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Milage profiling crucial To Car Schemes, Say Toomey Opticar

Mileage profiling holds the key to businesses looking for the lowest cost route to providing company cars, says mixed fleet specialist Toomey Opticar.

Efficient mileage management and record-keeping has the added benefit of ensuring that  a company car scheme meets HM Revenue & Customs requirements - a key factor for any business that wants to avoid year end tax reconciliations or worse still, investigation.

Company car schemes are an attractive employee benefit, but can represent a substantial overhead unless operated in the most cost and tax-efficient way.

Toomey Opticar offers a unique mixed fleet solution that allows businesses to offer drivers the car option best suited to their business mileage, choosing from contract hire, a structure cash allowance through – in which an employee receives a monthly sum to spend on a car of their choice, with servicing, maintenance, road tax, breakdown cover and insurance included – or a cash allowance paid in lieu of a company car, to employees who use their own vehicle for business.

Peter Eldon, of Toomey Opticar, says: “Identifying the lowest cost of these routes can be achieved by profiling each company driver, according to their predicted annual business mileage and calculating the approved mileage allowance payments (AMAPs) if they choose a cash option rather a company car, where company car tax applies.

“The company can then see whether or not the AMAPs will be enough to subsidise the allowance payable in a cash arrangement, or if it would be more cost-efficient for the company and driver to go for a company car option.

“Demonstrating the financial position to each individual driver makes it much easier for them to decide whether to go with a company car or cash, particularly if that is structured and managed rather than simple cash for car.

“Here at Toomey Opticar, we offer a mileage profiling solution that includes a user-friendly online system that directs drivers to the lowest cost option, in a way that allows them to see for themselves why that is the best choice for them.”

Toomey Opticar’s unique, online mixed fleet solution manages every aspect of a company car scheme, while maximising benefits in terms of cost, tax, administration and vehicle choice.

For more information call 01582 518181.