Moving to electric vehicles is the quickest thing an individual or company can do to help save the planet. Cutting emissions by 23%.
Save £13,325* compared to a private lease using the governments generous 30%-40% salary sacrifice tax breaks.
Release on average £10,000 cash tied up in your privately owned/leased personal car by switching to a "green fleet" EV provided by your employer.
*£1k saving based on leasing a Tesla Y costing £694 monthly at 42% tax
This is a government approved scheme where you agree to exchange a portion of your salary for an EV leased by your company. You do not pay tax or national insurance on the salary sacrificed but only a minimal amount of tax on the EV provided as a benefit in kind.
eco will issue a set of explainer documents and hold introductory webinars to help you assess whether you're ready for the EV move.
eco through its partners will provide a portal by which you can choose and order the car of your choice.
This is the easiest thing a business can do to set its self upon a path to Net Zero carbon emissions, which is fast becoming a supply chain requirement.
Your employer can take out insurance against any unwanted leases caused by redundancy, maternity or staff leaving and fund this from tax savings.
The £14,000 average salary sacrifice saving is equivalent to a 10% pay rise.
You will be provided a brand new car for the duration of your lease with the newest technology in the market.
£10,000 Average Cash Release
Purchasing an Electric Vehicle enables you to benefit from £10,000* cash release by selling your previous car.
Fully Maintained Car
Included in your lease we can provide insurance for you and other drivers which also benefit from the salary sacrifice savings, tax and national insurance. Up to 64% cheaper.
We can include insurance that can protect you and your employer from the event of falling seriously ill.
Lower Running Costs
EVs have a 66% lower running cost and these cost will reduce with time.
No tax or national insurance on car. 2% benefit in kind tax.
EV salary sacrifice schemes save 30%-42% over private leases.
New Electric Vehicle of your choice enables you to benefit from £10k*cash release by selling the previous car Company EVs save 30%-42% over private leases EVs have a 66% lower running cost
Save 4.6 tons of CO2 emissions per car (based on 11,500 average miles driven) Do your bit to save the planet
Your lease includes maintenance, servicing and tyres, roadside assistance, driver and family member insurance, early termination insurance that covers long term sickness, maternity, resignation, and redundancy. Overall, this means that for every £1,000 spent on leasing the employee saves £300-£420, depending on their tax bracket
Benefits to employers
13.8% National Insurance saving. 10% VAT saving, with businesses able to claim back 50% of the VAT on the lease. Overall, this means that for every £1,000 spent on leasing, your business saves £250 in tax rebates
Biggest and most tax-efficient employee perk available. 75% of employees stay due to employee benefit packages. EV SSS makes it easier to recruit and retain staff
All leased vehicles will count towards your green quotas, such as ISO14001 Corporate Responsibility targets, which look at energy efficiency and the amount of green energy that your business consumes. By utilising the Salary Sacrifice Scheme, you’re able to make huge strides of progress towards these protocols without having to make massive changes - you just need to offer your employees the chance to drive new, reliable, non-polluting cars at an incredibly affordable price!
In addition to the above, there are also many financial benefits to your business, particularly if you’re able to sign multiple employees up to the scheme, as you’ll receive a higher level of VAT claim back and will be able to aim for more aggressive eco-friendly targets as a result. Furthermore, eco is looking to ensure that businesses engaging with salary sacrifice for car lease schemes are protected in the event that an employee leaves the company.
Getting involved with the Salary Sacrifice Scheme
Now that you have all the information that you need to make a decision on whether to engage in the salary sacrifice scheme, you’re probably wondering what the next steps are. In general, there are two different things that can happen at this point: As an employer, you begin to gauge whether the scheme is something that your employees would be interested in and whether salary sacrifice for electric cars is something that your employees could feasibly manage. If gathering this information is something you need assistance with, you can get in touch with the eco team, who will be able to conduct the survey on your behalf, collating all of the relevant information that is required. Some businesses struggle to implement such a scheme and do still distance themselves due to the fear of change. If this is the case, we can assist you in laying out all the information in a way that’s clear and easy to process for your managers and directors - following this, they will then be able to make an informed decision regarding salary sacrifice leasing for the business
For more assistance on the salary sacrifice car lease scheme or to discuss action plans for implementation at your business, please feel free to contact the eco team. Our experts are on hand to assist you with your questions and queries each day by phone, email, and our online contact form! Just pick the method of contact that you prefer and we’ll get back to you in no time at all
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