tms partners with Octopus Electric Vehicles to offer electric vehicle leasing to UK staff

OctopusEv jacket

This Earth Day, we are proud to announce a new partnership with Octopus Electric Vehicles which will provide all UK permanent employees access to an electric vehicle leasing scheme.

We are the first Marketing agency to participate in the scheme, which allows staff to get a brand new, zero emission fully-electric car through salary sacrifice and is open to all UK permanent employees who have held their license for a minimum of two years.

This s one of several initiatives we are running to help our staff cut their carbon emissions, including a cycle to work scheme, shifting the London office to 100% renewable energy, increasing the efficiency of our IT equipment and processes and banning single-use plastics in the office. This Earth Day, we are also running an internal initiative to encourage staff to reduce their digital carbon footprints by cutting back on unnecessary emails.

Over 130 companies and 22,000 employees are currently signed up to Octopus’ salary sacrifice scheme, which sees drivers save up to 60% on the cost of leasing an electric vehicle. Similar to the system used for cycle to work schemes, staff can pay for a brand new electric vehicles from their gross salary, saving thousands of pounds on both national insurance and income tax.  On 6th April 2021, Benefit in Kind (BIK) tax for electric vehicles increased from 0% to a still negligible 1%, and will only rise to 2% over the next three years. By comparison, combustion vehicles are subject to a typical BIK tax of 25-35%. Octopus’ salary sacrifice scheme unlocks these tax savings for drivers, making driving electric simple and affordable.

Mark Watson, MD, tms (formerly The Marketing Store), Europe said:

“At tms (formerly The Marketing Store), we believe in actions not words, and are just as committed to innovating sustainable solutions on behalf of our staff, as we are our clients.”

“That’s why we’re delighted to be working with Octopus Electric Vehicles, a company leading the change in green customer experiences, to offer our UK permanent staff this new, cost-effective and sustainable alternative to owning a car.”

Fiona Howarth, CEO of Octopus Electric Vehicles, said:

“Our salary sacrifice scheme for electric vehicles is a zero-cost, zero-effort tool to help businesses fight climate change whilst offering an excellent benefit to their employees. If just 10% of the UK’s employees switched to electric, we could decimate the CO2 emissions of cars, while collectively saving almost £4bn per year*.

“We are thrilled to see tms (formerly The Marketing Store) at the forefront of this green revolution by offering our service to their employees, helping them switch to electric and lead more sustainable lifestyles.”

*30.5m employees in the UK (source ONS). If 10% took an EV -> 3.05m people. Lowest price salary sacrifice scheme, with lowest savings = £345 p.m. gross / £107 p.m. savings -> £239 p.m. net. 3.05m people x £107 p.m. x 12 months = £3.9bn savings. Subject to credit.