Car Allowance Schemes - Directors At Risk Ep 84

In this video, we're going to talk all about Car Allowance Schemes (Grey Fleet) - Directors at Risk. Company Directors need to be aware of the risks associated with providing employees a car allowance to conduct business. A car allowance scheme, also known as a "grey fleet", is when employees use their own vehicles for work purposes and receive reimbursement. This is different from a traditional company fleet where vehicles are owned or leased by the organization. It also differs from novated leases where vehicles are leased to employees but paid for by the company. With a grey fleet, Directors face obligations to ensure proper policies and procedures are in place to mitigate risks. Key risks include ensuring vehicles are properly insured, maintained and suitable for business use. There are also occupational health and safety risks to consider. Failure to fulfill these obligations can lead to legal consequences for Directors. If you're a Company Director and your company provides a car allowance scheme, this video will outline the key risks you need to keep in mind. We will explain the differences between the options for vehicle provision, your obligations around managing risks, and steps you can take to reduce liability. After watching, you'll better understand the risks and be able to make informed decisions to protect yourself and your company. We aim to provide an overview of this important issue for Directors in an professional and educational manner. Please let us know if you have any other questions!Become a supporter of this podcast: https://www.spreaker.com/podcast/talking-business-with-mark-and-john--5696935/support.