WESC Foundation choses Maxxia’s Enhanced Lifestyle Lease Employee Benefit Car Scheme
The WESC Foundation has selected Maxxia’s Lifestyle Lease car scheme to broaden the number of employee benefits available to its staff
The Foundation employs more than 200 people and provides a range of services for visually impaired adults and young people, including: education, outreach services, adult day services, work experience at a range of social enterprise initiatives, and lots more.
Lifestyle Lease offers an innovative and unique solution for companies looking to provide their employees with an employee benefit car scheme, as the lease agreement is with the employee, not the employer. If a staff member leaves to work somewhere else, they can take their car with them. It is the UK’s first fully portable salary sacrifice car scheme and is risk-free for employers.
From April this year, new rules governing salary sacrifice schemes were introduced by the Government such that the taxable value of a benefit under a salary sacrifice arrangement is now taken as the greater of the current value of the benefit or the cash forgone.
In the light of the changes, Maxxia undertook a thorough review of its salary sacrifice offering and introduced new funding structures to Lifestyle Lease. The wider array of funding options widened its scope and appeal for employees.
Maureen Biss, Deputy Chief Executive Officer at WESC Foundation, said: “We wanted to provide our employees with a wider array of flexible benefits, including the option to access new cars via an employee benefit car scheme.
“Having looked closely at schemes that were available in the market, we selected Maxxia’s Lifestyle Lease solution as being the most suitable to meet our needs and those of our employees.”
Gordon Calder-Jones, Director of Maxxia, added: “We are delighted that WESC Foundation has opted for our Lifestyle Lease scheme.
“The enhancements we have made to Lifestyle Lease give it still wider appeal and further reinforce the benefits of a scheme that provides low-cost access to a new car with a fully expensed support package. This includes all servicing, fully comprehensive insurance, a no-quibble tyre policy, all automotive glass, annual road fund licence and breakdown and recovery assistance.”
Developed in consultation with a number of leading accountancy and legal firms, Lifestyle Lease aligns perfectly with HMRC’s interpretation of salary sacrifice scheme rules and as such is regulatory compliant. Maxxia is approved and regulated by the Financial Conduct Authority.