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The company car can be an important part of the remuneration package for many employees – and a crucial business tool for employers. However, tax and national insurance costs could mean that the company car is not the most tax-efficient option for either employer or employee.
Capital allowances allow the costs of capital assets to be written off against taxable profits. In recent years the Government has been generous with the rates of capital allowances in an attempt to help businesses and encourage greener investment.