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Business car and van leasing offers many distinct benefits, however, there are some situations where it may not be right for your business just now. To help you decide, we’ve put together a list of factors to help point you in the right direction.
If you work for yourself, read our guide to car leasing for the self-employed, sole trader and partnerships.
Information is provided as a guide only. Select Car Leasing cannot be held responsible for any personal or business decisions made as a result of information provided in the guides. As with all aspects of taxation, it is the responsibility of individuals and businesses to understand the rules and regulations and act accordingly. As personal and business circumstances can vary, it is also advised that you take professional accounting advice before making a final decision.
When businesses lease vehicles, a percentage of VAT can be reclaimed on monthly payments depending upon whether the vehicle is purely for business use or for a mix of business and personal use, meaning you'll have access to cheaper monthly payments for these vehicles.
If your car is only used for business purposes, such as deliveries or ferrying clients, you're able to reclaim the entirety of the VAT payment. Should you use the vehicle for personal tasks, alongside business-related ones, you can claim 50% of the VAT, giving you a worthwhile saving over a personal lease.
If you'd like to speak with our friendly team about business vehicle leasing, simply call 0118 920 5130 or email us at: enquiries@selectcarleasing.co.uk
If you're thinking about business car leasing, we have a collection of informative guides on all aspects of business leasing to make the process as simple as possible.
More and more businesses now choose to lease rather than buy their cars, vans and fleet vehicles, and this number continues to grow year on year. Today, corporate leasing alone (not including business types such as SMEs, the self-employed and sole traders) accounts for over 2 million vehicles in the UK.
Regardless of the shape or size of your business, business car leasing offers a myriad of benefits, making it a really smart choice. To find out more about the tax and accounting benefits of business car leasing, along with the staff-related benefits and broader business-related benefits, read on.
If you’re unsure whether it’d be better for your business to lease its next new car or instead to buy it, then read on because our business vehicle leasing vs. buying guide explains everything you need to know and consider before you make this important decision.
As a sole trader or as a limited company, you are able to lease a van with Select, with tax-deductible monthly payments with its business-purpose status.
Similarly to a personal car lease, you can choose your van, or fleet of vehicles, and set specifications (initial payment, mileage, contract length) and use the vehicle until the end of contract, at which point your business will have access to the new range of vans equipped with the latest technology and equipment to suit your needs.
You don't need to be a business to enjoy a van lease. Many businesses choose to lease a van for company use and there are lots of tax advantages to doing so, such as being able to claim back 100% of the VAT.
But a van also makes sense for many lease customers who want to use it solely for personal use. A van will carry things like mountain bikes, kayaks, paddle boards, and camping kit much easier than a typical car can.
And there are also plenty of vans with seating for the whole family, meaning it’s just as comfortable on the school run as it is heading to the great outdoors at weekends!
Leasing through a business comes with the benefit of cheaper monthly payments, with a 50% tax reclamation should you use the car for a mix of personal and business tasks, and a 100% tax reclamation should the vehicle be solely for business-use.
If your business lease vehicle is also used for personal purposes, however, you'll be charged Benefit in Kind tax, which could potentially make a business lease less attractive.
In most cases, leasing a car through a business can be cheaper than a personal lease. The exact savings depend on how the vehicle is used. If the car is used solely for business purposes, the discount is usually greater. If it’s used for a mix of business and personal use, the savings may be smaller.
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