TAX consultancy and automotive software developer, BCF Wessex, will shortly launch two new salary sacrifice calculators as part of its Gensen suite of online consultancy tools.
Gensen is a simple to use, intuitive collection of calculators and comparators. Brokers and leasing companies can use the online tools to assist companies and employees to make the right business car choices.
The company said it is launching the new calculators as salary sacrifice is becoming an important area of business consultancy as the new generation of electric vehicles, including plug-in hybrids, lend themselves to an effective salary sacrifice solution thanks to the available tax breaks.
Jeff Whitcombe, director of BCF Wessex, said:
Following the recent reduction of BiK tax for EVs and PHEVs interest in salary sacrifice is growing rapidly. Our calculators highlight the substantial savings available when these ultra-low emission cars are taken via salary sacrifice and can be used by brokers to encourage non-car eligible drivers into company cars and persuade those who might previously have opted out to sacrifice part of their cash allowance and rejoin their company car scheme.
For employers the new salary sacrifice calculator will show the NIC savings available if an employee opts for a salsac car. For employees it will show both the tax and NIC savings available and how the net cost of the salsac car compares to a comparable PCH agreement.
The new calculator joins the established list of Gensen tools:
- Lease or buy
- Whole life cost
- Company owner
- BIK tax
- Free fuel
- Employer cash allowance
- Employee cash allowance
- Company car or SECO (Structured Employee Car Ownership)
- Company car or PCH
BCF Wessex says it plans to launch the new calculators by mid August.
Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.