SALARY SACRIFICE

Benefits to Businesses

A salary sacrifice scheme is where an employee gives up a portion of their gross salary for a non-cash benefit – in this case a fully funded, maintained and insured electric or ultra-low emisison car.

By giving up a portion of their gross salary, their income tax and national insurance contributions reduce. They then choose an ultra-low emission or electric vehicle that enjoys very low benefit in kind tax (BIK).

The scheme therefore saves the employee tax and NIC on the salary sacrificed and the employer makes savings by paying significantly lower NI on the ultra-low emission car benefit.

An ultra-low emission / electric car salary sacrifice scheme offers widespread benefits to employers.

  • Full guidance, support and consultation from Grosvenor Leasing in setting up the scheme
  • Class 1a NI savings
  • An enhancement to the overall remuneration package at no extra cost
  • Encourages uptake of ULEVs and EVs to reduce carbon footprint
  • Risk free – with protection against resignation, redundancy, maternity, paternity and long-term sickness
  • Minimal administration - the employer only has to authorise orders with minimum wage checks, process payroll deductions and submit P11d reports. To reduce administration further, any in-life recharges are charged direct to the employee rather than the employer.
  • A better option for employees leaving the company car scheme than sourcing their own vehicle for business use (which may have higher emissions and be unsuitable)

 

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