Company cars are a great way to give your team the chance to represent your brand and travel to where they’re needed quickly and efficiently.
There are, however, many different options to choose from when selecting a company car, as well as rules, regulations and taxes to keep in mind.
As such, we’ve put together a list of everything you need to know about providing company cars to your valued employees.
Taxing Company Cars
Company cars are viewed as employee benefits by the UK Government, which means that employees will pay tax on the value of their car, and for any time they use it outside of work, including on their commute. You’ll need to learn about the ways that company car tax can affect your business and the tax codes of its employees before you introduce them into your company.
Creating Rules For The Use Of Company Cars
When you provide a company car to your team, it’s important that you set out rules for them to follow about the use of the car. This might include how employees can claim for expenses such as fuel, what they can use the car for in their own time and the condition they should keep the car in. Setting out these rules early is important, as it will ensure that everyone knows what is expected from them when they’re using their company vehicle.
Financing Company Cars
Much like buying your own car, there are various different ways you can spread the cost of a company car to ensure that your staff drive a new model that meets their needs and your business’s budget. One cost-effective solution is to lease your company cars instead of buying them outright. Vantage Leasing is one of a small number of UK leasing companies that ship to Northern Ireland, so you’ll be able to get some of the latest models sent directly from the UK for your staff.
Adding Upgrades To Company Cars
Innovators across the car manufacturing market are constantly adding new features and technologies to their vehicles, which means that you’ll be spoilt for choice when you’re looking to enhance your team’s company cars. It’s important that you find the solutions that will improve your company vehicles and make them more effective for your team members.
Tracking Company Cars
Keeping on top of all the company cars your firm has out on the road can be a challenge, so if you’re going to offer cars to several members of your team then you should consider using fleet management software to track and monitor them all. This will ensure that you’re able to keep on top of where your cars are and assess whether or not they’re being used appropriately.
Company cars are a perk that many employees enjoy having access to, so by being prepared and getting everything ready you’ll be able to make sure they enjoy them and that they benefit your organisation.