So far this year, Tusker has already managed over 300 car salary sacrifice schemes, many of which are being driven by an ambition to lighten their carbon footprint.
Tusker suggests that controlling emissions is difficult under traditional company-car schemes, particularly if employees choose to take a car-by-car option. It says limiting a policy to hybrid and electric vehicles (EVs) under its Tusker scheme is possible.
However, it says that thanks to the tax benefits of low BIK tax rates on hybrid and EVs, in any case, most users buy such vehicles.
Sally Purbrick, at Anglia Water, comments, “Anglian Water has an integrated approach to company benefits and from the outset was very much drawn towards the Tusker offering both in terms of employee reward and more broadly sustainability and environmental rewards.
Tusker Car Benefit Scheme 2024
Anglian Water began the program with Tusker in May; its rollout encompasses all 5,000 of its employees. This EV-focused scheme has only been made available to all staff, not just higher-rate taxpayers.
At the same time, excluded employees are now able to access affordable and new green cars, while Anglian Water’s overall fleet emissions are being reduced.
After Anglian Water had carried out an internal marketing campaign with Tusker, two vehicle orders were placed under the scheme in the first 48 hours and a full 15 % of Anglian Water’s workforce had generated quotes for vehicles via Tusker’s dedicated online portal within the first month.
However, says Paul Gilshan (pictured), the chief executive of Tusker, which runs a car-benefit scheme for companies that want to reduce their carbon emissions, in recent years, it has seen a big rise in the number of firms looking to reduce their carbon emissions is becoming increasingly important. Benefiting and assisting employees with this objective is also commonly cited by
He says. “Because the benefit in kind tax attracted by our car scheme is so low, the number of people who can drive an EV on it is greater than if they organized a car by themselves.” This also helps employers retain staff, a timely topic.
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People May Also Ask
What is the net sacrifice?
You save on taxes because the amount sacrificed is not liable to income tax or National Insurance contributions.
What is the employee lease car program?
By leasing, you could avoid having to pay tax on up to 30 % of your car-related expenditures. Those utilizing the vehicle must prove that they have been regularly using it for company business. For instance, they can get tax benefits on the rent, fuel costs can be reimbursed, and the driver’s salary paid.
What is salary sacrifice in car leasing in the UK?
In the UK, salary sacrifice car leasing refers to a scheme whereby employees may give up part of their pre-tax salary in exchange for a leased vehicle that offers better terms than if they were to lease on their own.
What is salary sacrificing?
Salary sacrificing is commonly called salary packaging or total remuneration packaging. You and your employer agree that you should receive less income before tax. In return, your employer pays the equivalent value of certain fringe benefits for yourself.
