Yahoo Finance Fleet Evolution Announce New Electric Car Salary Sacrifice Scheme: Companies Reduce CO2 Footprint & NIC Contributions in The Process
Tamworth, Jan. 18, 2022 (GLOBE NEWSWIRE) -- Companies across the UK are doing their part in helping the country to be carbon-zero by 2050. Now, thanks to a new salary sacrifice scheme introduced by Fleet Evolution, a leading flexible benefits and cost-neutral employee car scheme specialist, there’s an easier way for companies to go green when it comes to their fleet of vehicles.
Similar to cycle to work schemes or childcare vouchers, employees are offered the opportunity to exchange a portion of their gross salary for a fully maintained electric car. Unlike traditional employee car schemes, this approach provides cost savings to both employees and employers when it comes to tax and national insurance contributions.
The aim of the electric car salary sacrifice scheme from Fleet Evolution is to get as many people as possible into green cars, and to help companies reduce their CO2 footprint. Working with hundreds of car dealerships across the UK and providing an affordable, all-inclusive scheme with brand new cars, employers and employees can be less dependent on fossil fuels, emit less carbon dioxide, and save money in the process.
Below, we outline how the salary sacrifice scheme from Fleet Evolution works, the beneficiaries of the scheme, and how employers can provide this option to their employees:
How the Fleet Evolution electric car salary sacrifice scheme works
The process is very simple. Employers provide their workforce with the opportunity to exchange a portion of their salary for an electric car through a scheme designed and implemented by Fleet Evolution.
Once an employee accepts a salary sacrifice in exchange for an electric car, they can use the Fleet Evolution online quote engine to find their dream car, custom to their needs, and make the switch to electric motoring.
What impact can an electric car salary sacrifice scheme have on the environment?
The scheme is brilliant way to help companies reduce their CO2 footprint and be less dependent on fossil fuels. By switching as much of your fleet to electric cars as possible, each employee trip will emit 30% less carbon dioxide than a typical diesel vehicle would.
What are the cost benefits to employers?
Introducing electric salary sacrifice cars as part of your employee benefits package also brings many cost-saving benefits, none more so that reducing the amount of National Insurance Contributions (NICs) you make.
Whilst employers pay NIC contributions on their employee’s salaries, benefits such as a car salary sacrifice scheme or pension contributions are exempt. That means the more employees who agree to the scheme, the less NIC contributions you make.
By championing the go-green message, you can not only save money, but play your part in reducing our reliance on fossil fuels.
What are the cost benefits to employees?
As employees are giving up part of their salary, the cost benefits need to be attractive enough in order for them to do so. The good news is, they are.
In return for the deduction of overall pay, employees receive a fully-maintained electric car, and pay less tax and national insurance each month. As salary sacrifice cars and schemes are exempt from NIC contributions, the employee will only continue to pay tax and make contributions to their national insurance based on the amount of their newly lowered income.
For many employees, paying less tax and NIC, combined with the option to own an electric vehicle and play a role in reducing our detrimental impact on the environment, is a tremendous perk.
How can companies introduce an electric car salary sacrifice scheme?
Fleet Evolution provide a low-admin, total control approach to electric car sacrifice schemes. To set up your scheme for free today and to learn more about what’s included, visit the Fleet Evolution website or call them on 0300 302 0626.
About Fleet Evolution:
Based out of the Midlands, Fleet Evolution is a flexible benefits and fleet specialist, dedicated to the provision of cost-neutral, flexible employee car schemes. Founded in 2010, they launched the UK’s first electric car salary sacrifice scheme in 2012, and since then have designed and implemented such schemes for companies of all shapes and sizes. Learn more via the website: https://www.fleetevolution.com/
CONTACT: Fleet Evolution The Dovecote, Pimlico Farm, Austrey Lane Tamworth West Midlands B79 0PF United Kingdom 0300 302 0626 https://www.fleetevolution.com https://www.google.com/maps?cid=8328160915703737435
