*Pricing based on a personal lease. Image is illustrative only. Terms and conditions apply.
*Pricing based on a business lease. Image is illustrative only. Terms and conditions apply.
*Pricing based on a Driving Instructor lease. Image is illustrative only. Terms and conditions apply.
Electric Car Scheme
Fill more roles and meet sustainability goals with electric car salary sacrifice
Electric Car Scheme
Fill more roles and meet sustainability goals with Electric Car Salary Sacrifice.
Buying and maintaining a car can be one of the biggest expenses in a household and also one of the biggest impacts on your employee’s individual carbon footprint. However, this could all change when they become part of your Electric Car Salary Sacrifice scheme. Driving net zero in your business is also now more important now more than ever, so promoting a scheme that empowers employees to be sustainable, could be a great tool to recruit and retain the right people for your business.
If you have 1,500 or more employees your business could be eligible to offer this exciting employee benefit that drives sustainability and satisfaction.
What is an Electric Car Scheme?
An Electric Car Scheme, also known as Electric Car Salary Sacrifice, enables employees to exchange part of their pre-tax salary in return for a brand new car.
How does an Electric Car Scheme work?
Employees will pay for the vehicle through a GROSS (before tax & NI) Salary Sacrifice each month which in turn reduces their PAYE, National Insurance contributions and Benefit-In-Kind (BIK) tax.
Why an Electric Car Scheme is right for your business
When employees exchange part of their salary for a brand new car, part of their income tax is replaced with lower Benefit in Kind taxation. They also pay less National Insurance contributions.
Because the company electric car scheme focuses on fully electric and Ultra Low Emission Vehicles (ULEVs) there are even more savings to be had, including zero road tax and a reduction in fuel costs of up to 85%.
The Committee on Climate Change reports that the average home could save up to 2 tonnes per year in CO2 for each vehicle they switch to electric.
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We love the portal and the team have been great to work with getting this all up and running.
Head of Payroll and Pensions
Canary Wharf Group Plc