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BP Case Study
Car Benefit Solutions (CBS) is one of the UK’s leading providers of automotive benefits consultancy, specialising in the development and implementation of structured company car alternatives. The CBS product suite includes financial modelling, technical advice, policy development, Inland Revenue compliance, project management and Health Checks.
CBS were engaged by BP to review their Employee Car Ownership (ECO) scheme for both their perk and business drivers. The original scheme had been implemented in 1996 and BP wished to ensure that the decision to move to a COS was correct, that the scheme was compliant with the relevant legislation and to take advantage of structures developed by CBS to improve economic efficiency and reduce administration
Car Benefit Solutions (CBS) is one of the UK’s leading providers of automotive benefits consultancy, specialising in the development and implementation of structured company car alternatives. The CBS product suite includes financial modelling, technical advice, policy development, Inland Revenue compliance, project management and Health Checks.
CBS were engaged by BP to review their Employee Car Ownership (ECO) scheme for both their perk and business drivers. The original scheme had been implemented in 1996 and BP wished to ensure that the decision to move to a COS was correct, that the scheme was compliant with the relevant legislation and to take advantage of structures developed by CBS to improve economic efficiency and reduce administration
Project Objectives
- Review and report on the economics of the ECO when compared to the alternatives of a traditional company car or cash.
- Ensure continuing compliance with relevant tax, consumer credit and employer legislation and accounting standards.
- Recommend and implement structures to improve the economic efficiency of the ECO.
- Update and improve processes to reduce levels of administration.
- Produce report on the status of the ECO.
- Recommend and manage changes to ECO structure to deliver objectives.
- Draft tax clearance letters.
- Develop communication material.
- Develop and introduce new legal documentation to facilitate revised structures.
Client Benefits
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- Increased economic efficiency of ECO.
- Reduction in administration.
- Ensure continuing technical robustness of scheme.
- Smooth transition from old to new scheme.
- Independence of business advice in both identifying and delivering savings.
Did CBS add value?
"BP commissioned CBS to conduct a Health Check to ensure that the business had made the right decisions in implementing our ECO. In addition we asked them to recommend enhancements and to ensure compliance with ever changing legislation and regulations in a complex technical area.
I have been impressed with the professional approach taken by CBS, their technical knowledge across all fields relating to the ECO and their ability to resolve issues and develop solutions that add significant value to the business. It is comforting to know that such a high level of technical and professional support is close to hand.”
Peter McErlean
Head of Personal Taxation, BP plc
"BP commissioned CBS to conduct a Health Check to ensure that the business had made the right decisions in implementing our ECO. In addition we asked them to recommend enhancements and to ensure compliance with ever changing legislation and regulations in a complex technical area.
I have been impressed with the professional approach taken by CBS, their technical knowledge across all fields relating to the ECO and their ability to resolve issues and develop solutions that add significant value to the business. It is comforting to know that such a high level of technical and professional support is close to hand.”
Peter McErlean
Head of Personal Taxation, BP plc
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