Finance

We know this is a difficult time for many businesses and individuals, so we have put together an article highlighting some of the key funding schemes and initiatives from the Government. We hope you find something there that helps you. However, if you review the list and there aren’t any options that meet your needs, please complete our online form and we’ll do our best to help you. We’re using this form because it means you can work through it in your own time and at your own pace, while we can still make sure we get all the information we need to review your request as swiftly as possible. We’ve moved more people into the team to help with these requests and we’ll get back to you as soon as we can. That said, it is likely to take a little while, so please don’t chase up your query for at least 21 days.

We understand this is a difficult time for many businesses and individuals and you may be struggling to meet the payments for your vehicle. However, we also know that many people don’t want to give up their vehicle, so we have put together an article telling you about what the Government is doing to help. Once you’ve reviewed the list in the article, if there aren’t any options that would work for you, please let us know by completing our online form and we’ll do our best to help you. We’re using this form because it means you can work through it in your own time and at your own pace, while we can still make sure we get  all the information we need to review your request as swiftly as possible. We’ve moved more people into the team to help with these requests and we’ll get back to you as soon as we can. That said, it is likely to take a little while, so please don’t chase up your query for at least 21 days.

• Take your car’s P11D value which is made up of the list price (inc VAT) plus any factory fit options plus the delivery charge.
• Multiply that P11D value by the vehicle's company car tax rate from a sliding scale depending on the car’s official CO2 output to establish your Benefit in kind amount (BIK) – please see below for the link to the car fuel and emissions data.

• Multiply that BIK amount by your personal tax rate (20%, 40% or 45% ) to get your company car tax payable.

  Here’s a vehicle we have calculated for you.

• Taxable list price of the vehicle incl VAT is £26,550 x 0.21 (CO2 130 band) = £5575.00

• What is your rate of tax (20%, 40%, 45%) let's assume 20%
• £5575.00 x 0.20 = £1,150.10

• £1,115.10 / 12 = £92.93

  The Benefit in Kind is £92.93 per month 

  Please note for LCVs the cost of tax is a set £3150.00 per annum. Car fuel and emissions data

  For further advice and assistance, please speak to your local tax office or access the link below for the HMRC website.

  HRMC Website Information partly sourced from www.gov.uk

The first direct debit will come out of your account 14 days after your vehicle has been delivered.

You should always discuss your options for sourcing vehicles with your accountant as tax implications can be different for individuals. For example, LTD companies, partnerships & sole trader businesses can lease a vehicle through the business; however, if you are a director of a limited company you may prefer to lease a car personally depending on the prevailing company car tax rates. Sole traders and small partnerships do not pay company car tax. All business subscriptions exclude VAT.