Marking the new tax year, Volvo Car UK has launched a new app to give business customers all the information they need to fund a company car.
Free to use by any business, the Fleet Tax Guide provides a single, accurate source of information to ensure fleets and their drivers are always up to date with relevant obligations and entitlements, including:
Tax rates and allowances
Personal and corporate, including lease rental restrictions
National Insurance Contributions (NIC) rates and thresholds
Employee and employer NIC rates and thresholds
CO2-based first year, main pool and special-rate pool allowances to 2018
Rates to 2019/20 and fuel benefit multipliers and charges for 2017/18
OLEV and hybrid grant
Includes level of grant and eligibility criteria
Vehicle Excise Duty (VED)
Standard and first-year rates
Approved mileage allowance payments (AMAPs) and advisory fuel rates (AFRs)
Maximum income tax-free rates for payments to employees
Taking the XC90 T8 Twin Engine Momentum – with its ultra-low CO2 emissions – as an example, fleets can see, via the app, the range of financial benefits it attracts, including an incredibly low BIK rate of just 9% in 2017/18 for company car drivers. For this tax year, the BIK tax payable for a 40% taxpayer is just £2,174.40, while Class 1A NIC payments for employers in 2017/18 are just £750.17.
Selwyn Cooper, Head of Business Sales, Volvo Car UK, said: "The changes in company car tax thresholds continue to encourage low-CO2 company cars, but all the factors involved in funding a car can make the process quite daunting.
"Our new Fleet Tax Guide will help current fleet customers to stay ahead of any changes to their vehicle payments, while allowing companies looking to add Volvo to their fleet to make informed decisions based on the latest information, supporting them through the initial stages of the selection process. This is just another example of Volvo making its customers' lives easier."
Jeff Whitcombe, Director of BCF Wessex, who developed the app, said: "We developed the Fleet Tax Guide to replace the pocket tax guide that was hugely popular within the automotive industry for so many years. Our multi-platform digital guide is user-friendly and far more practical, offering up-to-date figures to provide a convenient way to access all the latest tax information relevant to businesses."
The Fleet Tax Guide is available as a free web app, supported by all Apple iOS (7+), Google Android (3.0+), Windows Phone (8+) and BlackBerry OS (7+) devices. There are no app store downloads to manage, and the guide will update itself instantly when any changes are made to the rules. As long as the device is connected to the internet, information will always be current and accurate.
The Fleet Tax Guide can be found by visiting www.fleettaxguide.co.uk/volvocars