- Employees can benefit from significant cost savings to help them switch to an EV
- Employers can offer an attractive incentive to staff
- Salary sacrifice is backed by DriveElectric’s expertise in EVs since 2008
DriveElectric, a leader in electric vehicle leasing since 2008, has added salary sacrifice to its ever-widening range of services, backed by its unrivalled experience of electric vehicles and charging solutions for fleets.
Salary sacrifice means that employees can save up to 40% on an electric vehicle by exchanging part of their salary; the gross amount sacrificed reduces the employee’s income tax and national insurance (NIC) liability, as well as the employer’s NIC liability.
Salary sacrifice also allows employees to switch to a new EV with zero upfront outlay, in addition to enjoying lower vehicle running costs.
The benefit offered by DriveElectric is that the company has EV expertise stretching back many years, with dedicated consultants to advise about electric cars, supported by tax and compliance specialists, and an on-call team to answer any questions.
DriveElectric will assist organisations to promote salary sacrifice schemes to employees, and can organise EV test drive events. DriveElectric also offers a secure portal for employers and their employees to order, manage and track their EV.
Example of cost reductions offered by salary sacrifice compared to a personal lease for an employee include a £260 monthly saving on a Tesla Model Y, or a £319 monthly saving on a Porsche Taycan, for a 40% taxpayer.
Salary sacrifice enables employers to attract, reward and retain the best employees. DriveElectric manages the entire process, with expert HR, policy and tax support.
DriveElectric can also supply a home charger if needed, which can be included in the salary sacrifice package, as well as provide support with solutions for workplace charging, solar, vehicle to grid, and energy management and optimisation via DriveElectric’s sister company CrowdCharge.
Mike Potter, Managing Director of DriveElectric, says “Salary sacrifice offers a wide range of compelling benefits. Bringing down the monthly cost of electric cars helps more drivers make the switch to EVs. This in turn reduces drivers’ vehicle running costs and helps employers to offer attractive benefits for their staff. Reducing emissions also accelerates an organisation’s progress to Net Zero. And this is all backed up by DriveElectric’s unique 15 years of expertise with electric vehicles.”
DriveElectric is an electric vehicle leasing company that has been helping organisations and individuals to adopt EVs to save money, lower emissions and transition to low carbon energy since 2008. DriveElectric aims to make the switch to electric cars and vans simple for business fleets.