What is a Salary Sacrifice car scheme and how does it work?
A Salary Sacrifice Car Scheme is an additional benefit you as an employer can offer your employees.?It's easy to set up and run and our dedicated teams are here to help your business set up a scheme.
Once your businesses Salary Sacrifice scheme is set up your employee selects a new car from a wide range vehicles (currently available in the UK) through myself. They can compare lease quotes and add any additional extras before submitting them for approval.
Then you (as their employer) take an agreed fixed amount from their salary each month – before income tax and National Insurance are deducted – for the duration of their contract.
What are the key benefits for your business & employees?
- Salary Sacrifice could save you the cost of car allowances, while the lower tax levels paid by participating employees are reflected in your Class 1A National Insurance Contributions. Employees could save up to ￡100s a month doing their vehicles this way! Happy employee = better productivity!
- Employees can explore as many quotes as they like, with all costs shown clearly, including maintenance and breakdown cover. You stay in control.
- Improve the reputation of your business. By encouraging your employees to select low & zero-emission cars, you will improve your sustainability credentials.
- Get more for less - The Salary Sacrifice car scheme gives employees affordable access to a brand new vehicle for 2, 3 or 4 years. They don’t need to pass a credit check either, as the employer will calculate their affordability.
- As well as no deposit, the “salary sacrifice” stays the same for the duration of the lease period the employee has chosen, helping them to budget accordingly