Contract Hire

BUSINESS CONTRACT HIRE 

• Off balance sheet
• Fixed cost as the only variables will be fuel, insurance and maintenance if a non maintenance contract selected
• Offset percentage of monthly rental against liability to corporation tax
• 50% of VAT on rentals reclaimable if used for any private use
• 100% of VAT on rentals reclaimable if used solely for business use
• 100% of VAT on maintenance contract reclaimable regardless of use
• Accelerated tax benefits in first year if large advance rental paid (subject to maximum)
• Contract hire company administer vehicle
• Maintenance contracts available
• No interest in risk or reward of vehicle residual value at end of contract

PERSONAL CONTRACT HIRE

• Fixed cost as the only variables will be fuel, insurance and maintenance if a non maintenance contract selected
• Maintenance contracts available
• No interest in risk or reward of vehicle residual value at end of contract
• Flexible contracts and vehicle delivered at beginning and collected at end of contract
• Low monthly rentals
• Benefit from buying power of Summit Volvo Contract Hire
• Suits people who traditionally enjoyed benefit of company car but have now opted for cash in lieu or had company car option withdrawn
• No P11D benefit in kind taxation

 “The preferred choice for Business & Personal Contract Hire”