With the UK’s worsening fiscal outlook giving rise to months of speculation about which taxes would increase, the Chancellor confirmed that by 2029 taxes must rise by a further £26 billion per year if the government is to meet its 3 core objectives to cut the cost of living, NHS waiting lists and the national debt. All this whilst increasing its fiscal headroom and growing the economy. 

Salary sacrifice is not a new phenomenon; it has been around for years, and we all know the basics – in return for a reduction of your gross salary, you get a brand-new car at a much better price.

We were pleased to support the Broker News awards again this year, and coincide the launch of our new Gensen Vans software with the sponsorship of the Best Commercial Vehicle Broker award category.

BCF Wessex, a leading provider of automotive software solutions, has announced the launch of Gensen Vans, a powerful new tool designed to transform the way businesses make decisions about van leasing and ownership.

Jeff Whitcombe of BCF Wessex decodes the Rachel Reeves Budget which has implications for employers and raised NIC, but provides continued support for electric vehicles and salary sacrifice.

With the government’s commitment to support the take-up of electric vehicles (“EVs”) by maintaining competitively low BiK tax rates from 2028 to 2030, the Chancellor has provided the clarity and certainty required by company car and salary sacrifice providers.

All Gensen salary sacrifice clients will have access to the latest documentation and software updates upon launch of the new scheme partnership for AVIVA, via Lloyd Latchford, in October 2024. Employers and employees will be able to take advantage of the new pricing and policies from 1st October.

With 2023 beginning to fade already, we’d like to consider what’s changing in the automotive industry, how these changes might play out in 2024 and how BCF Wessex and our Gensen platform can meet these new challenges.