Categories : Auto Repair

Business car remains vital part of benefits, discovers 2015 Lex report

That’s according to the 2015 Report on Business Motoring by Lex Autolease published today (1 September 2015). The report is an in-depth review of issues, difficulties and opportunities facing the fleet industry, and is based upon a study of 249 fleet managers and 1,041 motorists (with either a company automobile or personal car), as well as discussions with Lex Autolease clients and expert specialists. For 2015, the research has discovered that for company vehicle motorists in certain, the business vehicle is an essential lever in the job market, with 64 % stating it would be essential in their choice on whether to take a new task or not. Option is valued more than the financial value of the automobile; 72 % of business automobile motorists stated the level of option of company car would be important in employment choices, compared to 57 % who stated the value of the automobile provided would be very important in any decision. The relative significance of being offered a company vehicle is less for those who currently have an independently moneyed automobile, but once more it is option of car above value that more individuals say would contribute in any employment decision. Showing these results, 43 % of fleet managers state that company vehicles are ending up being more crucial in recruiting and keeping employees. Half concur that workers are requiring more choice in the kind of car they have. In addition to financial self-confidence, Lex said this might reflect wider social trends motivated by the digital and social networks transformation; consumers today have an ever-greater desire for products that support their status, individuality and lifestyle needs. It added that the subsequent pressure this places on recruitment in some sectors, makes it needed for some employers to provide increasingly attractive packages. Lex likewise found that whilst a business car is not appropriate for every employee, however many would like the option of having one or not. Drivers were asked what they would choose if their companies altered their advantages policy and provided different options …
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Business vehicles stay greatest value Benefit in Kind whilst take-up stays steady

Provisional HMRC data for 2013-14 programs that the variety of motorists paying BiK on a company vehicle was 940,000 – – the same as for 2012-13 but a decrease on the 950,000 in 2011-12 but down 18 % on the 1.14 m drivers for 2005-6. On the other hand 200,000 individuals paid Benefit in Kind on automobile fuel in 2013-14 according to the provisional information, down from 220,000 in 2012-13 and decreased by 47 % from the 380,000 in 2005-6. HMRC stated the sharper reduction for car fuel benefit is likely to reflect rising fuel rates, triggering companies and employees to look more carefully at whether the fuel benefit formula results in a tax charge commensurate with the true value of the benefit.    The full HMRC data for 2012-13 programs that company automobiles remain the greatest value Benefit in Kind, relating to a taxable value of ££ 3.7 bn or 50 % of the taxable value of all Benefits in Kind. Meanwhile 220,000 people paid Benefit in Kind on automobile fuel, with a taxable value of ££ 770m or 10 % of the overall value. Car advantage and automobile fuel advantage together represented 60 % of the total taxable   value of all benefits in kind, significantly higher than the percentage of   recipients who received these benefits. This was because of the greater average   tax liability for these benefits.    The HMRC information also breaks down emissions for business car take-up and shows developed strong trend in the decrease of the level of emissions. A total of 81 % of drivers in 2012-13 opted for a diesel design, with 19 % classified as non-diesels. A total of 91 % of company vehicles in 2012-13 released less than 165g/km of CO2, an increase from 87 % in 2011-12. This group contributes 79 % of the tax and 82 % of the NIC liability. 20,000 motorists (2 %) were taxed on a car design with less than 95g/km CO2 emissions. The biggest concentration of motorists (21 %) was seen in the 115-124g/ km emissions bracket. 10,000 motorists (1 %) were taxed on a model with 225g/km or over.    …
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