Looking to implement a new, free scheme for your employees? We’ll talk you through one of our most popular schemes, salary sacrifice.
So, how does it work?
In a similar way to other salary sacrifice benefits that have been whitelisted by HMRC (childcare vouchers, cycle to work schemes) an employee will ‘give up’ or exchange part of their salary for a new car, with everything included but fuel.
This can save an employee up to 45% on motoring costs when compared to retail, of course, the lower the CO2 of the car, the bigger the saving as company car tax will be lower.
We have a three-way agreement between Fleet Evolution, yourself and the employee. You deduct the car payment from your employee’s salary every month and then use that deduction to pay us. Any other costs (Fines etc.) will usually go to the employee directly.
We don’t ask the employee for a deposit for the car and we don’t run a credit check on them individually, all they need to worry about is the fuel.