Salary Sacrifice
Salary sacrifice is a fantastic benefit to businesses and employees allowing them to 'sacrifice' some of their salary for a brand-new, leased car at no cost to the employer.
What is a Salary Sacrifice scheme?
A salary sacrifice scheme is a voluntary arrangement in which an employee agrees to give up a portion of their gross salary in exchange for certain non-cash benefits or perks offered by their employer.
Our salary sacrifice is a fantastic employee benefit that allows them to 'sacrifice' some of their salary, in return for a brand-new, company leased car.
An employee can lease a car with the funds taken from your salary before Income Tax and National Insurance are paid. This means that your salary appears to be smaller, effectively saving money as you will have to pay less tax.
This is an approved Government scheme.
Getting started with the scheme couldn't be simpler. All you need to do is fill out the form and one of our salary sacrifice specialists will be in touch with you. We will require some basic information such as your company name, approximate number of employees and your contact details. We can then get the process started and help you make the step to improving your company benefits.
Why choose our salary sacrifice scheme?
No cost to your business
There is no set-up fee from your business. Instead, you pay a fee derived from the company National Insurance and VAT savings. Therefore, there scheme is executed at no cost, whilst offering many benefits to both the employee and company.
Suitable for all employees
No matter your employees' employment status or their requirement for a company vehicle within the company, as long as their salary remains at or above the national minimum wage after all deductions, they are eligible for the scheme.
Full Support Package
Our team are available to help you through the entire process. From the initial setup, including employee eligibility, company credit checks and vehicle quotations. We can also help you calculate any National Insurance savings and salary deductions.
Tailored to your business
Whatever your company size, we can tailor the scheme to suit your business requirements. For example, you can limit the choice of vehicles by size or type as well as the contract length giving your business control of the scheme.
Electric Fleets
If you choose to limit the choice of vehicles to zero emission EVs, it will assist your green agenda and benefit your Environmental, Social, and Governance (ESG), and corporate Social Responsibility (CSR).
Grey Fleet Reduction
Our salary sacrifice scheme helps companies assist with duty of care and health and safety in managing grey fleets (employees using their own vehicles for business purposes).
The Simple Salary Sacrifice Process
Sign Up
If you haven't already, sign up to our Salary Sacrifice Scheme, or refer your employer. It's completely free and easy to sign up. Get started today.
Choose Your Car
Once you and your employer have signed up, the fun begins! It's time to choose your car. If your employer has a fixed criteria (such as EVs only), we can work with you and help find your brand new car.
Delivery
Since all the payments are taken directly through your salary, you don't need to worry about anything else. Simply take delivery and start to enjoy your new car.
What are the employee benefits?
New Electric Cars
Any car you have delivered from Britannia Car Leasing are brand new. All our cars come directly from main UK dealerships.
No Employee Credit Checks
Your credit score isn't checked as there are no searches directly against the employee.
No Deposit Required
There are no large upfront deposits required as all monthly payments begin after you have taken delivery of your new lease.
Electric Charging Solutions Available
We can introduce our electric charging partner at no cost for a fully fitted EV charging point.
Optional Maintenance Available
Vehicle servicing, maintenance, and repair is available in our optional maintenance packages.
Simple All in One Solution
Our contracts are easy to understand since the entire process is managed internally, keeping all your information in one place.
Salary Sacrifice FAQs
Salary sacrifice is an employee benefit scheme that allows you to lease a car out of your gross monthly pay. This payment comes our before any tax meaning it reduces your salary and in turn lowers your income tax and national insurance payments too.
If you are an employer, you have to sign up with our salary sacrifice scheme. Once you are signed up, we can start to help your business and employees out. Fill out the form with some basic information and our specialists will be touch to help you get started.
Any salary "sacrificed" through the scheme is taken to cover the cost of the lease. It is taken from your gross monthly pay, meaning it is taken before you pay any tax or national insurance. This reduces your overall salary and reduces any income tax and national insurance payments.
Regardless of status or job role, our salary sacrifice scheme is available to all employees. The only requirement is that the individuals salary is at least national minimum wage after any deductions.
For a business:
- Tailored to your company requirements allowing you to limit employee choice such as to low or zero emission vehicles only.
- Grey fleet reduction.
- EVs can assist your green agenda and deliver on environmental, social, and Governance (ESG) and Corporate Social Responsibility (CSR).
- Vehicles are transferrable if an employee leaves the company*.
For employees:
- Tax and National Insurance savings.
- Low Benefit in Kind (BiK) for electric vehicles.
- No deposit required.
- No personal credit checks.
- A brand new car every 2, 3, or 4 years.
Benefit in Kind, also known as BiK is a form of tax payable on any non-cash benefits that you provide for your employee. Currently, BiK is capped at 2% on electric vehicles until 2025, rising by only 1% until 2028.
Of course! Our annual mileages start from 5,000 miles per annum but this can easily be increased depending on your requirements. For higher-mileage customers, we can quote up to 30,000 miles per annum.
The good news is that salary sacrifice vehicles are transferable. This means that a vehicle can be transferred to an employees new employer if they are part of the scheme. For employers, the vehicle can also be transferred to another employee within your company.
Getting setup with the salary sacrifice scheme is easy! Fill out the form available with some basic details such as the approximate number of employees, general company information, and your contact details. Our team will then be in touch to help get the process started.
Please note that the answers to these questions may vary depending on your specific employment contract and company policies. It's advisable to consult with your employer's HR department or a financial advisor for personalised information related to salary sacrifice in your particular situation.