10:09 am, July 29, 2022
The P11D deadline has been and gone, which means dealers now know how much Class 1A National Insurance Contributions (NICs) you owe for employee benefits.
Thanks to a 1.25 percentage point increase in National Insurance this year, Class 1A NICs payable on company cars might be higher than expected.
Rising costs are a burden on businesses. Car Benefit Solutions (CBS) can reduce costs with a structured employee car benefit scheme.
The firm offers solutions can help generate savings and free up resources, allowing dealers to focus on running their businesses.
A solution to manage rising costs
By removing Benefit-in-Kind (BIK) tax and Class 1A NICs with a CBS solution, you can save your business money while still providing sought after car benefits to employees.
You choose how to use the savings – whether that means increasing profitability, making employees cost-neutral on their current car arrangement, or providing savings to employees to help retain top talent within the company.
After the National Insurance increase from 13.8 per cent to 15.05 per cent for employers earlier this year, the savings are even more significant.
Equally, as inflation rates continue to soar (at present it’s at nine per cent) and the cost of living continues to increase, generating savings is a high priority.
Make savings on your recruitment budget
A CBS Car Scheme is a great way to help reward and retain your existing employees. By providing them with savings, you can ensure they feel valued, motivated, and reduce your recruitment costs by keeping your staff turnover to a minimum.
With competition high for the industry’s top talent, a CBS Car Scheme can help offer prospective employees a more affordable way to drive a brand new vehicle and help you become the employer of choice.
Save time and money
Looking to make your P11D process easier? A CBS Car Scheme can help. By switching to a CBS car fleet, you can remove the requirement for recording each individual vehicle an employee has driven throughout the year.
Let CBS help you simplify your P11D administration process and start making savings.
For more information get in touch here or visit the CBS website.
