Do you know about salary sacrifice? Check your tax and pension position carefully
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mycar Salary Sacrifice Car Scheme
mycar is the market-leading salary sacrifice car scheme from Leasedrive that can be made available to all employees within an organisation, including those not usually eligible for a company car or cash allowance*. The scheme provides a tax efficient way of enhancing an organisation’s total remuneration package at no additional cost to the employer and delivers employer savings through a reduction in the National Insurance Contribution (NIC) paid on the salary sacrificed.
mycar enables employees to drive a brand new car over a 2 or 3 year period for a low monthly cost and includes scheduled servicing, general maintenance, replacement tyres and exhausts, road tax, motor insurance, accident management as well as breakdown and recovery services.
Employees can select from 1,000’s of new cars to suit their individual needs and budget via the mycar website and also have access to Leasedrive’s dedicatedmycar helpdesk team, providing expert advice in relation to selecting and ordering a new car. Once the employee joins the car scheme, they undergo a simple licence check and insurance acceptance process prior to delivery of their new car to assist with duty of care compliance.
The mycar scheme is provided in conjunction with leading independent tax advisors Baker Tilly who obtain HM Revenue & Customs (HMRC) clearance for each client and provide an employee advice line for tax, National Insurance, VAT and pension scheme advice all included as part of the overall salary sacrifice car scheme.
- Substantial National Insurance Contribution (NIC) savings
- Enhanced employee satisfaction
- A low cost employee benefit for the attraction and retention of staff
- Mitigation of duty of care risks, by providing new, fully maintained cars insured for business purposes
- Access to environmentally friendly, fuel efficient, low CO2 emitting cars
- HMRC clearance, tax and National Insurance advice provided by Baker Tilly
- Minimal set-up and management costs
- Access to a tried and tested salary sacrifice car scheme
- Potential savings on pool car usage and daily car rental
- Online quoting and ordering system branded with the employer’s company logo
- Ongoing promotion of the scheme via regular employee road shows and marketing literature
- Access to 1,000s of brand new cars at low monthly rates
- Access to exclusive fleet discounts and corporate buying power
- No deposit or credit checks required
- No dealer negotiation required
- A lump sum payment when they sell their existing vehicle if privately owned
- Flexible mileage and terms available
- No second hand vehicle value risk
- Costs taken from monthly gross salary providing tax and national insurance savings
- No unexpected bills - servicing, maintenance and repair, breakdown and recovery, motor insurance and accident management are all included
- Secure, online quoting and ordering website available 24/7
- Hassle-free fixed cost motoring - just fuel and go*
- Dedicated one-call employee help desk and tax advice line
Key Benefits – Employer
Key Benefits – Employee
*Subject to terms and conditions
Source:- http://www.leasedrive.com/pages/mycar-salary-sacrifice.aspx
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