Lease hire schemes for cars... business usage.

[Newmanseye]

I have a real quandry at the moment, My new job offers a generous Car allowance scheme, but as many blondes know I am bankrupt, my question is how do these schemes work, is it based on a credit rating similar to finance for purchasing over time?

The reason I ask is the company car scheme will allow me to lease/rent a vehicle whilst taking advantages of the tax breaks.

in short, more money in my pocket at the end of each month.

Any help would be appreciated.

Regards

Billy

[madasahatstand]

hiya billy

if it the car is owned by your company or a lease company they should not do any financial checks on you and the costs will come straight off your wages. thats usually the way work schemes happen. as for tax breaks, i used to have a leased car through the nhs and i got hammered in tax. i had no tax break at all and i had to pay a tax premium. others may have a different experience??

good luck

mad

[Newmanseye]

hiya billy

if it the car is owned by your company or a lease company they should not do any financial checks on you and the costs will come straight off your wages. thats usually the way work schemes happen. as for tax breaks, i used to have a leased car through the nhs and i got hammered in tax. i had no tax break at all and i had to pay a tax premium. others may have a different experience??

good luck

mad

Hi Mad,

Not quite what I ment, I did explain my situation in an akward way, If I lease a car externally i shoudl benefit from not utilising the company car, as the company will pay me for not taking a car from them ( or their lease company).

It seems very common these days but i can find nothing online and i was hoping someone in the industry or with experience of utlising a cash for car scheme may offer some objectivity and advice.

[madasahatstand]

ah sorry i read it again. i would then assume that if you are dealing with the lease company, they will run a credit check but there must be a way for you to secure the car??  a letter from your work mayve saying you have a permanent job? good luck with it and sorry im no more help

[byronkincaid]

Don't take my word as gospel cos I didn't use to work in the leasing dept but I would guess that they are still effectively lending you money and charging interest on it. Have you thought about renting a car? Dunno how much it is for long term rents but we def used to do discounts for people who rented for a few months or more. all insurance and stuff included then as well of course and no credit checks.

[markpenn]

Billy..

I have indepth knowledge about this, If you have any questions please ask.

Basically if you get the car through your work they will not do a credit check, If you buy yourself there will be a credit check done. It is also illegal to apply for credit over £250 i think if you are banckrupt.....

Ideally you buy a car and charge the company 40p a mile for the first 10k miles then so much per mile after. You would have to buy the car, insure it etc as usual but i know friends who do this and they actually make out of it.

Im sure i will see you tonight and if you wantto know anything about business, bankruptcy and lease etc we can have a chat in private.

Mark

[Dale]

Also if the company pay you less than 40p a mile for expenses then you can claim tax relief on the difference.

Say they pay you 20p a mile for every mile you drive your own car on work duties, you drive 10K miles in the year so you get £2000 in tax free expenses from your work over the year.... you can also get tax relief of £2000 at the end of the year.

[markpenn]

My work sucks.. I never get what I am entitled to

[Dale]

My work sucks.. I never get what I am entitled to

Your boss is a slave driver too

[Digger]

Hi Billy

Don't think we've spoken before....so hello!

I'm a newbie to Blonde (introduced by Colchester Kev...nuff said lol !), but can already see that there's a real community here & with lots of help & advise shared.

The previous threads do more or less sum up your options, I do have my own vehicle leasing business, so if you would like to have a chat about your situation, please feel free to give me a call & I'll see if I can help.

Regards

Dave 'Digger' Davies
.........

(edited to remove phone number )

[Newmanseye]

Hi Billy

Don't think we've spoken before....so hello!

I'm a newbie to Blonde (introduced by Colchester Kev...nuff said lol !), but can already see that there's a real community here & with lots of help & advise shared.

The previous threads do more or less sum up your options, I do have my own vehicle leasing business, so if you would like to have a chat about your situation, please feel free to give me a call & I'll see if I can help.

Regards

Dave 'Digger' Davies

Ok dave thanks for that mate, i will give you a call now, but take your phone number off the page or no doubt Flushy will add you to his phonebook !!  not a nice place to be mate.

[Newmanseye]

A big thanks to Digger Dave, Completely simplified the leasing business as far as i am concerned.

Cheers Dave, its greatly appreciated mate.