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Providing you and your staff the best way to drive a new electric vehicle!
Salary sacrifice provides your employees a benefit scheme which allows them to access tax savings via an electric vehicle (EV) through your business. Salary sacrifice electric vehicle schemes allow employees to pay for their electric vehicle from their gross salary to reduce their taxable income by deducting the cost of the vehicle before their salary is taxed.
Employee contract is altered to give up gross salary towards the cost of an EV
Employee saves on Income Tax and National Insurance in return for a small company car tax charge
Full aftercare is provided including charger installation and maintenance of the vehicle
Salary sacrifice provides you with a cost effective way to drive a new electric vehicle (EV), saving you money by paying for your vehicle directly as a salary reduction, meaning you're taxed less.
Provide the Salary Sacrifice Information pack to your HR & Finance department
You gain access to our salary sacrifice portal to select your new EV
Your fully maintained EV car is delivered to your door!
This can be invested in charging infrastructure and other elements of the scheme
Provides assistance with the cost-of-living crisis by reducing month car costs by 30-40% on average
Increases sustainability and aids carbon reporting
The project can be completed with no additional costs being incurred
See how much you could save using our tax saving calculator tool
See how much you could save at our fuel comparison calculator tool
See the extensive public charging infrastructure near you using our map tool
Save through reduced taxation on your salary.
Get in touch with our dedicated team who are here to guide you.
Unsure of where your closet charge points are then use our charge point map to guide you.
Salary sacrifice is an employee benefits scheme that allows your employees to pay for a car out of their gross monthly salary. In view of the fact that the salary sacrifice comes out of the gross pay of an employee it reduces the income tax and National Insurance they would be paying.
It is important to appreciate that since changes to the tax rules in 2017 salary sacrifice only works on ultra-low emission cars with a CO2 emission below 75g of CO2/km from the tailpipe.
Salary sacrifice is also popular with pension contributions, the bike to work scheme and childcare vouchers.
It is necessary to have an agreement in place with your employees who enter into a salary sacrifice scheme to demonstrate that their rights to salary are reduced to reflect this agreement. It is also important to ensure that the employee’s payslip reflects this change.
You could face some costs at the end of the agreement if the vehicle is returned damaged or with excessive wear & tear. Also, there could be an excess mileage charge incurred if you exceeded the contract mileage.
You will formally leave the scheme if you resign or leave your employment. In other situations, the tax rules permit you to leave the scheme if you experience a ‘lifestyle change’. It is up to you to agree with your employer if there is a change in your circumstances whether this constitutes a ‘lifestyle change’. The tax rules do not prescribe what these may be but HMRC guidance suggests it may include marriage, redundancy or bereavement.
Contact our specialist team today to learn how salary sacrifice can help your business.