Bespoke Electric Vehicle Salary Sacrifice 

Salary sacrifice is a system whereby an employee will forgo a portion of their gross salary and in return, they receive a benefit via their employer. You may already be familiar with other salary sacrifice schemes commonly offered by employers, such as, cycle to work, pension or childcare voucher schemes. Using Trio Leasings Bespoke EV Salary Sacrifice Scheme, you can now sacrifice a portion of your gross salary to receive the benefit of a brand new electric vehicle provided by your employer, and receive the benefit of the savings on the amount of tax and National Insurance you pay each month. 

Vehicles provided under our Bespoke Salary Sacrifice Scheme can offer the following benefits giving you the freedom to operate an "all inclusive" basis, offering fixed price motoring. Or you can choose which of the benefits below you would like to include, allowing you to create a bespoke scheme ;

• Full maintenance package including all vehicle servicing, repairs, MOTs even replacement tyres
• Fully comprehensive car insurance for both business and personal use, with the ability to add a spouse or partner
• Accident management 
• Breakdown cover
• Early termination protection in the event of unforeseen circumstances

There are a number of benefits that make our salary sacrifice scheme a "no brainer" for employees.

• You get access to a brand new EV every 2-4 years depending on your chosen contract length, ensuring you benefit from the latest technology and safety equipment advances available on the market, while enjoying savings not afforded to other methods of vehicle procurement, in addition to reduced fuel costs.  

• There are NO LARGE UPFRONT DEPOSITS required, NO PERSONAL CREDIT CHECKS againt the employee, therefore no impact on personal credit. As the lease will be in the name of your employer, you do not need to worry if your credit history is less than perfect. 

• Your tax and national insurance liabilities are reduced, as payments are deducted from your gross salary before tax, meaning the tax you save helps to reduce the costs further. 

• Option to tailor your salary sacrifice scheme benefits, choose to include/exclude insurance, maintenance, vehicle servicing, repairs, MOTs, even replacement tyres, early termination protection for the duration of the lease.

• We offer flexible mileage and terms to suit individual needs.

• You benefit from driving a zero emissions vehicle, so not only are you doing your bit to save the planet, you benefit from thousands of free charge points at hotels, supermarkets and shopping centres, selected free parking zones for EVs, you also avoid congestion charges and clean air zone charges. 

• Its not just the employee who saves money using our scheme, as the salary sacrifice is taken directly from the employees’ gross salary, it lowers the amount the business has to pay in National Insurance and pension contributions.

• Employers don't need to pay business mileage since the employee is no longer using their personal car for business travel, so they can't claim business miles.

• Offers an excellent benefit for businesses that have employees travelling across multiple sites or locations. New vehicles are more reliable and reduce the chance of unexpected breakdowns. 

• Fully maintained and insured vehicles reduce inherent risks associated with grey fleet, encourages cash allowance takers back into company vehicles.

• Businesses can reclaim up to 100% VAT on the lease cost if it's solely used for business mileage, not including commuting.

• A great tool to attract high calibre new employees and increase existing employee retention and engagement by offering the salary sacrifice car scheme across all company levels and employee grades.

• Allows businesses to demonstrate their commitment to reducing carbon footprint by reducing employee travel carbon footprint by encouraging moving from older, less efficient grey fleet vehicles to safer and more efficient electric vehicles.

If you decided to take part in the scheme your gross salary would be reduced by an agreed amount and in return your employer would provide you with a fully maintained and insured zero emission electric company car. As your tax and national insurance liabilities are reduced because of the gross salary sacrificed, you would no longer pay tax or NIC on the amount given up. The tax and National insurance that you save helps reduce the gross costs of the vehicle further, meaning that your net (take home pay) is reduced by less than the gross amount sacrificed for the vehicle which helps provide substantial savings. However, as you have been provided with a company car, which is a taxable benefit, you would pay income tax on the value of the benefit, referred to as BIK (benefit in kind) tax. However, as electric cars benefit from zero emissions, the BIK rate charged on electric vehicles is extremely low, currently set at 2% until 2025, ensuring you pay the lowest BIK tax possible. For example, on a new Tesla Model 3 Long Range, a 20% tax payer would currently pay £8.51 a month in BIK tax, a higher rate 40% tax payer would pay £17.01 a month BIK tax.

If you would like further information on our Bespoke EV Salary Sacrifice Scheme or to discuss setting up the scheme to enhance your exisiting benefits package contact us by phone 01283 907 100 or email us  customerservice@trioleasing.co.uk

Our Bespoke EV Salary Sacrifice Scheme is offered with NO SIGN UP FEES, its a completey free service available to all UK businesses with a fleet size of 10 vehicles or less, or for the exclusive supply of senior management or director level staff vehicles looking for bespoke vehicles and scheme options.