Our customer makes significant savings each year and has already provided over 700 vehicles to its employees.
However, the business was looking for ways to further reduce business costs and provide employees with financial stability. The company wanted an easy-to-manage solution that reduced P11D reporting and admin, while remaining compliant.
Streamlining the car benefit solution
The client had a mixture of employees who were enjoying being part of the CBS scheme, whilst others remained in a traditional company car arrangement. Those still in a company car were constantly changing what vehicles they drove based on stock availability. This had become a resource heavy burden and complicated process for HR to report company car tax.
Our client shared the relevant fleet data, with the goal to simplify the employee car benefit offering, but at the same time, keeping it fair across manufacturer brands and staff structure. Business savings were of course important, but first and foremost, our customer was adamant its employees remained as near to cost-neutral as possible and enjoyed the benefits of a traditional company car.
A new structure that is also future-proof
After detailed examination of the existing organisational structure and fleet, meetings were arranged to present the findings. We also performed analysis on used car pricing, to ensure our client could build an employee fleet that would create ample opportunities for profit via the car resales, at the end of the term.
The results outlined annual savings of approximately £70,000* and demonstrated how benefit reporting admin could be significantly reduced with our scheme. The team was so impressed with the benefits outlined and made the decision to go ahead with the expansion of their solution the very same day.
*This is comprised of the combined business and employee savings against company car tax and Class 1A NIC contributions.
Do you want a car scheme than can offer:
- An opportunity to generate business savings.
- The ability to reduce resource time needed.
- Your dealership a planned pipeline of used car stock.
- A cost-efficient car benefit for your employees.
Get in touch today to find out more about about CBS car schemes.