The Electric Car Scheme’s Post

Top 5 Cars to Salary Sacrifice in 2024! Looking to save big with a car lease through your business? If so, don't miss out on the best options for maximising your salary sacrifice scheme. ⬇️ https://lnkd.in/eiYzrEMa #SalarySacrifice #Carleasing #Tax #Topcars #EV #Business

A Salary Sacrifice scheme could help your employees make the switch to electric cars. It's a valuable staff benefit that's easy to run for no extra cost.   This is how it works: 1. An employee leases a brand new electric car through the scheme. 2. The employee exchanges salary for lease payments. 3. Instead of paying income tax on the sacrificed salary, the employee pays a low Benefit in Kind (BiK) rate of tax.   To encourage the use of electric cars, the Government has set a low rate of BiK tax on zero emission cars. The amount an individual can save depends on several factors, such as car model, their income and tax rate band, and how the scheme is set up.   To find out more, contact our specialist Andrew Witt, or see our website for details.   https://lnkd.in/edWTBemi #salarysacrifice #electriccars #ev

Electric vehicles can boost income with salary sacrifice It may seem counter-intuitive, but taking a pay cut and opting for a salary sacrifice scheme with an electric car can boost take-home pay thanks to tax and national insurance contribution (NIC) savings. Read this story and the rest of our May news here: https://lnkd.in/gf9ntPjE #BGM #salarysacrifice #electriccars #ev #incometax

Did you know, more than half of employers are now offering Electric Car Salary Sacrifice Schemes to their employees, and it doesn't cost them a penny to set up. 👏   Fleet Alliance CEO Andy Bruce delves into the benefits for both employer and employee via Personnel Today 👇   “With a salary sacrifice car scheme, instead of salary being swallowed up by taxes and national insurance, employees sacrifice some of their earnings to pay for a new car. The tax advantages are considerable because of the rate of company car tax payable by employees on EVs is just 2% in the current tax year, compare that with rates as high as 37% for the most polluting diesel.” ⚡ Click below to read more and discover how your business can benefit! 🌍 #ElectricCar #SalarySacrifice #EVs #TaxSavings #CompanyCarTax

Is your company or organisation feeling the pressure to reduce carbon emissions? While fleet cars have seen a big uptake in electric and hybrid models with the incentive of low Benefit in Kind (BiK) tax rates, private individuals have not. And employees' journeys to and from work also add to your overall carbon footprint. Salary Sacrifice schemes are a way for employers to help make electric vehicles more affordable for employees' personal use. By exchanging a portion of salary for lease payments on a new electric car, employees do not pay income tax on the sacrificed salary (just the low BiK rate of tax), saving as much as 40% on the overall cost of leasing a brand new electric car through a Salary Sacrifice scheme. To find out more, ask our Salary Sacrifice Specialist Andrew Witt, email salarysacrifice@wessexfleet.co.uk or visit https://lnkd.in/edWTBemi #salarysacrifice #electriccars #ev

We've just launched our brand new Salary Sacrifice Calculator which allows you to compare multiple cars side-by-side.   You can filter cars by your preferred body style (e.g. saloon, hatchback, estate), fuel type (electric, petrol, hybrid, diesel), seats, make and model, then view the cars you want altogether on-screen.   Side-by-side you can see annual/monthly taxable benefit and the monthly impact on net pay.   You can even see the monthly difference Salary Sacrifice will make to your pay for your selected cars, with detailed analysis of the costs.   And our new calculator is not just for employees.   Employers can see the cost savings from Salary Sacrifice too, including employer's NIC, corporation tax and recoverable VAT.   If you're a dealer or broker helping clients introduce Salary Sacrifice we can also place a calculator on your website using your monthly rentals.   Try DriveSmart's new Salary Sacrifice calculator for free here:   https://lnkd.in/ebErs7EC   #automotive #electriccars #tax #humanresources #salarysacrifice

Something to think about if you are considering buying an electric vehicle

Company car allowance: How best to spend it. The way to get the most bang for your buck with a company car allowance is through a salary sacrifice scheme. Let me explain why. Say you get a £1000 per month car allowance. If you used that to go out and get a personal car lease, your £1000 is actually much less, because you will pay income tax and national insurance on that. If you're a 40% tax payer, you are immediately wiping over £400 a month off your car allowance. After deductions, that £1000 a month is much more likely to be around the £600 a month mark. Compare that to using that to using your £1000 allowance through a salary sacrifice scheme. This time you can spend that full £1000/month on the car. Instead of paying £400/month income tax on your car allowance, you would pay benefit in kind (BIK) tax which is very low on electric cars. The BIK on a £60K electric car on a 3 year contract would be £33.33 a month. This is why people are getting electric cars. You're now going from Vauxhall territory to BMW or Audi territory. How do you get a car through salary sacrifice? You can do it if your employer offers a salary sacrifice scheme. It can only be done that way. Ask your HR department or manager if you have the scheme at your place of work and they will give you the details. What if your employer doesn't have a salary sacrifice scheme? Send your HR Manager this video and get them to book a call with me. I will happily talk them through with them and set it up for them if they like the sound of it. It doesn't cost the business anything to set up, so it is a no brainer. Want to learn more about salary sacrifice? Book a call with me 👇 🔵 https://lnkd.in/exHZgKt7 Cheers. Daniel #carallowance #car #salarysacrifice #ev

🚗 Considering an Electric Car? Here's Why a Salary Sacrifice Scheme Could Be a Game-Changer! 🌱 🔋 Lower Costs: Opting for an electric car via a salary sacrifice scheme means spreading the cost over time, usually with significant tax savings, making eco-friendly driving more affordable for you. 🌍 Environmental Impact: Reduce your carbon footprint by driving an electric vehicle. With zero exhaust emissions, you're contributing to a cleaner, greener future for our planet. 💰 Tax Efficiency: Take advantage of tax incentives available for electric vehicles, enhancing your savings while enjoying the latest in EV technology. ⚡️ Convenient Charging: With a fast growing network of charging stations nationwide, powering up your electric car is easier than ever, offering convenience and peace of mind on the road. Join the movement towards sustainable transportation today! #ElectricCars #SalarySacrifice #Sustainability #GreenFuture 🌟

What a brilliant concept and idea from the The Electric Car Scheme In simplistic terms - the cycle to work scheme but for electric cars! Brilliant 👏🏼 Via a pre tax salary sacrifice from your wages each month! Anything from 30-60% saving on your desired vehicle. Bravo 👏🏼 #electriccarscheme