Save your employees money on their annual parking costs at work with our salary sacrifice parking scheme: parkingsave.
What is Parkingsave?
Parkingsave is a winning solution for your employees who already park in a participating car park or would like to but find the cost prohibitive.
This salary sacrifice parking scheme enables employees to save between 32%, 42% or 47% (depending on whether they are a basic, higher or additional rate taxpayer) on the cost of their annual car parking at work by purchasing a season ticket via a salary sacrifice agreement. By swapping pay for a season ticket, both employer and employee save National Insurance on the salary swapped.
Benefits for Employees
- Lower corporate rate season tickets
- Tax and Employee National Insurance saving through salary sacrifice
- Reduced price season ticket due to corporate rate discount
- Between 32%, 42% and 47% saving in parking costs, depending on whether the employee is a basic, higher and additional rate taxpayers, paid over 12 months (interest free)
- Can be used for over 800 operational NCP, Q-Park and selected local authority car parks
- Simple access to some car parks which provide electronic card access
- Salary sacrifice portal for application
- Freephone help-line / order placement line for non-internet users
Benefits for Employers
- National Insurance savings on salary swapped for a parking season ticket
- Fully-managed and secure online salary sacrifice portal
- Minimal administration for employer and employees
- On-line marketing flyers to promote the scheme and for maximum employee engagement
How does our salary sacrifice parking scheme work?
You purchase the season ticket at a lower corporate rate on a monthly repayment plan with NCP or similar car park, the savings from which are passed on to your employee who then pays you back for the season ticket, over 12 months, out of their gross salary.
The scheme is available to your employees who park in participating car parks including NCP, Q-Park and selected local authority car parks UK wide. Employees benefit from corporate rates, so monthly gross costs are significantly reduced even before the tax/NI savings are applied.
Despite the fact that the season ticket is annual, most car parks invoice employers monthly and the money is recouped from your employee via their gross pay. This way there is no risk to either the employer or the employee should circumstances change.
Typically a Parkingsave window opens annually for employees to subscribe.