Toyota Hilux – The right car for independent retailers?
The Toyota Hilux is without doubt the toughest car in the world. In 2003 Top Gear attempted to write one off by setting it on fire, driving through deep water and even a collapsing tower block, all to no avail. So it’s certainly tough enough for your every need, but what other benefits does the Toyota Hilux have for independent retailers.
Flat-rate benefit in kind (BIK)
- The Toyota Hilux is considered a light commercial vehicle, (LCVs) this means they are taxed at a flat rate, irrespective of CO2 emissions or price.
- BIK rate for pick-ups are fixed at £3,350 per annum, this means if you’re taxed at 40% you’ll only pay £1340 per annum or if you’re taxed at 20% tax you’ll only have to pay £670 per annum or £55.83 a month.
- In comparison a car bought at £20,000 and emitting 120g/km of CO2, this will cost £1,024 per annum at 20% or £2,048 per annum at 40% making the pick up a more economical choice.
VAT and Capital Allowance Benefits
Just because you’ve decided on a pick-up, doesn’t mean that you can’t drive in luxury and comfort and still receive tax benefits, all LCV’s – including double-cabs qualify for VAT reclaims. If 80% of your vehicles mileage is for business mileage then you can claim 80% of VAT back from the taxman.
If you purchase a Toyota Hilux through your business, you can write off the value against capital allowances quicker with an LCV rather than a regular company car, this is because a LCV is classed as ‘plant and machinery’. The purchase cost for a Toyota Hilux can usually be written off within a year.
It’s easy with bira bank
We are delighted to be able to offer you an exclusive discount on all new Toyota and Lexus cars, including the Toyota Hilux which was last year’s pick-up of the year. So, if your current vehicle has seen better days, or you just want to treat yourself to something new, you can take advantage of this unique opportunity as a member of bira.
Our friendly team offer a simple and straightforward service where you’ll also benefit from, paying monthly by standing order, and flexible repayments between 12-60 months. Up until the 31st October 2018, we are offering a promotional rate on our vehicle loans, with finance costing a flat rate of just 2.6% (5.1% APR). The deal may end on Halloween, but the offer is anything but spooky.