While looking through the Vantage Contract Hire and Leasing website you may come across some words that may be new to you so we have put together this Jargon Buster to help you understand the world of Contract Hire.
• Benefit in Kind (BIK) - Benefits that are not included in an individual's salary, one of which is often a company car
• P11D – This is a form that must be completed by an employer every year and sent to HMRC
• P11D value – Total value of the car including RRP, VAT and any extras such as metallic paint, sat nav or parking sensors and is used to calculate your personal company car tax
• Recommended Retail Price (RRP) – This is the amount that the car manufacturer recommends that the car should be sold for
• Vehicle Excise Duty (VED) – amount payable on all cars, including company cars, that is calculated based on CO2 emissions of the car