Provecta Car Scheme (ECO)

[tjdixon911]

Can anyone explain the Provecta Car Scheme to me? I am considering a Job where this is part of the package and need more info.

I've been on Car allowance for the Past 6 Years and have got used to the additional income from that although a majority of it has been paying for my daily drive.

I know this scheme is tax efficient but how will it effect me? Do I get taxed for the company car?

I have always in the past found car allowance to have its benifits (and works well if you do alot of business miles), I like the Idea of getting into a co car again for the no risk benifit but will I be better or worse off.

I guess alot of the answers will be dependant on mileage (business/personal), type of car etc.

Any help much appreciated.

[johnfm]

the scheme works by ensuring the employee (you) is cash neutral by the employer maximising savings in NI payments, you making BIK savings ( as it is not a Benefit in Kind - it is your car).

Your employer saves money over a conventional scheme and you get a new, reliable car at a good rate.

Your employer should be able to answer all your queries directly anyway - thye should know all the finer details of exactly what yuo will save depending on your business miles and your tax thresholds etc

[r3nuf]

Do you know anyone that works for Haymills in Stowmarket Tom? I know they run the scheme and a few of the Qs's have opted for it.

[tjdixon911]

r3nuf said:

Do you know anyone that works for Haymills in Stowmarket Tom? I know they run the scheme and a few of the Qs's have opted for it.

No don't know anyone there, I did go to college with a few but they have now left / lost contact.

It seems a really good scheme from what I have found out!

It is a little irrelevant now as I am going to a different company and have opted for car allowance again. (it was a tough decision between the two companies but hopefully the right decision )