Preparation is key for new tax changes
Monday, 30 March 2009
Hitachi Capital Vehicle Solutions is urging fleet managers to take advice from their leasing provider about the potential impact of changes to the company car tax system while there is still time to make any revisions before the law takes effect in April.
Statistics from a recent survey conducted by Hitachi Capital revealed that as a result of the recession, 79% of fleet managers are already reviewing their fleets in an effort to reduce costs. An understanding of how the changes in legislation will affect the tax liability of their fleet is therefore a crucial part of this review process for fleet managers.
"Fleet managers have enough to deal with in keeping the daily operations of their fleet running smoothly - it's a bit much to expect them to become tax experts as well," says Phil Peace, Director of Sales, Hitachi Capital Vehicle Solutions. "The tax changes in April will be affecting areas such as capital allowances, expensive car leasing disallowance and employee car ownerships, so companies looking to reduce costs will benefit greatly from understanding the implications of these changes in advance."
Hitachi Capital is offering a free fleet funding and policy review to businesses running car or light commercial fleets of at least 50 vehicles. Using fleet financial modelling software, the review can independently forecast the cost of acquiring, operating and disposing of company cars and light commercial vehicles. This tool can also be used to calculate cash allowances, including the financial impact on employees.
Companies interested in a free fleet review should email fleetreview@hitachicapital.co.uk or call 01635 574 640. For further details on the new car tax rules, a download guide is available from www.hitachicapitalvehiclesolutions.co.uk/fleetreview
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