Bespoke Employee Car Ownership (ECO) Schemes can give your company and your drivers another funding option. You get all the operational benefits of contract hire, while your drivers benefit in kind tax burden is removed.
If a traditional company car scheme doesn't suit your business needs, Bespoke ECO Schemes could be the solution. An ECO scheme offers your drivers a structured contract purchase agreement. At the end of the contract the driver can:
Make a final payment and own the car outright
Return the vehicle to the funder with nothing more to pay apart from damage and any excess mileage
Some drivers can save money, as Bespoke ECO Schemes don't carry the benefit in kind tax burden of a simple cash allowance.
Bespoke ECO Schemes can be tailored to suit your needs.
An ECO Scheme is ideal if:
You are unable to take advantage of the VAT benefits of contract hire
You run expensive (£25,000+) vehicles in your fleet
Your drivers want (or need) to run vehicles with high CO2 emission figures, as the benefit in kind tax burden is removed