Business

Do You Need a Company Car as a Business Owner?

Starting your own business is a great way to take control of your career and spend your time doing something you enjoy, but there are many additional perks that you may have overlooked. As a business owner, you can use your company’s status to increase your remuneration package with incentives and benefits, such as company cars, gym memberships and private health insurance.

If you’re considering investing in a company car, be sure to check out the best financing options to maximise your budget. With easy-to-access car credit Manchester from Accept Car Finance, for example, you can spread the cost of a car over months or years and get the latest makes and models without overspending.

To find out why a company car can be an important asset, take a look at these four ways you can utilise a company vehicle as a business owner:

1. Advertise Your Business

When you have access to a company car, you can choose to advertise your business 24 hours a day, 7 days a week. Car wraps and graphics are an easy and eye-catching way to promote your brand and engage your target audience. You can even include your contact details, website address and QR codes on your vehicle, so that people can learn more about your business and get in touch straight away.

2. Showcase Your Sustainable Credentials

Whether you have one company car or an entire fleet, the make and model you choose can say a lot about your business. By choosing a hybrid or electric car, for example, you can showcase your brand’s commitment to sustainability. As consumers place increasing importance on the environmental impact that businesses have, highlighting your sustainable practices in such a public way can be bring reputation and financial advantages, as well as environmental benefits.

3. Use of Capital Allowances

If a business purchases a vehicle, it can use its capital allowances to offset the cost. This reduces the company’s taxable profits and can minimise the firm’s tax liabilities. Of course, you’ll need to determine whether the vehicle will be driven for personal use as well as business purposes before you begin detracting costs from your company’s accounts. With the right financial advice, however, you can access a variety of tax benefits via company car schemes.

4. Safeguard Your Operations

Purchasing a company car may give you the opportunity to upgrade your vehicle and, if so, you’ll be safeguarding your operations. If travel is an integral element of your role or business, a safe and reliable vehicle is essential to success. Furthermore, your customers will see your car regularly, so the vehicle you choose will have a substantial impact on how they view your brand. By upgrading to a nearly new car, you can elevate your company’s appearance and benefit from increased reliability and performance.

Accessing Employee Benefits as a Business Owner

There are many types of employee benefits that can be given to staff, including directors and owners. While they are still liable for tax, there can be significant financial advantages associated with ‘benefits in kind’. Due to this, business owners can optimise their own salary packages by getting tailored financial advice and incorporating employee benefits into their payment schemes.
  

10-Mar-2022

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