Business, Taxation & Finance Guide for Company Cars 2024 TO 2025

Updated: March 2024

Making the right choice between company use vehicles or company car schemes is an increasingly complex decision.

The best way for individual businesses to acquire and fund a company vehicle will be determined by a combination of:

  • Funding methods
  • Business and personal taxation
  • National Insurance (NI) contributions
  • Capital and revenue allowances
  • Whole Life Costs (WLC)
  • CO2 emissions,
  • Benefit in Kind (BIK)
  • Mileage Allowance Payment (MAP)
  • Level of Profit
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This guide explains what the main areas of Finance and Taxation are and, more importantly, what they mean in a day-to-day context.

HOT TOPICS

From Clean Air Zones and Intelligent Speed Assistance to access to EV charging, these are the hot topics impacting business car drivers today.

FINANCE PRODUCTS

Guide business customers to the right finance product for their commercial needs with this summary of: Contract Purchase; Hire Purchase; Contract Hire (Operating Lease) and Finance Lease.

COMPANY TAXATION

Whether it’s Sole Traders and Partnerships paying Income Tax or Limited companies paying Corporation Tax, keep up to date with the latest tax rates.

TAX ALLOWANCES

Whether purchased or leased, these are the latest Capital and Revenue Allowance rates that businesses can claim back from HMRC on their company cars.

COMPANY CAR TAXES

Driving a company car comes with income tax, VAT and NI implications. Use this to access the latest Vehicle Excise duty as well as calculating Benefit in Kind and Approved Mileage Allowance Payments. 

USEFUL CONTACTS

From the DVLA to the Road Haulage Association, this is a guide to some of the UK’s biggest automotive organisations, both in Government and the private sector.

GLOSSARY

Your A-Z on all technical terms relating to UK Automotive Business and Commercial Vehicle Finance.