Print VersionAlto - Employee Car Ownership
Alto is the ‘alternative ownership’ car scheme that offers major benefits for employers and company car drivers alike. The main difference is that funding is provided to the driver to purchase the car, which is then used for business. The award winning Alto provides the vehicle itself, plus maintenance and other services such as accident management and short term hire, if required. The driver then makes credit and maintenance payments for the vehicle via a salary deduction.
A key aspect of the service offering is that Masterlease can administer the monthly tax and national insurance reconcilliation that is required by HM Revenue and Customs (HMRC) to approve schemes and monitor ongoing compliancy.
The difference between this type of agreement and some ‘cash for car’ schemes is that title to the vehicle passes on day one. As the driver is using their own car for business there is no benefit-in-kind position. And with drivers able to maximise mileage reimbursements from their employer against approved mileage allowance payments (AMAPs) the benefits really start to add up.
You also reap the benefits of Alto. Not only can Masterlease administer the scheme but significant cost savings can also be made. Masterlease can also negotiate discounts on the vehicle itself, making the whole process even more cost effective. You can mix and match Alto with contract hire to suit the differing requirements within your fleet. Alto can also help you manage your Duty of Care responsibilities more efficiently than with a standard ‘cash for car’ scheme.
~ A flexible, cost effective car scheme with major benefits to both drivers and employers
~ Funding provided by Masterlease allows driver to purchase car themselves
~ Title to the vehicle passes immediately, unlike other ‘cash for car’ schemes
~ Driver simply claims back mileage from employer
~ Same flexibility of choice in vehicles that drivers would have via a standard ‘cash for car’ scheme
~ Masterlease offer total driver support - removing the hassle of running a fleet
~ Can offer savings of up to £600 per car per annum pre-tax
~ HMRC clearance sought on every scheme by a third party auditor
~ Monthly reconcilliation to suit HMRC approval on ongoing reporting requirements
~ Masterlease driver communication programme can include information packs, presentations and a help desk
Regular reviews conducted by Masterlease to ensure each Alto scheme is meeting that company’s requirements as well as our own agreed key performance indicators
There are five stages to the implementation of Alto
To discuss how Alto can benefit your business, call Masterlease now on 0870 732 4460 or email info@masterlease.uk.com.
