Silverstone Leasing paves the way to affordable electric vehicle leasing with the EVolve car scheme

A market-leading vehicle leasing company has launched a new electric vehicle salary sacrifice scheme to support sustainable, affordable travel solutions for UK businesses. Both business owners and employees can make impressive savings of up to 60% on company cars with the new EVolve Car Scheme, rolled out by Silverstone Leasing.

Similar to a Cycle to Work programme, through EVolve, employees can allocate a fixed portion of their monthly salary towards obtaining a brand-new electric vehicle. This deduction is made before applying income tax and National Insurance, resulting in potential cost savings for employees and employers.

Furthermore, the monthly instalment covers a comprehensive package, encompassing car insurance, road tax, roadside assistance, MOT testing, vehicle maintenance, replacement tires, and accident support. No initial upfront payments or deposits are required, and once the initial exclusion period has passed, employees can exit the agreement without incurring any early termination fees, whether due to resignation or redundancy. EVolve also offers impressive tax advantages for participants, including reduced income tax, national insurance contributions and lower fuel costs associated with the scheme.

The sum sacrificed is taken from the worker’s gross pay before any PAYE tax, and National Insurance is applied. Therefore, an employee’s taxable salary is reduced, which means that they pay less tax.

Silverstone Leasing’s Tom Bailey said: “There are significant savings to be made through Evolve, with all participants saving at least 30 per cent on electric vehicles and some up to 60%. “With this new scheme, we are committed to providing a tailored customer experience to create customised solutions that boost employee satisfaction and business efficiency. “It is completely free to join the scheme, and we provide all the support you need to launch it to your employees, including employee webinars and HMRC paperwork management.”