Employees at leading cashless parking provider RingGo can now access an electric vehicle (EV) salary sacrifice scheme following a new partnership with Select Car Leasing.
With salary sacrifice, an employee ‘sacrifices’ a part of their salary to receive a company car in return, whilst paying less income tax and National Insurance. Employers can enjoy a reduction in National Insurance Contributions, and it is also considered an effective staff incentive.
The partnership is being spearheaded by Select Fleet Solutions Eton, a specialist fleet management division of Select Car Leasing, one of the UK’s largest independent specialists for car and van leasing.
The scheme is fully aligned with RingGo’s environmentally friendly mission: as a certified carbon neutral, carbon neutral plus, and carbon reduced company, the salary sacrifice scheme is reserved exclusively for electric vehicles.
RingGo currently offers EV charging for their 150 employees at their Basingstoke HQ at Chineham Business Park.
(Pictured above, left to right: Peter O’Driscoll, Managing Director at RingGo, and Ian Wilson, Principal Select Fleet Solutions, Eton Office)
Ian Wilson, Principal of Select Fleet Solutions Eton, said:
“Select Fleet Solutions is delighted and excited to be aiding RingGo with a new electric vehicle salary sacrifice scheme. This scheme is a brilliant way for both employers and employees to make financial savings. It’s also a great incentive for employees, helping RingGo to both recruit and retain staff. And the interest in EVs is soaring; at present around 60% of all our enquiries are for fully electric vehicles, and 20% for plug-in hybrids (PHEVs)
“There are many benefits of choosing an electric vehicle over a traditional petrol or diesel car. By reducing CO2 emissions, businesses are not only supporting the fight against climate change, but also benefit from ultra-low Benefit in Kind (BIK) company car tax, which is fixed at just 2% until the 2024/25 financial year.”
Peter O’Driscoll, Managing Director at RingGo adds:
“At RingGo we have products for our customers like Emission Based Parking (EBP) that help Councils reduce emissions. We are very pleased that we can now also offer our employees a solution that supports our environmentally friendly mission, to make our cities healthier and more liveable, with this salary sacrifice scheme specifically for EVs.
“Every colleague is going to have their own individual requirements and budget when it comes to the vehicle they want, and we are confident that Select Fleet will show them all of the different options, while also offering guidance on charging and energy costs.”
About Select Fleet Solutions and Salary Sacrifice
With Salary Sacrifice, an employee ‘sacrifices’ part of their salary and gets a company car in return, and also pays less income tax and National Insurance. An employer will often see a reduction in their National Insurance Contributions while it’s also a great way to attract, retain and reward staff.
An employee is required to pay what’s called ‘Benefit in Kind’ (BIK) tax on their company car.
And if what you save in tax and National Insurance is still greater than the BIK tax fee, the employee can ultimately save money.
As a general rule of thumb, the less carbon dioxide (CO2) a car emits, the cheaper it will be when it comes to BIK tax. And with a fully-electric vehicle, you’ll pay just 2% BIK, compared with 33% for something like the 1.3 litre petrol Nissan Qashqai. And that 2% BIK rate is fixed until the 2024/25 financial year.
Employees can also save up to 40% on a brand new electric vehicle by taking advantage of corporate manufacturer discounts. A Salary Sacrifice scheme can also reduce an employer’s ‘grey fleet’ risks - ie, the challenges posed by personal vehicles being used for business purposes.
Leasing can be a great way to fund a company car. You get the benefits of fixed monthly payments, minimal capital expenditure and no depreciation risk. For a lot of business car users, it’s hassle-free motoring, where you get to drive a brand new vehicle every two, three or four years. The VAT is recoverable with a lease car, your road fund licence is included in your agreement, and you can choose a fully maintained contract that includes servicing, maintenance and the replacement of worn tyres.
Select Fleet Solutions has also partnered with all of the UK’s leading vehicle charging hardware providers to help businesses get charging points installed in their carparks, depots, and employees’ homes. Select can also advise on bespoke charging energy solutions, to help customers lower EV motoring costs, charge effectively on the public networks, and streamline invoicing and administration.
Select Fleet Solutions can handle the implementation of a Salary Sacrifice scheme from start to finish. It offers a hassle-free, end-to-end solution. Select Fleet Solutions Eton, formerly known as Benchmark Leasing, is an Appointed Representative for Select Car Leasing.
RingGo is the UK’s leading cashless parking solution, serving over 19 million customers in over 500 towns and cities nationwide. It is part of the global EasyPark Group who work with cities and operators that make finding, accessing and paying for parking quick, simple and effortless. EasyPark is in over 3,200 cities, 20 countries and over 5000 operators. It is the group’s purpose to make cities more liveable.
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