Structured Employee Car Ownership (ECO)
Structured Employee Car Ownership schemes can be a viable alternative to either giving a cash allowance or a traditional company car.
Employees don’t pay company car tax but they usually fund a proportion of the car’s cost through tax free payments for business mileage. Dependent on circumstances, this can make Structured Employee Car Ownership very tax efficient for both you and your employees.
However, it is very important to consider any potential pitfalls and professional advice is critical.
What are the benefits for you?
- Control the quality and suitability of vehicles used by your employees
- Perceived as a benefit by many employees
- Tax efficiency.