• Off balance sheet
• Fixed cost as the only variables will be fuel, insurance and maintenance if 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
• Flexible contracts and vehicle delivered at beginning and collected at end of contract

Why Contract Hire - Private Individual?

• Fixed cost as the only variables will be fuel, insurance and maintenance if 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 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people who traditionally enjoyed benefit of company car but have now opted for cash in lieu or had company car option withdrawn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

What Happens At End Of Contract?

• Vehicle will be collected from the address as advised on original contract details or returned to officially appointed agent of funding partner
• Excess mileage over and above that agreed on contract will be charged at the rate set at contract inception
• Proof of full service and maintenance record will be required regardless of maintenance contract by authorised agents of the manufacturer
• All original keys and spare keys must be returned with vehicle
• Any damage over and above fair wear and tear along with damage caused due to misuse or negligence is chargeable (full details available on request)