FAQs About Our Fleet Products
Do you want to manage risk and reward of vehicle ownership yourself or have someone else manage this for you? We have a number of products that can meet both of these requirements.
What is your normal rate of return? Are you tying up cash in expensive vehicles? Is this the best way forward or should you be looking to re invest this into growing your business? We can look at the options for you and offer a true independent view.
This can be complex, but need not be. All vehicle financing products have specific corporation tax considerations so let us review your requirements and help you choose a financing method that will meet your specific needs.
We can design a tailored fleet policy to cover all your specific needs, using the right funding platform to minimise your costs and meet your operatinal requirements.
Needs change over time and we can look at what is best for you now and in the future. We can provide a number of options taking into account how your needs may change.
We can look into this. You may have specific On or Off balance sheet requirements. please see below an important update that may impact your company.We can help you choose the right product and structure in conjunction with your finance team to deliver what you need.
IFRS 16 Update : For Publicly quoted firms that report to the International Financial Reporting Standards and the public sector
New lease accounting rules effective from 1 January 2019.
The International Accounting Standards Board (IASB) has now published a new International Financial Reporting Standard (IFRS) 16, which requires lessees (customers leasing an asset) to recognise assets and liabilities for most leases on the balance sheet. IFRS 16 will supersede the current lease standard International Accounting Standard (IAS) 17.
Previously, a lessee would have to determine whether the lease is a finance lease or an operating lease. This is effectively done by assessing the risks and rewards inherent in the lease. Contract hire arrangements are usually operating leases.
Publicly listed companies already have to make a note to the annual report, which reflects any operating lease rentals payable. Businesses will need to ensure they report on their liabilities (rental payment arising under the lease) and their asset (the right to use the leased asset).
Understanding your vehicle usage requiements is critical to effectively manageing your costs, wherther this relates to annual mileage or activities your vehicles will be used for. We can look at the options available to you and potential scenario planning.
Dependent on your VAT status, funding product and business usage there are restrictions on the amount of VAT recoverable. We can model different products and their tax treatment so that you can make an informed decision on what really is best for your business.
Specific products have different employee Benefit in Kind impacts. We can model what the potential BIK impacts can be for your employee base dependent on your potential product selection and choice of vehicles.
This can be very complex, cash flow, personal and business tax, whole life costs are just some of the key elements to consider. Utilising our bespoke and highly spophisticated financial modelling tools we can help you understand how these factors vary by product and what is best for you.
There are a number of factors to think about, technical specification, health & safety, true whole life costs, employee preferences are just a few. Let us help you navigate through this complex decision process so that you have the optimum policy in place for your business needs.