Yes – it’s possible. As you know, the government reviews its taxation policy annually (including National Insurance and the tax treatment for company cars).
Your Salary Sacrifice Schedule shows your salary sacrifice payments for your hire term based on the information available to us at the time. The government has currently set BIK rates at 2% until the ‘24/’25 tax year, and then increasing by 1% each year thereafter. The government has also raised the national living wage, fixed all income tax thresholds until April 2028 and confirmed that owners of electric cars will have to start paying road tax from April 2025 onwards.
We reserve the right to update your Salary Sacrifice Schedule to reflect changes in government policy as and when they arise. In these cases, we will provide you with a revised Salary Sacrifice Schedule and will of course be available to talk through the changes with you. We are not financial or tax advisors and therefore always recommend that you seek input from your accountant or tax advisor in relation to your specific circumstances.
Your company also reserves the right to discontinue the Scheme if tax changes make the Scheme no longer beneficial.