digital guide packed with the latest information and advice.
To get a copy of Ascendis’ Company Car Guide for free, please visit www.ascendis.co.uk/services/company-cars/.
