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6. How can an employee part-pay a company car's cost?

Employee pays part of company car cost2:00

"How can an employee part-pay a company car's cost?"

When a person's agreed to pay for part of the purchase cost of a company car, you'll need to update the company vehicle benefit.

To update a vehicle benefit if a person's agreed to pay for part of a company car's purchase cost:

  1. First, select the pay batch on: MenuPay batches
  2. Then tap: SettingsPay batch settings
  3. Then scroll to the bottom and look for the "Repeat payables" heading.
  4. And tap the company vehicle benefit you'd like to store an "Employee payment towards car" for.
  5. Then scroll down and expand the "Optional" heading.
  6. Then in Employee payment towards car, enter how much the employee is paying, one-time.
  7. The amount of the one-time payment isn't automatically deducted by 1st Money from any paystub.
  8. Read the note which explains how you must separately arrange the payment.
  9. Next, tap: Save
  10. To see how the "Employee payment towards car" affects people's paystubs, tap the company vehicle benefit again.
  11. Next, scroll down, then tap the person.
  12. Then hover your mouse over the vehicle benefit, and tap the "See on paystub" button:
  13. And you'll see the vehicle benefit showing under: "Benefits-in-kind ... company arranged"
  14. And finally, when you hover your mouse over the benefit amount, you'll see the breakdown. In the breakdown the "per year" amount is now lower because of the: "Employee payment towards car"

Keep in mind that:

  • The "Employee payment towards car" option doesn't show if the "Vehicle type" is set to: "Van"
  • Also, the money deducted, to pay for part of the purchase cost of a company car is sometimes also known as: "capital contributions"

And that's it! That's all you need to do, if a person's agreed to pay for part of a company car's purchase cost.

Updated: Sat, Oct 28, 2023.

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© 2020–2024 1st Money UK Holdings Ltd. All rights reserved.
www.1st.money/help/Expenses/F-G._Cars_and_vans,_and_car_and_van_fuel/6._How_can_an_employee_part-pay_a_company_car's_cost