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Almost a quarter of companies that operate van fleets were unaware of the 600% tax hike, a recent Navman survey reveals.
Recent research revealed that almost a quarter of companies operating van fleets were unaware that the benefit-in-kind (BIK) tax charges on company vans was increased by 600%, unless they can prove thattheir vans asre only used for business and not personal use.
Previously £500 per year, the BIK rose to a frightening £3000, £3500 where fuel is also provided.
Your staff will be understandably upset about this and this may well mean that they no longer use the vehicles for personal journeys. Did you know that you, as employers, will also be required to meet the payments of 12.8% National Insurance on any recorded BIK value. With several vehicles in your fleet it's easy to see how this will have a negative effect on your bottom line.
Your initial reaction may be to stop all personal useage of your company vans, but did you know it is also the employers' responsibility to prove this to the tax man....very difficult without a fleet management system in place.
ETS can offer either Navman Wireless or Trakm8 SWIFT fleet management systems which can make this very simple for you to prove conclusively in support of your bottom line and also that of your employees.
The "Big Brother" attitude towards fleet management systems is increasingly an outdated view as systems like these provide your employees with the support and back up they require to keep the tax man at bay.
Coupled with the widely accepted benefits of eliminating unauthorised journeys, fulfilling your duty of care by monitoring speeding, accurate overtime patments, accurate site times and increased efficiency, if you haven't already done so, now is the time to help your staff by installing one of our fleet management systems.
Call ETS on 0870 428 6268 for more information |
