Huge tax savings. Reduced national insurance contributions. Improved job satisfaction.

Slashed carbon footprint. Cheaper running costs. Convenient car charging at work.

Sounds too good to be true, right?

With our iLease® Electric Salary Sacrifice scheme, we afford employers of any size the opportunity to grant an electric vehicle (EV) to every single one of their employees, in exchange for a small part of their gross pay each month (should they wish to opt into the scheme).

We’re doing this because the higher purchase cost of EVs often place them outside the realms of possibility for lots of people, and this scheme serves to make EVs available to absolutely everyone. EVs are better, cleaner and kinder to the environment than ICEs – and nobody should be priced out of driving one.

Basics of Salary Sacrifice

Salary sacrifice is a government-backed scheme to help employers and their workers save on tax. The employee’s gross salary is reduced by the agreed sacrifice amount, which means lower tax and national insurance contributions for both the employee and the employer, in exchange for non-cash benefits. Often, these are benefits they wouldn’t otherwise be able to afford. This is where iLease® Electric comes in – companies sign up to the scheme, and we make EVs accessible for their employees who may otherwise struggle to afford them.

Why switch to an EV?

EVs are the future – and although owning one may seem cumbersome now, EV charging technology is rapidly developing to make the process faster and more energy efficient. The regular charging and low range of EVs has improved massively over the last few years and will continue to do so. At the end of January 2024, there were 55,301 electric vehicle charging points across the UK, across 31,445 locations – this is a 46% increase in the total number of charging devices in just a year!

Rapid and ultra-rapid chargers can deliver up to 80% charge in just 20 minutes to a car with lower range – for a newer EV with higher range (200 miles or more) 40 minutes to an hour might be a more reasonable estimate. However, this charging time is less of an annoyance when you consider that most people travel an average of 20 miles per day, so all that’s needed is a charge once a week to keep your battery topped up. This is a small price to pay for a car with so many other benefits, such as:

• Helping to save the planet with reduced CO2 emissions.
• Economical to maintain, making total cost of ownership less than an ICE vehicle over it’s lifetime
• Significant road tax reductions and government grants!
• No more huge fuel costs! Simply charge at home, work or a public charging station and save money – supermarkets such as Aldi even offer free charging!

With that, we’ve covered why the switch to an EV is great for the environment – but is it worth the larger purchase price? What if there was a way to alleviate this large upfront cost?

Enter iLease® Electric Salary Sacrifice.

Our salary sacrifice scheme provides a way for companies to afford their employees the opportunity to exchange a small portion of their monthly salary for an EV. Our scheme aims to alleviate stress experienced by those who are considering purchasing an EV, as well as those who drive them, by addressing issues such as range anxiety, inadequate charging facitlities, high up-front cost and uncertainty about changing from an ICE. Here are just some of the ways iLease® Electric salary sacrifice will help your company.

-          Tax savings for the employer, and the employees - Everybody wins with iLease® Electric. As an employer, you can save on tax and national insurance contributions, as well as offering a great employee benefit that will lead to improved job retention and employee satisfaction. A typical base rate tax payer could save more than 30% in income tax and NIC savings.

-          You can offset your carbon emissions by providing your employees with EVs! We can even put you in touch with our preferred partners who can install EV chargers at your workplace, and help you with a transition into energy self-sufficiency, with a range of green technology solutions, which not only helps the planet, but also protects your company against rising energy prices.

-          Employees can choose their own cars – this means everyone can choose a new or approved used vehicle with suitable range and features. Combine this with charging facilities at work and employees will never need to fear range anxiety again! They’ll even be able to pay for maintenance and insurance in one convenient monthly sum.

We’re sure that iLease® Electric will revolutionize your company vehicles and provide a great new benefit for your workforce, carrying great incentives for employer and employee alike. If you want to learn more, get in touch today!

Call us on 01489 880 050

Email enquiries@cvmgroup.co.uk

Visit our website at https://bit.ly/cvm-homepage

Sources:

Zapmap – EV Charging Point Stats: https://www.zap-map.com/ev-stats/how-many-charging-points

OctopusEV – EV Range Stats https://octopusev.com/ev-hub/how-far-can-an%20-electric-car-go