Employee Car Ownership
Scheme [ECOS] and Cash for Car Options
Since the introduction of the new CO2 Emission based company car
tax (where drivers of larger engine cars & drivers of higher business mileage
have had their tax liability increased), many companies have been keen to
investigate these schemes, but are unsure how to proceed.
There are many issues to consider if your company is going to
proceed down the Cash for Car or Employee Car Ownership Scheme
Call the ECO Scheme team now for more information 0161 286 3752 or e mail ECOS@CarPartners.co.uk
|
·
Inland Revenue mileage rates ·
BiK savings ·
Annual cash allowance ·
Credit sale agreement ·
Deed of indemnity ·
Manufacturers VRB ·
Maintenance & routine
servicing ·
Administration ·
Accounting |
·
Road Fund Licence
·
Breakdown & recovery services ·
GAP & early termination
insurance ·
Motor insurance ·
End of contract recharges ·
Inland Revenue approval ·
Health & Safety &
Corporate manslaughter Risks ·
Employee communication |
Just looking at this list might start to make you question whether
you have the resources, time or inclination to
implement a Cash for Car scheme.
However – Fleet Solutions offer a modular product, which has
been specifically designed to help you implement a Company Car Opt Out Scheme tailored to your company's specific needs including a lease transfer service www.Swap-a-Lease.co.uk to enable the transition from company car to personal car in a short timeframe.
The team of Tax and Automotive Finance specialists will lead you
through all of the above considerations and formulate a comprehensive scheme,
which can be professionally implemented with the
minimum amount of inconvenience.
Due to the initial internal costs associated with implementing
opt out schemes they are generally more suitable for companies running 20+ company cars. However
smaller fleets can often benefit from an endorsed referral scheme.
Call the ECOS team now for more information 0161 286 3752 or e mail ECOS@carpartners.co.uk
The two most common opt out options are:
Endorsed Referral to PCP / PCH Personal Car Leasing Scheme
Under an endorsed referal your company will offer employees an amount of money and allow them to source, fund & maintain and insure a vehicle of their choice.
To assist the employees the company will refer employees to www.CarPartners.co.uk
In this instance, Fleet Solutions if required can set up a secure website reflecting car policy, processes, forms and link to
the company's intranet which will contain an
endorsement from the company.
Employee Car Ownership Scheme – ECOS
Your company nominates Fleet Solutions to provide all vehicles
& services within the scheme.
The benefits of this scheme can include:
·
Control over the suitability of the
vehicles being used for company business
·
Inclusion of existing manufacturers
terms
·
Deed of indemnity
·
Control of mileage and term options
·
Control of service, maintenance,
breakdown & recovery options
·
Option to include corporate motor
insurance
·
Inland Revenue approval to avoid
company car tax
·
Minimise the threat of corporate
manslaughter liability
·
Reduction in HR 'issues'
Fleet Solutions can create a bespoke website structured to
reflect the type of vehicles available, set mileage and term parameters, fixed
maintenance provision, real-time quotations and communications of how the
scheme will operate.
Most companies would choose the structured route for its ability
to provide company car convenience with minimal amount of confusion and maximum
level of control.
Standard features of the Fleet Solutions package include Road
Fund License for the contract duration, 24hr UK & European Breakdown and
Recovery service, Gap Insurance (to cover the shortfall between insurance
payout & finance settlement figure in the event of the vehicle becoming a
total loss) and also Early Termination Insurance.
Call the ECOS team now for more information 0161 286 3752 or e mail ECOS@carpartners.co.uk
|
How Does ECOS Compare to a Contract Hire Company Car? |
|||||||||||||||||||||||||||||||||
|
Also consider Sale and Leaseback and Fleet Disposal. Short Term Leasing. Car Leasing Special Offers & Quotes
Call Now for more information 0161 286 3752 or email ECOS@CarPartners.co.uk