OCTOPUS Electric Vehicles has launched the Go Green Car Scheme so companies can help employees save an average of 40% on driving new and environmentally friendly cars.
The new salary sacrifice scheme takes advantage of this month’s change in Benefit in Kind taxation rates, which drop from 16% to 0% for electric vehicles.
The scheme enables price parity with equivalent petrol or diesel vehicles – making it easier to access electric cars which, although are typically more expensive upfront, are the most affordable cars to run. Time-of-use tariffs like Octopus Go enable drivers to charge an EV for just 1p per mile.
Both Employers and Employees benefit from the Go Green Car Scheme, the company said.
Employers save on National Insurance contributions for every employee on the scheme, as well as being able to offer their employees an environmentally friendly benefit and encourage EV adoption.
Employees save on National Insurance and Income Tax contributions every month. On top of these, they’ll be enjoying paying 90% less for filling up the car (with electrons rather than petrol or diesel).
This means an average car driving employee could retain is on average £7,000 three-year period that would have otherwise gone on tax, fuel and maintenance needs that a petrol or diesel car would typically need.
The Go Green Car Scheme is designed to be easily implemented by businesses, requiring minimal administrative work. It offers employees everything they need to switch to EVs, from vehicle, maintenance, roadside assistance and tyres, bundled into an affordable monthly rental cost.
Octopus Electric Vehicles, offers every electric vehicle with a range of at least 100 miles, from Nissan and BMW to Jaguar to Tesla.
Fiona Howarth, CEO of Octopus Electric Vehicles, said: “The transport industry needs a serious shake-up to help the UK reach net zero by 2050. Right now, it contributes a third of UK emissions – and the average UK car produces a shocking 1.6 tonnes of C02 a year.
“EVs aren’t just good for our planet, they’re unparalleled in their cheap running costs. Our scheme removes the initial barrier of a top-quality new car’s cost to ensure they’re accessible and extra-affordable.
“And it doesn’t stop there: we work with everyone eligible in a company to ensure they have the framework and support to maximise the benefits of their “tech on wheels” new car.
“If you’re a business owner or employee, you can benefit from the new tax break to support a cleaner transport system – as well as a potential £7,000 saving. Not to forget that these cars are just incredible.”