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The tax implications of company cars for owner-managed businesses
KEY POINTS
- Increased use of personal contract plans enables many to have a new car every three to four years.
- For the owner manager there is little advantage in transferring a company tax saving to a personal tax liability.
- A practical example compares the outright purchase of a car with an operating lease.
- Carbon dioxide emissions will determine the tax treatment of company cars.
- A comparison of the relative costs of a company car measuired against a cash allowance and personal car purchase.
Down the years there has been much debate as to whether it is more tax-efficient for an employee to take a company car as part of their remuneration package or to purchase their own car. Further is it better for a company...
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