BuzzEV’s Bee lease scheme is perfect for employers looking for the best value solution to introduce electric vehicles to their workforce.
Leasing an EV is an incredibly attractive proposition for an employer. Not only does it show you’re doing your part for the environment, but it represents significant tax savings and also shows your company values the happiness of its employees. Unlike a PCP agreement or a traditional company car through a business, leasing an EV is tax efficient.
How does it work:
A novated lease is similar to leasing a car, except an employee effectively novates the contract to the employer, who pays the instalments, meaning they take the obligation as long as the employee is working there. If the employee leaves, the contract transfer over to them, meaning the employer is never at risk.
The employer can make the monthly lease payments through a combination of pre-tax and post-salary deductions, making it incredibly efficient and simple to implement.
The employer not only makes a saving through NI deductions, but the employee makes a saving on the actual monthly lease amount.
- From 6th April 2020, there’s 0% BIK on electric cars.
- A much more economic alternative than operating a fleet of company vehicles.
- A way to optimise employee salaries with little or no cost to the business.
- Your business assumes zero risk for the electric vehicle, unlike company cars.
- If the employee leaves, the contract transfers over to them as a personal leasing agreement.
- The employer doesn’t assume any risk for the vehicles
- EV’s are off the balance sheet.
- The company is encouraged to make VAT and corporation tax savings on the monthly lease payments, making the EV a way to legitimately reduce your tax bill.
- Your business will be seen as sustainable and green, with a focus on reducing its carbon footprint.