Add a spark to your Employee Benefits with salary sacrifice

By Anita Jaynes on 26 July, 2023

Advertising Feature

ElectriX offers a wide range of cars to lease (personal, business and salary sacrifice), with many cars available within as little as 30 days, as well as home charging and bespoke electric car insurance. The website helps drivers decide whether an electric car is right for them, what it costs to own and run one, and how to charge – both at home and on the road. From finding the right car through vehicle leasing experts CBVC, providing a smart home charging solution via leading provider Indra, and offering bespoke insurance as well as useful guidance and advice, ElectriX is designed to give drivers the confidence to drive electric cars.

As an employer, you’re probably familiar with salary sacrifice schemes. You might already have one in place for medical care or gym membership. They’re popular perks with employees and are proven to help attract and retain staff. Your employees voluntarily give up a portion of their salary in return for a benefit. EV Salary Sacrifice works in exactly the same way.

Powered by LV= General Insurance, ElectriX offers one of the most flexible electric lease car salary schemes on the market – with no upfront costs to you or your employees. Giving your team the opportunity to lease a brand-new electric vehicle (EV) for up to 40% less and with zero hassle.

As far as your staff are concerned, it’s an employee benefit and they’re leasing the car from you. The lease fee is deducted at source from the employee’s gross salary, which means they pay less tax overall. Though they are liable for a small amount of Benefit-in-Kind (BIK) tax which until 2025 stands at 2%, in comparison to certain diesel cars at up to 37%. Importantly, deductions mustn’t bring the employee’s salary below the National Minimum Wage. If they leave the company, they simply hand the car back to you, with certain conditions attached.

As an employer, you can save 13.8% on National Insurance on the amount sacrificed by the employee. You can lease as many cars as you need and of course, hiring a fleet of electric vehicles will have a considerable impact on your company’s sustainability profile. 

Electrix provide an all-inclusive package – car with optional charger and cover. Through lease specialists CBVC the firm offers over 100 electric car models from more than 30 manufacturers – many available within just 30 days. Electrix also partner with Indra to provide smart home chargers to energise every journey. And they provide bespoke insurance through Flow, its digital sister company. 

Your employees won’t have to undergo a credit check, and their monthly payment will include insurance and maintenance. All they’ll have to do is take care of the charging at home or at one of the 44,000 public charge points (June 2023) around the country. Charging at home using an EV friendly off-peak tariff could be as cheap as 3p per mile (February 2023), so a 50-mile trip would cost just £1.50. With petrol prices averaging £1.49 per litre (January 2023), the same trip at 50mpg could cost £6.75. 

Find out more about the electric car salary sacrifice scheme offered by ElectriX.