Used Car News from Moorland Cars


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VED tax shake-up could impact BIK

11 October 2012

An influential ‘think tank’ is proposing replacing vehicle excise duty (VED) with a one-off charge on new cars based on CO2 emissions, which would be included in benefit-in-kind (BIK) calculations for company cars.
 
CentreForum says the Government would set an annual emissions "pivot point" equal to the emissions of the best performing 1% of cars the previous year. Cars with emissions below the 1% level would receive a subsidy. Cars above this level would attract an emissions charge at the time of purchase.  For example, if the pivot point was 94g/km of CO2, cars with emissions above 94g/km would pay a first registration charge of between £35 to £50 per gram above 94g and cars with CO2 emissions lower than 94g would therefore receive a subsidy of £50 per gram below that level.
 
CentreForum says that this one-off charge would then be included in what is the current P11D price to calculate BIK liability.

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Technology upgrade paves the way for a speed ....

03 October 2012

.... camera revival on UK roads

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Staff choose cash over car for wrong reasons

03 October 2012

Employees offered a company car or a cash alternative should focus on the ‘true value’ of a company car, according to a tax expert.
 
The advice comes in the wake of a survey of more than 2,000 companies by Towers Watson, a global professional services company, which reveals that cash alternatives are outstripping company cars as the most popular benefit.  Almost 80% of managerial level employees are eligible for car benefits with most offered the choice of a car or a cash alternative. Just 12% are offered only the car option.  The survey shows that 57% of employees entitled to a company car have opted to take the cash.
 
Darryl Davis, senior consultant in Towers Watson’s Data Service division, said: “We have seen a steady increase in the value of car schemes per employee, but the trend has been for more schemes to move from company cars to cash-based allowances, or to offer employees a choice.”
 
Government figures on benefit-in-kind tax reveal a steady decline in the number of company cars over recent years.  HM Revenue & Customs estimates that there were 950,000 taxable company cars in 2010/11, down from 970,000 in 2009/10. This is a fall of more than 20% over the past eight years, from 1.2 million company cars in 2004/05.
 
Jeff Whitcombe, director at BCF Wessex, said: “I have been surprised by some of the reasons suggested for the fall and I think the reduction is too easily attributed to increasing taxation.   Since 2002, when the minimum was 15% of a car’s list price, the minimum appropriate percentage has fallen to as little as 5%, excluding EVs, and it won’t reach 15% again until 2016.  Over this same period, the adoption of low- emission cars has been supported by the availability of first-year allowances, which significantly reduce the wholelife cost of qualifying cars.” 
 
Whitcombe believes the double-dip recession has been the single-most influential factor.   “With company car tax rates set for the next five years, as the economy improves I would encourage drivers and employers to use this to their advantage by planning ahead, and focusing on the true value of the company car,” he explained.  “For example, take a higher-rate employee who is considering whether to take a Toyota Prius T3 as his new company car or to take a £7,000 gross cash alternative and make his own arrangements.
 
“With a list price of £23,950 and CO2 emissions of just 89g/km the income tax due this year would be £958, or just 4% of the car’s list price.  If the employee took the cash alternative, he would pay tax and NIC of £2,940 and would then have to acquire, maintain and insure his own car.”

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Paris Motor Show – new Range Rover

01 October 2012

just better"

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Jaguar F-Type sportscar unveiled

01 October 2012

Jaguar marked a return to its roots at the Paris Motor Show by unveiling its new F-Type.

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