Unlocking Tax Efficiency: A Guide to Company Car Ownership and Tax-Saving Opportunities
Different benefits and tax-saving opportunities arise from owning, leasing, or hiring company cars. However, certain ownership structures for cars and vans offer greater tax efficiency compared to others.
Additionally, there are additional tax-saving opportunities specific to the type of vehicles, including cars, vans, and goods vehicles, present in your fleet.
We can advise you on which option is the best for your business and circumstances and the other related issues that could have a bearing on your decision:
- Hire purchase.
- Leasing agreements.
- Personal contract purchases.
- Hybrids of the above methods.
- Vehicle ownership schemes for directors and staff incentive schemes via salary sacrifice.
- Statutory mileage allowances.
- Advisory fuel rates.
- Car and vanpool schemes.