The ABAX seminar, held at the home of Peterborough United, allowed customers, businesses and the general public to hear the expert views of ABAX and Bulley Davey Accountants on how to cost effectively run a vehicle fleet.
Salary sacrifice in essence is set up so employees can pay part of their gross salary towards the purchase of a vehicle but make significant savings through income tax and National Insurance.The benefits of a car salary sacrifice scheme are;
- Vehicles can be offered at no cost to the employer
- Manufacturers and contract hire companies can offer reduced rates
Sacrificing part of your salary means you earn less and this might affect maternity pay as well as mortgage applications. Because your salary is lower as a result of salary sacrifice, any life cover through a scheme at work could be less if it’s based on your post-salary sacrifice level. It’s worth checking – some employers do provide life cover at the pre-salary sacrifice pay level so you don’t lose out.
If you require further advice, Bulley Davey offers a wide range of services and expertise within the field.
/ Chris Miller