Did you know that around half of all the new cars sold in the UK every year are sold to companies for use as company vehicles? Unlike in the US, there are strong incentives for companies in the UK to do so. When you talk about the pros and cons of providing company cars, it all depends on whose perspective you take.
Valuable for Employees
It is valuable for employees with families to have access to a second car. And for those individuals that do not have a vehicle, a company car can prevent the need to take public transportation or to make other arrangements. Situations where there is an agreement between employees and employers, in which the car is used as a salary sacrifice scheme, can result in benefits to both parties; although this is not always the case. While it may reduce an employees’ NIC obligations and limit income tax payments, the taxes incurred by driving the car may offset that benefit and even make it uneconomical.
The cost of repairing, servicing, maintaining, insuring, and eventually replacing company cars must also be taken into account and factored into the equation. Ultimately, the company car seems to serve as a motivator mostly, but in the right situation, it is a powerful incentive that can show employees that their employer cares about them. Whether this is the right decision for your business can also depend on how important transportation is to the job. Do you want it to serve as a bonus? An employee benefit? Without proper analysis and planning, the company car can lose the company money and be viewed as just another part of the job.
Is it Practical?
It may make more sense to make use of a vehicle reimbursement program in which the business is only liable for activities undertaken on the businesses’ behalf. Company cars, on the other hand, are the company’s responsibility at all times. If the company can work directly with a dealership like Young Automotive Group in order to secure discounts and lower down payments, it may be an attractive alternative to incentivize employees to buy from a strategic partner. The company can take advantage of all the pros of maintaining a company fleet while avoiding the cons.
A strategic partnership with a dealership coupled with the vehicle reimbursement program still allows a company to boost employee morale and facilitate their commutes to work while also boosting the bottom line. In the end, a company car is a decision that allows the company and its employees meet each other half way. It may not have outstanding perks for your business, but if it helps your employees perform, it may be well worth it.
The Greatest Night Clubs in Las Vegas for Bottle Service
Las Vegas is loaded with the dance club and picking one can be a significant undertaking for somebody who is...
Why is Investing in Healthcare is the Best Option for Medical Professionals?
Healthcare industry is considered as one of India’s largest sectors, both regarding employment and revenue generation. It is expected to...
The need and use of the Vial Box
There are a lot of healthcare professionals and caregivers that have to assist the living facilities and there are a...
How To Buy an Abstract Rug Online and Avoid the Mistakes Involved
We are currently living in the golden age of nesting. Especially as part of the millennial generation, we gravitate towards...
Begin Your Love Story With Disabled Dating
We want you to know – you aren’t DISABLED, you are just differently-abled because the only disability in life is...
Are You Selling at Least The Basics To A Beach Vacationer
In winter, a lot of people travel to major attractions such as warm beaches. These travelers often have to pack...
What You Need to Know Before Starting a Business
Congratulations, you did it. You decided to quit your day job and start a business. Being your own boss is...
.Net 3.1 Latest Features Released By Microsoft
.Net 3.1 Latest Features Released By Microsoft The latest version of .net core 3.1 has been released by Microsoft that...
BEST SPORTS FOR KIDS TO ENGAGE IN THIS YEAR
We are in a generation where our children are living an inactive lifestyle with very minimal or no sort of...
Buying a Strata Property – Is it a Good Investment for You
Buying a strata property is a scenario where you purchase a small portion of the complex and get access to...
What You Should Know About Google’s New VR/AR Features for the Web and Mobile Applications
Virtual reality (VR) and augmented reality (AR) are emerging technologies that provide users with a wide range of unique and...
Get the Kitchen of Your Dreams with the Best Remodeling Tips
Get the Kitchen of Your Dreams Among all the rooms of the house, the kitchen is the most versatile. It...
What does a Cyber Security Specialist do?
In our current reality, where a Security Guard ensures resources and a Bodyguard ensures individuals, a Cyber Security Specialist shields...
Why Would You Hire A Holiday Lights Service? Why Not?
The holidays bring us the tradition of baking, shopping, wrapping, parties, Christmas pageants and parades, tree decorating, and hanging lights....
Keep in Mind the Important Things Before Planning an Event
When thinking of the hire of a screen, don’t forget to look at how it is going to be presented....
- Tech5 years ago
Creating An e-Commerce Website
- Tech5 years ago
Design Template Guidelines For Mobile Apps
- Business4 years ago
The Key Types Of Brochure Printing Services
- Travel8 years ago
Who Else Wants Also Nfl Hat
- General5 years ago
Kobe Bryant With His Unique Nba Jerseys
- Tech5 years ago
Climb Google Using These Checklists
- Tech6 years ago
Why Small Businesses Can't Ignore Mobile Technology
- Health6 years ago
Health Supplements For Sports Activities Nutrition