Smart Parking Scheme
The Fair Care Smart Parking Scheme works within current tax legislation, enabling employees to save up to 50% of their parking costs. Operated via salary sacrifice, there are savings for the employer too. Fair Care has developed a simple, fully-outsourced solution for employers wishing to implement this valuable benefit.
Employers are able to provide car parking spaces for their employees, at or near to the workplace, without the employee paying any income tax or National Insurance on the cost of that space. The Scheme operates via salary sacrifice, which means the parking costs are first met by the employer but then recovered from the employee by way of deductions from their gross pay. This gives rise to income tax and National Insurance savings for the employee, as well as National Insurance savings for the employer.
The scheme lends itself perfectly to situations where employees are purchasing season tickets or permits. The scheme can also be used to good effect where employees currently make a contribution to their employer for use of a space.
For more information, download our employers' guide to the Fair Care Smart Parking Scheme or contact us.