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Uncertainty On BIK Taxation Highlights Benefits of Personal Contract Hire

Many traditional Company Car drivers are ditching the company car in favour of Personal Contract Hire thanks to the uncertainty over BIK (Benefit In Kind) Taxation Rates.

Employees who can take a cash payment from employers are rapidly finding out that they can be £££s better off taking a vehicle on Personal Contract Hire from someone like ArburyFleet.co.uk instead of opting for a company vehicle.

With so many companies trusting us with their fleet vehicles and recommending us to their employees, could you be better off taking a vehicle on Personal Contract Hire?

The Uncertainty stems from WLTP (worldwide light vehicle testing program), which has shifted BIK rates upwards and for many has meant that the new shiny company car has meant a rise in BIK and paying more tax + uncertainty for BIK rates beyond 2020.

The overall car market as a whole is also switching toward PCH in favour of traditional methods such as cash purchase, PCP (Personal Contract Purchase), or HP Finance.The market has seen an increase in the first half of 2018 with details in our Info Graphic below.

If you’d like to discuss your personal situation with taking a PCH car rather than a Company Car, then please call us on 01527 836069.

*Source - https://www.bvrla.co.uk/research/leasing-statistics

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Posted on 26th November 2018 at 12:49 PM

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