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When you look at leasing a vehicle, it will be offered to you on either a personal leasing or a business leasing basis. There are many similarities between these two types of leasing deal, but each one appeals to different people in different ways, and the key difference is that business leasing is cheaper than personal leasing. This guide will explain why, as well as all the fundamental basics of business leasing.
Another term for business leasing is ‘business contract hire’ and this effectively describes the process of a business providing a vehicle for an employee on a lease basis. This means that neither the employee nor the business owns the vehicle, it is owned by the lease company.
With a business lease deal, you will agree a lease term and a fixed monthly payment in return for the exclusive use of the vehicle for the duration of that term. Then the vehicle will be returned to the leasing company. The vehicle can be used for both business and personal mileage, and business leasing does not just apply to perks such as a company car, it also applies to vans used for deliveries or carrying equipment and materials. In this sense, business leasing often forms part of a ‘fleet’ deal, whereby a number of vehicles are leased by a business and managed accordingly.
As we have mentioned, there are many similarities between business and personal leasing:
The main difference between business leasing and personal leasing is that a VAT-registered business can claim back 50% VAT on the monthly payment they make for the vehicle, and 100% VAT on the maintenance agreement. This only applies if the vehicle is leased by a VAT-registered company and therefore doesn’t apply to personal leasing where the price includes VAT.
In order to qualify for this, the business must deduct personal mileage from the total mileage declared, because personal mileage is subject to VAT. Many businesses are able to manage this by asking employees to keep a record of their personal mileage, but some businesses restrict usage of the vehicle to business mileage only.
Businesses can choose from a huge range of petrol and diesel cars from Pink Car Leasing and agree favourable terms for their organisation. We can also offer electric vehicle leasing, hybrid car leasing, and van leasing on a business lease basis.
Many businesses are turning to vehicle leasing because it aligns with many cost saving and efficiency drives the organisation sets as objectives. These benefits include:
If you contact Pink Car Leasing today you will find the quickest route to supplying and managing your fleet in a cost-effective way.
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