TMC, in partnership with Hitachi Capital Vehicle Solutions (“HCVS”), HRUX and BCF Wessex, offers CariQ, the next generation Employee Car Ownership (ECO) programme.
CariQ has been developed in response to the recent legislation on Optional Remuneration Arrangements (OpRAs) and the ever-increasing company car tax in the UK. As company car drivers opt out, fleets are in danger of losing control over the cars employees drive.
CariQ enables businesses to provide employees with a structured car scheme but significantly reduces the cost to the employer, whilst ensuring the employee stays neutral, based on what they pay today in terms of whole life costs. Protecting employees from the increases in the company car tax.
CariQ enables employers to retain control, whilst saving costs and maintaining the value of the benefit for the employee. Businesses can future proof their fleets by ensuring that cars can be slotted in to the right funding solution for the right employee at the right time.
TMC arranges the funding with HCVS and the mileage capture, fuel management and audit while HRUX and BCF Wessex provide the tax advice, scheme advice vehicle by vehicle, support the HMRC approval process and the technical payroll adjustments.
BCF Wessex and HRUX will work out the break-even point for each car in terms of the annual business mileage that needs to be driven to ensure CariQ makes cost savings. In many cases, only one business mile needs to be driven for CariQ to make savings.
The product has the additional benefit for customers with the involvement of ERA Fleet Cost Management who will support the holistic programme by providing support with vendor stewardship and management.
We’d love to answer your questions or tell you more. Give us a call on 01270 525 218 or leave your details HERE and we’ll call you.