Employee Car Ownership Scheme (Structured)
Leasedrive Velo's Employee Car Ownership Scheme is a structured scheme delivering a tax efficient way of funding vehicles. The Scheme has been designed to provide policy control to the employer and increased benefits to the employee.
As the Scheme is partially 'funded' by way of a driver's tax savings and the fuel reimbursement policy can be set to maximise further tax relief from the Inland Revenue, many companies have been able to deliver genuine bottom line financial savings. This can be achieved while still allowing drivers to relieve themselves of the increasingly unwanted tax burden of a company car.
Employee Car Ownership Schemes can be combined with other optional services provided by Leasedrive Velo such as:
- Client services
- Driver services
- Accident management
- Fuel management
Key Features - Employer
- Policy advice
- Cash allowance calculation
- Utilise client funds/interest free loan
- Managed or fixed cost maintenance
- Greater control, avoiding penalties arising from Health and Safety Executive - Duty of Care
- Corporate APR
- Allows policy control
- Utilise Inland Revenue authorised mileage rates, providing greater tax efficiency
- Software provided by Leasedrive Velo to reduce employer administration
- Enhancement to employee benefits
- Corporate insurance
Key Features - Employee
- Tax efficient
- No Benefit In Kind taxation
- Automatic entry into scheme, no credit liability recorded on personal file
- Zero deposit
- Online quotation facility including Cash or Car tax modeller
- Fixed cost motoring - comprehensive maintenance package included and no depreciation risk
- Comprehensive motor insurance and GAP insurance
- Vehicle excise duty for the term of the agreement
- Three end-of-contract options: pay guaranteed future value and retain vehicle, return the vehicle and take a new ECOS or just return the vehicle
System
To support this scheme Leasedrive Velo provides an online quote to order system. Drive:Manager™ enables drivers/Fleet Managers to view vehicle specifications and prices online, configure and order a vehicle using their company's rule set to determine entitlement.
The system also provides the driver with the facilities to locate service outlets and book their vehicle in for work online. Armed with a password, the system is available 24 hours a day, 365 days a year, from any PC with a connection to the internet. Detailed interactive management reporting is available utilising Info:Manager™.
