Concept Vehicle Leasing’s Post

Transcript

Hi Paul Bullock here from Concept Vehicle Leasing. Now it's fair to say that I'm not an avid fan of watching or reading the news. Sure, I'll scan the headlines, but following a period of 24 hour doom and gloom during the COVID area, I've not seen much improvement in positivity being pushed out by our beloved media. And of the headlines I have scanned, there's been one pretty common theme. And it's all to do with inflation and how darned expensive everything seems to have got. So it stands to reason that people are looking for a way to increase their own. Potential save money, or both. And if you're running a business and employing people, then you're probably also feeling the squeeze. Rising bills, increased energy costs and employees who also need a bit more help to make ends meet. So it's probably why there's a bit more of a buzz at the moment on the topic of employee benefits and salary sacrifice. For years, employees have been able to save money by exchanging part of their salary to help pay for a new bike, a computer and benefit from savings on tax and National Insurance. Now it's exactly the same on plug in and electric type cars with up to 40% savings available on the lease of a brand new electric vehicle. Through savings in tax and National Insurance, your employees can benefit from a fully insured, fully tax and maintain car with reduced fuel costs. By taking advantage of the current tax position on electric vehicles. And as a business owner, you'll also get to save on Class 1A National Insurance and you'll be offering a staff something which can help. Safe money The benefit which will undoubtedly help with recruitment and retention. Let's use a simple example to illustrate the point. Let's say you provided your employee with an electric car that costs ��670 a month. We're using salary sacrifice means that your employee will save around ��140.00 a month on income tax, nearly ��100 on National Insurance contributions. That's ��240 a month. That doesn't go to the tax man. Add that up over the year and you're looking at nearly ��3000 in tax savings over a three-year term. That's 10,000 lbs and as the employer you'll also save around 100. Once a month on your National Insurance contributions, which is again another ��1000 a year and over three and a half 1000 lbs over a three-year term. Now chances are that that all sounds good to you and you're keen to know more. And the good news is, is that while salary sacrifice used to be pretty complex and time consuming, it takes minimal effort and works even if you just have one member of staff who like to use the facility. Of course there are a few bits that you need to know and not all salary sacrifice offers the same, so if you do need some help and guidance on how it all works then. Give me a call on 08000432050, I'll drop an e-mail through to Paul Bullock at Concept Vehicle leasing.co.uk. Well that's it for now. Look forward to catching up with you again soon.