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Employee car ownership (ECO) schemes

Structured ECO schemes are still a popular method of funding company cars.

An ECO scheme funds your vehicle through a combination of company car tax savings, cash and business mileage reimbursed using Inland Revenue approved rates.

Employees legally own the cars and, because company car tax rules no longer apply, drivers often end up financially better off. The company saves money through the tax and NI efficient nature of the business mileage reimbursement. For companies who have a large field based workforce with high business mileage the savings under an ECO scheme can be sizeable.

Contact us today to discuss whether an ECO scheme could be the right funding method for your business.