The headline features of salary sacrifice
With the loveelectric.cars salary sacrifice scheme, employees save big on a brand new electric vehicle and employers reduce their carbon output without spending a penny. It’s the most financially accessible way of getting access to an electric car, so if the monthly lease cost of an EV has always been a little bit too high – salary sacrifice may finally make all-electric motoring affordable for you.
No deposit required.
Save between 30-60% on the monthly lease cost.
Fully comprehensive insurance, servicing & maintenance, breakdown cover and tyre replacement are all included as part of the monthly lease cost.
How much could I save with salary sacrifice?
Anywhere between 30-60% on the monthly lease cost of an electric car. The percentage of savings available to you is dependent on your salary, subsequent tax bracket and the Benefit in Kind (BiK) tax rate.
Even if you qualify for 30% saving, it still equates to £100s of savings every month.
The BiK tax rate is the amount HMRC charges companies to offer their employees benefits in place of monetary compensation. The UK Government confirmed in 2022 that EVs will only have to pay the ultra-low BiK rate of 2% until 2025, before rising by 1% annually until 2028. The lowest BiK rate for traditional petrol or diesel cars, in comparison, is a whopping 20%.
How does salary sacrifice work?
Salary sacrifice is essentially a payment structure for leasing an electric car. Every month, a small portion of your gross monthly salary goes towards leasing a brand new electric vehicle.
The key is that the monthly payment for the lease is taken from your salary before tax. This means you pay less Income Tax and reduce your National Insurance Contributions, maximising your take-home pay and getting a brand new electric car in the process.
It’s also an employee benefit, which means your employer has to implement the scheme before you can enjoy the massive savings on offer. It’s completely cost-neutral for employers to implement and helps businesses achieve increasingly stringent ESG targets – there’s more on the benefits to employers below.
See if your company is eligible using the button below.check now
Drivers love it.
Employers love it, too
Saving between 30-60% on the monthly lease cost of an electric car is a great deal for employees.
But it’s also incredibly beneficial for businesses too. Plus, it doesn’t cost a penny to implement. With Corporate Social Responsibility (CSR) targets to hit, companies across the UK are looking for ways to reduce carbon output without it costing the Earth.
Thanks to the Balgores partnership with loveelectric.cars – employers can now reduce their Scope 3 emissions without any financial loss to the business at all.
If you’re part of the Human Resources (HR) team, or are the dedicated Corporate Social Responsibility (CSR)/Environmental, Social, + Corporate Governance (ESG) Officer – the salary sacrifice scheme is a great way to reduce Scope 3 emissions without spending a single penny. Not only are CSR/ESG targets good for the planet, they’re great for brand image too. Companies up and down the UK are looking for ways to boost their green credentials, as customers and consumers become increasingly sensitive to the impact of products and services they use. Be a champion for the benefit. Get some brownie points at work and with Mother Nature.
That’s right. It’s completely cost-neutral to introduce the Balgores x loveelectric.cars’ salary sacrifice scheme. The modest commission is built into the monthly lease cost displayed, meaning there’s no financial strain put upon the company accounts. We charge the driver 2% of the vehicle’s value into the gross cost of the lease. Secondly, we bill the employer a 1.5% admin fee – but this small fee is offset by the employer’s National Insurance Contribution savings, so the company never loses a penny for implementing the benefit. Plus, everyone involved with implementing the benefit gets access to the 30-60% EV savings too.
The job market is volatile. If you’re looking for a great way to add value to the workplace – without increasing outgoings – salary sacrifice is a perfect solution. This employee benefit can save drivers £10,000s over the course of a lease: a saving they wouldn’t otherwise get unless working for the company. It’s an incredible proposition when hiring for new talent, retaining current staff members and getting employees engaged and motivated with their work.
loveelectric.cars has built this employee benefit from the ground up, ensuring it not only makes sense for drivers – but for the business too. That’s why Balgores has chosen to partner with the industry-leading salary sacrifice provider. Every lease includes comprehensive Early Termination Protection for the employer as standard. That means no nasty hidden charges or unexpected bills that employers may get with other salary sacrifice providers. Just one neat monthly price that includes everything drivers and employers need.
So – what’s included in the monthly cost?
Salary sacrifice is an all-in-one package. The monthly payment doesn’t just cover the cost of the car, but everything else you need to keep the wheels rolling.
No need to worry about replacement tyres or spending hours on the phone to insurance companies.
Salary sacrifice offers complete peace-of-mind motoring for every driver.
What’s the catch?
No catch, we just need your employer on board.
Salary sacrifice is an employee benefit. It’s a bit like the cycle-to-work scheme for electric vehicles.
Your employer leases the car on your behalf via the company. Each month, you then pay for the lease using a proportion of your gross salary.
Because it’s an employee benefit, you’re only able to access salary sacrifice via your workplace. However, it’s completely cost-neutral for your company to implement and it benefits them, too.
It’s a simple process to implement as we do all the heavy lifting for your company. Once the benefit goes live, you’ll get access to the latest and greatest in all-electric motoring – all for a low monthly sum.
That’s it: salary sacrifice in short. At Balgores, we provide our drivers with as many options to get behind the wheel as possible. By teaming up with loveelectric, we can now offer salary sacrifice, too. Get on the road in the latest and greatest electric car. Check if your company is eligible now.