Book a demo
Marketplace

The Electric Car Scheme

Making net zero the obvious choice

Salary sacrifice for electric cars

Switching to an electric car is one of the most significant ways you can make a positive change towards net zero. We want to make it cheaper and easier than any other option. The Electric Car Scheme makes this possible, allowing your employees to save 30-60% on any electric car by reducing your salary in exchange for an electric car as a benefit. This makes electric cars an affordable option for everyone.

The Electric Car Scheme allows your company to lease an electric car for you, and they’ll pay for it. In exchange, you agree to give up part of your gross salary to cover the monthly lease cost.

The Electric Car Scheme is different from the usual car leasing providers. Instead of paying with your post-tax income, the fixed monthly payments for the car are taken from your salary before any Income Tax or National Insurance is deducted.

The percentage of savings available is dependent on your salary, marginal tax rate and the Benefit in Kind (BIK) tax rate – simply, the more tax you pay, the more you save with The Electric Car Scheme.

 

 

A car through The Electric Car Scheme is an employee benefit provided to you. As it’s a ‘company car’, there is a company car tax payable. However, the value of this BIK is set by HMRC, and set at very low rates until at least 2028.

The Electric Car Scheme provides everything that employees need to get started with their new electric vehicle, including a home charging point, insurance, maintenance, and breakdown cover. This all-inclusive package makes it easy for employees to hit the road in their new, electric car.

Why Choose The Electric Car Scheme?

  • ✔ Complete Risk Protection to safeguard you from unexpected costs
  • ✔ We shop the electric car market to find the lowest prices
  • ✔ Simple and straightforward reporting for HR, Finance and Tax with ease and accuracy
  • ✔ There is no cost to your business to run the scheme – it’s net neutral

How it works

Content & Links

Employer & Employee Benefits.

The Electric Car Scheme – Cheat Sheet 

If you wish to speak to a Zest representative regarding this benefit. Please email your enquiry to: marketplace@zestbenefits.com