Company Car Salary Sacrifice

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What is a salary sacrifice car scheme. Salary sacrifice schemes exist in many companies and can often be used by employers as a great incentive to attract and retain employees. For the most part, salary sacrifice schemes involve trading in a portion of pre-taxed annual salary in return for goods or a ……

Zenith says car salary sacrifice still delivers savings for employees and can be implemented on a cost neutral basis for employers, where the salary sacrifice matches the cost of the vehicle to the...…

Salary sacrifice car is a cost-neutral option for companies who want to offer their employees a car. The employee finances the car through payroll deductions and take advantage of the employer's right to deduct VAT and reduced social security contributions.…

The main driver for a company car salary sacrifice scheme is the tax savings for the employer and employee. The major saving arises for the employee because they no longer pay tax and national insurance (NI) on the earnings that are being sacrificed. Instead, they pay income tax on the benefit in kind on the car.…

The sacrifice required is calculated to have a neutral impact on the employer. After viewing the calculation Click on 'Impact on Employer' to see how this works. For low CO 2 cars, the salary sacrifice required will often be less than the cost of running a car out of taxed income, but many other factors are involved.…

As already mentioned, salary sacrifice car schemes provide a wide range of no- extra cost benefits and services that are not available through a car finance agreement without additional payment. And, due to the fact the Benefit-in-Kind tax is payable on the salary sacrifice car, this promotes the natural choice of low-carbon emitting cars which are tax and energy efficient and less damaging to the environment.…

Prior to 6 April 2017, drivers who participated in a salary sacrifice scheme to take a company car were taxed on the Benefit in Kind (BiK) value of their car and, depending on the choice of vehicle, were able to make income tax savings by paying for the car out of their gross salary.…

The benefit of salary sacrifice was always the convenience of an all-inclusive monthly fee that incorporated full maintenance, tyres, insurance, road tax and AA breakdown cover, as well as the fact that no credit check or deposit was required, but HMRC’s clarification leads to some significant savings for drivers wanting to get a new car through an employee benefit car scheme such as SimplyDriveIt, ……

Salary sacrifice is a financial solution offered by an employer to employees through a leasing company. With a salary sacrifice scheme, you can lease a car with no initial, upfront costs on monthly payments and no further obligations at the end of the leasing term.…