Am I alone in thinking that Company car advice to owner directors is a minefield and getting worse? Rules change regularly and the compounded options seem to make it impossible to cover all bases with just some of the things (incomplete list) to consider being:
- Lease v hire v HP, Electric v hybrid v petrol/diesel
- Company owned v director owned
- Company profitability/losses
- Alternative methods of director remuneration
- Personal income tax rates
- Commercial deals v personal deals
- Balloon payment level
- Lease term (years)
- Fleet deals
- Make and Model
- Car v Van
- Electric range
I always struggle to provide company car advice on the occasional times that I am asked and I always spend many hours to ensure that my knowledge is right up to date and that I have covered as many matters as I possibly can. To the best of my belief I do a go job but always go over an acceptable budget and charge the client far less than the value of my time. I think clients perceive the advice to be far easier to give than it actually is and this is reflected in my reluctance to charge very much for the advice.
Any template reply goes out of date and new rules are difficult to keep up to date with. Ideally, I would outsource this advice but cannot find a suitable provider. An up-to-date template or booklet would be great but I cannot find a suitable white label product.
How do you other accountants (qualified or unqualified) manage to deal with this type of advice when you only provide it on an occasional basis?