Contract Hire Company Cars

Radda bout yeee · October 05, 2011, 12:09:32 PM

Anyone have any opinions of these? They seem to be a good option at the minute to get company cars for a fixed term on a monthly payment with them maintaining the car for you as well.

sammymaguire · October 05, 2011, 01:27:08 PM

find out how it affects your income tax before you go ahead

Billys Boots · October 05, 2011, 03:34:58 PM

Run a mile; these things only work if you've a pile of money and you don't want to ever own/look after a car. I don't think there are too many garages/dealers doing them any more - the banks don't want to fund them and the 'loans' were always considered moderate-risk anyway. They'll kill you on BIK anyway.

Shamrock Shore · October 05, 2011, 04:11:11 PM

I'm with Billy.

Bage pole etc.

Company cars are not the craic that you think they are. Spend 5k on a good decent 6 year old car. There is value out there.

Radda bout yeee · October 05, 2011, 04:20:54 PM

I intend to put the car through as a pool car to avoid BIK.

Billys Boots · October 05, 2011, 04:25:05 PM

Aye, that'll be grand until you're caught.

Shamrock Shore · October 05, 2011, 06:05:56 PM

Rada

Worse move you could make.

Saying "pool car" is akin to saying "me dog ate it", "I won it on the horses", "it's not you, it's me" etc

laoislad · October 05, 2011, 06:07:17 PM

Quote from: Shamrock Shore on October 05, 2011, 04:11:11 PM
I'm with Billy.

Bage pole etc.

Company cars are not the craic that you think they are. Spend 5k on a good decent 6 year old car. There is value out there.

Says the man with the 2011 Merc

Shamrock Shore · October 05, 2011, 06:11:26 PM

QuoteI intend to put the car through as a pool car to ~~avoid~~ evade BIK

Fixed that!

Laoislad - go away outa tha! I've a 2005 car outside!

laceer · October 05, 2011, 06:12:47 PM

Lex Autolease are the biggest contract hire firm in the UK. Loads of information about the tax implications on their website. There are different types of contracts which determine the ownership of the car, and so the tax rules that apply to it

under the bar · October 05, 2011, 07:44:16 PM

If you put pool car on your tax return is like inviting hmrc to shove a pool cue up your jacksie!!

JUst retired · October 05, 2011, 08:17:28 PM

As someone who drove company cars for at least 20 yrs, you will regret it. You will pay heavy taxes, you will not get a no claims bonus on insurance, and you will have to account for fuel , company or private use. Run a mile.

The Worker · October 05, 2011, 08:24:46 PM

Quote from: Radda bout yeee on October 05, 2011, 04:20:54 PM
I intend to put the car through as a pool car to avoid BIK.

S P Wouldnt approve of that!

Puckoon · October 05, 2011, 09:07:41 PM

Quote from: JUst retired on October 05, 2011, 08:17:28 PM
As someone who drove company cars for at least 20 yrs, you will regret it. You will pay heavy taxes, you will not get a no claims bonus on insurance, and you will have to account for fuel , company or private use. Run a mile.

My father just opted out of the company car scheme after 25 years. We were just talking about it this week - and he has saved a fortune on income tax - even with keeping the maintainance at a standard he kept it at when the company was paying for everything.

Rois · October 06, 2011, 01:03:19 PM

The guys who are entitled to a company car in our Employment Taxes department don't take them up. Go figure.