Improved tax efficiency
For fleets operating an Employee Car Ownership scheme, moving from annual to monthly reconciliation requires mileage records to be submitted in a timely manner, every month. Where no mileage is submitted companies have to assume 100% private mileage resulting in the grossing up of the monthly allowance resulting in increased costs.
- Higher costs
- Tax increases for LCV drivers
Having an auditable record of LCV use ‘out of hours’, too, can reduce the likelihood of drivers having to pay increased benefit in kind, or higher NI contributions. Without this, vehicles may be classified as available for private use; again, ProFleet2 provides the answer.