A genuine employee benefit.

Smile with Canford Finance

A simple way to make substantial savings.

The CanfordEV Electric Car Salary Sacrifice enables your employees to pay for a zero-emission car each month using their gross salary – before tax and other contributions are deducted.  If your business already has salary sacrifice schemes, this works in much the same way.  However, unlike most cycle to work schemes, you do not have to purchase the asset.

Your employees do not pay National Insurance or income tax on the monthly cost of the car, and your business doesn’t pay NI contributions on this amount either. 

What’s more – we make no charge to your business to offer this great benefit to your employees.

A genuine benefit in kind.

Compared to petrol and diesel cars, your employees will enjoy much lower Benefit in Kind (BiK) tax.  The tax on BiK is calculated as a percentage of the P11d price of the vehicle.  This percentage for zero emission cars is 1% for 2021/22, but for fossil-fuelled cars this can be as high as 37% depending upon their CO2 emissions.*

* Source: https://www.gov.uk/guidance/company-car-benefit-the-appropriate-percentage-480-appendix-2

Short contracts. One payment.
Just like your mobile phone.

With the CanfordEV Electric Car Salary Sacrifice benefit your employees can choose from the full market range of electric cars to settle on one that suits their needs and budget; at a net monthly price that’s much less than if they leased the car without using the scheme.

Cars can be leased over a 24- or 36-month period, and come with a bundle of extras, very much like a mobile phone contract.  Your employees don’t have to worry about a thing when it comes to their car – they just charge and go.

The monthly car lease cost can include all of this:

  • Insurance.
  • Breakdown cover.
  • Servicing and maintenance.
  • Tyres.
  • Accident management.
  • Road fund licence is zero for fully electric vehicles.
  • One vehicle charging point available with most cars.
  • Leavers protection insurance.

A big benefit for your business,
employees and the planet.

Benefits to your business:

  • Reduced National Insurance contributions.
  • An attractive employee benefit to boost recruitment and retention.
  • Market-leading risk protections – covering Resignation, Redundancy, Dismissal and other major life events.
  • Help to lower carbon emissions, appealing to your employees and customers.
  • Minimal scheme management required.
  • Greatly reduced mileage expense claims due to cheaper fuelling.
  • If your employees drive a car, CanfordEV could save both your business and your employees thousands of pounds.
  • Can help towards your ISO14001 targets.
 

Benefits to your employees:

  • More affordable than equivalent personal car leasing.
  • No upfront deposits.
  • No personal credit checks needed.
  • A fixed monthly amount that covers everything from insurance to breakdown cover, which makes running a car simple and allows for easy budgeting.
  • Reduced fuel bills.
  • No servicing bills or MOT failures.
  • A modern, reliable car with zero exhaust emissions every two or three years.
  • No requirement for the car to be used for business purposes.

Easy for you and your employees.

Everything about the CanfordEV Electric Car Salary Sacrifice Scheme is designed to be simple.  

We’ll help to organise, implement and manage the scheme for you.

It’s just as easy for your employees too.  We’ll set everything up for them and can even help them choose the right car based on their budget and personal circumstances.

The same car:

Without Salary Sacrifice

£663.00 per month*

With Salary Sacrifice

£445.00 per month**

The monthly car lease cost includes:

  • Insurance
  • Servicing and maintenance
  • Tyres
  • Breakdown cover
  • Accident management
  • Zero deposit
  • Optional vehicle charging point

*Quote for illustrative purposes only – excluding motor insurance.

**Example Net salary reduction based on a 40% taxpayer.

*Quote for illustrative purposes only – excluding motor insurance.

**Example Net salary reduction based on a 40% taxpayer.

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Frequently Asked Questions

OpRA stands for Optional Remuneration Arrangements. It’s part of legislation introduced in April 2017 to prevent tax and National Insurance avoidance of certain cash benefits. It changed how some company cars were taxed, but it has no effect on Zero Emission Car Salary Sacrifice.

BiK is a tax on certain company benefits. The BiK charge for salary sacrifice cars is calculated as a percentage of the price. For zero emission cars, this is much lower than internal combustion engine cars, which can be as high as 37% depending on their CO2 emissions.*

BiK charges for zero emission cars:

  • 1% for 2021/22.
  • 2% for 2022/23.
  • 2% for 2023/24.

* Source: https://www.gov.uk/guidance/company-car-benefit-the-appropriate-percentage-480-appendix-2

Our aftercare support is second to none. Both you and your employees will have easy access to all the information you need, and if anyone is still unsure about something, we’re only an email or telephone call away.

The UK Government are totally behind the roll-out of zero emission cars, as such, grants are available for the installation of up to 40 charging points at businesses, as well as personal charging points at domestic properties like your employees’ homes.

Depending on the car chosen, any additional costs above the grant for installing the charging points could be covered as part of the lease contract. We can advise you further about this when you get in touch.

Arranging the installation of the charging points is something we can handle our end, so you and your employees won’t have to worry about it, apart from filling in a simple survey form.

Running a vehicle with CanfordEV is really easy.  Your employees simply pay a fixed monthly amount that includes pretty much everything they need.  

  • Leasing of the car.
  • Insurance.
  • Breakdown cover.
  • Servicing and Maintenance.
  • Accident management.
  • Road fund licence is zero for fully electric vehicles.
  • Optional vehicle charging point, including installation.

Primarily two things – power and Benefit in Kind (BiK) tax. Although there might be charges for wear and tear and additional mileage at the end of the lease term.

Power. The cost of the electricity to charge a car with a 250-mile range is between £4 and £6*,  a lot less than the cost of petrol or diesel.

BiK. This is calculated as a percentage of the car’s price. For zero emission cars, this is very low, especially compared to internal combustion engine cars which can be as high as 37% depending on their CO2 emissions.**

BiK charges for zero emission cars:

  • 1% for 2021/22.
  • 2% for 2022/23.
  • 2% for 2023/24.

*Check with your electricity supplier.

** Source: https://www.gov.uk/guidance/company-car-benefit-the-appropriate-percentage-480-appendix-2

Most interactions can be done digitally, by email, or over the phone. Delivery of the car, either to your employee’s home or your business, will be done following all necessary Covid-19 social distancing guidelines.