Member Article

Benfield launches unique car benefit scheme

Leading north east firm of chartered accountants and tax advisers, UNW, has teamed up with motor giant, Benfield Motor Group, to launch a ground breaking tax efficient car benefit scheme for North East employers and businesses throughout the UK.

The unique Flexicar scheme allows employees to make savings equivalent to an 11% pay rise, at the same time as potentially saving the employer money.

The hassle free salary sacrifice service provides tax efficiency for employees with a number of significant benefits all conveniently wrapped up in one monthly payment. The benefits of the unique car scheme include fully comprehensive insurance, full service, breakdown cover and roadside assistance. Also for lower emission cars further money can be saved through lower taxation and fuel costs.

Salary sacrifice schemes have been around for many years and typically include childcare vouchers, cycle to work and pension contributions. To date, salary sacrifice car schemes have been more widely operated in larger businesses but Benfield and UNW are offering this scheme to all businesses in both the public and private sectors, irrespective of the number of staff on the pay roll.

Benfield and UNW will provide a complete package of support for both employees and employers throughout the process of implementation.

As UNW’s employment taxes partner, Lee Muter, explains, with the Flexicar scheme, UNW have already executed most of the tax and legal work required, making it the first scheme of its kind in the North of England. He says:

“At a time when most private sector organisations are finding it particularly difficult to give salary increases, this is a tremendous hook to both attract and retain staff.

“I have been working closely with Carl Moffett, Benfield Contract Motoring’s General Manager, over the last year to design what is essentially a ‘turnkey’ solution for employers. This is a cost efficient salary sacrifice scheme for businesses and staff – a real win-win situation which is ideal for those who do not currently get a company car or cash allowance. For this reason, we expect the scheme to be highly popular.”

On average, the scheme takes two to three months to implement, depending on the size of business. UNW and Benfield offer full project management and can assist employees in disposing of current vehicles if required.

Carl Moffett, points out that the scheme offers a massive range of cars with low emissions, which, for companies that operate with an environmental or CSR policy, also make it highly attractive.

“The benefits of Flexicar salary sacrifice really stack up. It could mean a saving of between £100-£200 per month for each employee.

“Additionally, the cars available under the scheme benefit from a significant discount available only to Benfield plus a host of other attractive features.”

Benfield Motor Group is an independently owned family business founded in Newcastle in 1957 by John Squires Senior and developed by John Squires Junior the present chairman.

Benfield has 34 retail outlets throughout the North East of England, Yorkshire, Cumbria and South West Scotland across a portfolio of 14 car retail brands.

This was posted in Bdaily's Members' News section by Laura Drake .