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Providing the tools to plan ahead

There’s always uncertainty about. There was even uncertainty in the margins of George Osborne’s Budget in March. This document didn’t reveal the Company Car Tax (CCT) rates for 2020-21, just the ones that we already knew for the years up to and including 2019-20. LeasePlan’s latest guide to company car taxation and fleet funding, takes account of recent policy changes – but we cannot yet be sure what changes lie ahead for CCT.
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And the uncertainty keeps on coming. Mr Osborne is, of course, Chancellor no more. He and David Cameron have been unseated from power by a referendum that also decided Britain’s departure from the European Union. Theresa May now occupies Number 10. Philip Hammond lives next-door in Number 11. What will they do with CCT and all the other myriad policies that affect fleets and their drivers? We don’t currently know.

Certainty in uncertain times

Yet, despite all this, there is still a lot that we do know – and our guide will pass that knowledge on to you. We intend for it to be a beacon amid the murk. It doesn’t merely list the policies that company car drivers and operators need to be aware of. It also explains them by transcribing them into real world scenarios, so that you can see what the Government’s budgeting means in practice, and not just on paper.

We are particularly proud of this aspect of the guide. We believe that it’s the best way to clarify just how your fleet costs and policies will be affected by tax changes. There is, of course, more to company car taxation than just what was announced in the Budget, and this guide reflects those additional areas. It includes a detailed timeline of upcoming tax changes, many of which were revealed in previous Budgets and Autumn Statements but are yet to take effect, so that you are aware of what will happen and when. After all, preparedness is half the battle when it comes to managing your fleet.

IFRS 16 Lease Accounting Standard

And there is more to managing your fleet than just company car taxation. Now that the new IFRS 16 Lease Accounting Standard has been published, we are able to summarise it and set out its implications. The standard does not come into force until January 2019, but, for companies that will be affected, it is worth getting to grips with now.

Find out more

We have tried to make this guide as comprehensive as possible, but we can offer even more. Please do get in touch with us to discuss any aspect of it or of company car policy in general. Your LeasePlan Account Director has access to our Automated Consulting Tool (ACT) to carry out basic fleet modelling. This will provide real insights into your fleet policies, how they have been affected by the Budget, and how they might be optimised in future. All with a few clicks. Our Consultancy team can then build on the insight that this provides.

In the meantime, we trust that this document will be helpful. There are so many questions surrounding company cars. How are the costs changing? What is the best way of going green? And just what will Mrs May and Mr Hammond end up doing? LeasePlan are delighted to be your guide, now and in future.

 

Blog by Matthew Walters, Head of Consultancy, LeasePlan UK

 


 

Download a copy of the 2016 LeasePlan Guide to Budget 2016 and Company Car Tax here:

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Matthew Walters

Matthew Walters

Matthew Walters is head of LeasePlan UK Consultancy and Customer Data Services and has been with LeasePlan for over 14 years.

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