Electric Vehicles for Business & Fleet | Select Car Leasing

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Electric Vehicles for Business & Fleet

Current tax and grant incentives for electric vehicles are so generous that businesses and their staff can make significant savings when 'going electric'.

Get in touch with our Business & Fleet team now for up-to-the-minute advice on electrifying your fleet.

With over a decade’s experience of fleet management services, Select Car Leasing provides tax efficient business and fleet leasing solutions for companies big and small.

Our dedicated Business & Fleet team will analyse your overall vehicle and fleet requirements for the coming years.

We'll then recommend a tailored solution that both saves you money and keeps you compliant with the rules and regulations.

We cover all the angles including:

Electric Vehicle Types

Electric cars and vans represent a way of both saving money and going green at the same time. However, the different types of electric vehicle are treated in different ways when it comes to tax, grants and other financial incentives. We explain how fully electric vehicles, plug-in hybrids and conventional hybrids differ and the pros and cons of each type.

Salary Sacrifice

With a salary sacrifice scheme, an employee forgoes a portion of their gross salary and in return gets a ‘non cash benefit’, such as a lease car, and can make savings on tax and national insurance. For employers it can translate as increased staff retention and job satisfaction. Select Car Leasing can act as your designated salary sacrifice provider, while assisting you in the establishment and the ongoing administration of the scheme within your business.

Cash Car Allowance

In this scenario an employer pays a sum of money to an employee, in addition to their salary, as an alternative to providing a company car. It’s a highly flexible option often used to finance an employee’s dream vehicle. Our highly-competitive Personal Contract Hire rates will provide assurances your cash-for-car opt-out drivers are in safe hands when choosing a new vehicle in their own name. We can also advise them with your firm’s grey fleet responsibilities in mind.

Sale & Leaseback

This pathway is often used by employers to reduce the risk associated with the future value of a vehicle as an asset. A company sells its existing fleet of vehicles to a third party contract hire firm, who then value it, provide a cash injection to the company and also lease the vehicles back at an agreed rate. Our experts here at Select Car Leasing can assist you through this process via our large panel of leasing funders.

Affinity Schemes

An Affinity Scheme partnership between your business and Select Car Leasing gives your employees exclusive online access to discounted, brand new vehicle offers and products. An alternative to salary sacrifice, the scheme is a great way for you as a business to attract, reward and retain employees by offering them ways to save money on their dream new car.

Fleet Consultancy

Select Car Leasing’s dedicated team of advisors can provide fleet consultancy on matters such as pool mileages, taxation rules and industry trends, giving you peace of mind in your decision-making process. We also offer a ‘Whole Life Cost’ approach to your vehicle policy, which represents a smarter way of selecting vehicles for your fleet. This takes into account all of the costs associated with running a vehicle, including fuel, insurance, servicing, maintenance and repairs (SMR), tax and national insurance, and it considers these costs over the entire contract period.

Fleet Management

We recognise firms require constant fleet analysis to ensure they are working in the most cost-effective and efficient manner, which is why Select Car Leasing performs continued and robust scrutiny throughout an agreement. Fully legally compliant, our competitive tendering process, using single or multi funders, ensures you do not put the brakes on your bottom line.

Insurance

Our Contract Hire GAP insurance offering provides important financial protection, as well as peace of mind, during the period of your leasing contract. If your vehicle is declared a total loss because of an accident, theft, fire or flood, there is a risk that your motor insurance company won’t pay the full amount owed on the vehicle in order to settle the balance of the lease contract. If you take out Contract Hire GAP insurance, however, any value shortfall is protected and the financial burden removed.

Here’s a quick example of how fully electric vehicles can now radically reduce your fleet costs:

Electric vehicles have much lower running costs than traditional cars and vans. The fuel cost of a petrol car is 12-13p per mile, according to the RAC Foundation, whereas it can be as low as 2-3p per mile in an all-electric car. Signing up to an EV-friendly energy tariff is the key.

In addition, electric vehicles also enjoy:

  • Lower servicing and maintenance costs
  • Zero or reduced road tax
  • Exemptions to congestion charges
  • No restrictions to ultra-low emission zones
  • Various grants covering charging points and OTR prices
  • Excellent first year capital allowances

When you put it all together, the whole life costs of an electric vehicle can be substantially lower than a traditional petrol or diesel car. We provide worked examples to show you where the savings can be achieved.

Want to start a conversation? Simply phone us on 0118 920 5141 or email corporatefleet@selectcarleasing.co.uk

Ultra-Low Benefit in Kind (BiK) Tax

There are also some fantastic advantages for your staff if they opt for an electric car.

If an employee has a petrol or diesel company car at the moment, they will be paying a few hundred or even thousands of pounds in tax a year to HMRC for the benefit of having the car.

In a fully electric car in the 2021/22 tax year, your staff member would pay 1% Benefit in Kind tax. In 2022/23, it’s just 2% tax.

In other words, employees’ personal tax bills plummet if their company car is fully electric.

Salary Sacrifice

The second major benefit to staff applies if your company sets up a salary sacrifice scheme.

If an employee is not eligible for a company car, salary sacrifice allows them to take a vehicle with payments coming out of their gross pay before tax.

The savings can be as much as £250 a month for a 20% tax payer.

If your employee is a 40% tax payer, the savings are even greater. A vehicle lease that was going to be £500 a month, would actually cost about £240 instead via salary sacrifice.

Next Steps

Contact us now for a free consultation around how electric vehicles can benefit your business.

We have a wide range of cars and vans to lease, and a great track record in supporting businesses up and down the country with all their vehicle needs.

We'll save you and your staff money, keep you compliant with all the rules and regulations, and help your organisation reduce its carbon footprint.

For further details, phone 0118 920 5141 or email corporate@selectcarleasing.co.uk

Call us on 0118 920 5130

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Key information

Select Car Leasing is a trading style of Select Contracts (UK) Limited and the firm is authorised and regulated by the Financial Conduct Authority FRN 670832. Select Car Leasing are a credit broker not a lender. VAT Registration No 181 8746 74. ICO Registration ZA076253. Company Number 065690988. Select Car Leasing are proud to be a member of the British Vehicle Rental and Leasing Association (BVRLA) No 1846.

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