Salary Sacrifice is almost definitely a scheme you’ve heard of, but how aware of it are you? We’re here to answer your questions. Quite literally, with our upcoming Q&A with Duncan Howell – the Salary Sacrifice Guru.
TCH Salsa, part of the TCH Leasing umbrella, is a scheme that enables employees to acquire a brand-new low emission car every 2 or 3 years under a Salary Sacrifice arrangement with their employer. The benefits stretch from reducing your company’s and your employees’ carbon footprint, to increased staff retention, and is a great selling point in a highly competitive market when recruiting new staff.
Whilst electric vehicles (EV) remain quite expensive in comparison to petrol and diesel cars, this type of scheme is undoubtedly the most cost-effective way for employees to acquire a modern, clean, and technologically advanced electric vehicle. With the average commute for employees in the UK being just 25 miles, an EV will suit most peoples’ driving patterns. EV battery mileage ranges are also increasing with every new model introduced to the market.
We appreciate you may have a multitude of questions, especially if you have only recently discovered the scheme. This is why we’re hosting a Q&A session to answer questions specifically on Salary Sacrifice. If you have a question – jump over to our socials now to ask this – we’ll then fire these at Duncan in a filmed Q&A.
Benefits of Salary Sacrifice
Reduce carbon footprint - A salary sacrifice scheme is the most competitive way to acquire your first electric or hybrid car. The income tax and NI savings can be huge, due to the very low company car tax – at least for the next 4 years - on this type of vehicle. And we can assist with the provision of home and workplace charging points as well.
Staff recruitment and retention - Employers across the country are stepping up more and more with ensuring they offer employee benefits. Whether this is a long lunch Friday, a health scheme, flexible hours, or even a company car through a salary sacrifice... the increase in staff retention speaks for itself.
Company car offer, without the liability - Offering a salary sacrifice scheme is not just a benefit to your employees, but a benefit to your company as well. There are potentially huge National Insurance savings available to employers when your staff choose an Electric or Plug-in hybrid car which you can, if you wish, share with your employees. TCH Salsa also incorporates a set of ‘Risk Mitigation’ rules which remove the liability of having to pay any early termination charges should an employee leave your employment.
New Car every 2-3 years - Through a Salary Sacrifice scheme, your employees are able to drive around in a brand new car every 2-3 years. And with the benefit of the scheme being 'just charge up or add fuel’, you don't have to worry about any unwanted service or repair costs.
If you have a question, contact Duncan Howell today >