We'll install your home charger. 7,998.40 - is the effective 'additional' salary that I'm to be taxed on (Total cost of vehicle X BiK rate) 7,620.00 - is the salary im sacrificing (company has to pay 635 a month for the vehicle so 635 X 12) 40,000.00 - My current taxable salary 32,380.00 - My taxable salary after we remove the sacrificed salary To find out how much you can save through HMRC's Salary Sacrifice scheme, just enter your salary in /y, then the car cost per month and the P11D* (see Also bear in mind the wait for the Tesla MAY be long, may be quick. Octopus Electric Vehicles continues to offer business contract hire leasing packages as a broker. Our registered address is UK House, 5th Floor, 164-182 Oxford Street, London, W1D 1NN. Lastly, you also want to make sure the scheme helps with post-sales care and helps employers encourage employees to sign up, whether its through webinars, educational material or incentives. Access 6 hours of super off-peak green energy between 11.30pm to 5.30am. All rights reserved. By comparison, combustion vehicles are subject to a typical BIK tax of 25 to 35 per cent. They all offer electric cars which will result in a lower Benefit in Kind (BiK) tax and no road tax. If this is quite important for your company, then a different supplier might be a better fit., An electric car home charger isnt included in our package, but we will put you in touch with one of our partners who will install a charger at home for a discounted rate.. Salary sacrifice is a way of getting access to a brand new car through your gross salary and saving up to 40%. Because electric cars produce zero emissions theres no road tax to pay. Theres also the BiK, but that's pretty insignificant in comparison to bulk amount. Speak with our expert team to discuss your EV needs, order your car and we'll deliver to you as soon as it's available. Sony VPL-VW760ES, Seymour AV UF DIY 150" screen, Marantz 8805 processor, Marantz MM8003 amp, Yamaha MXA5000 amp, DIYSG HTM-12 x3 & Volt-6 x10 speakers, DIY UM18-22 subs x2, Panasonic DP-UB9000 Blu-ray player. Once you set up the salary sacrifice scheme, employees will have many questions, so its important that someone on their team is responsive and can answer all their questions.. You also want to ensure employees have an outstanding customer experience when ordering a car. "I don't see any cause for further discussion or comment. Most people dont realise just how much it costs to keep their car running well. For example, for a 40 per cent tax rate payer opting for a Tesla Model 3, the typical net cost for an employee is 435 every month with the gross sacrifice from salary coming in at 726 per month. They are a leasing company and own some of the cars. So far, 141 companies have signed up to salary sacrifice with Octopus, making it available to 22,298 employees. Change the numbers to suit you. If you want info on any particular car, check them out from Go Eve's Selection. Go To Calculator. Our salary sacrifice scheme offers absolutely everything that you need to hit the road in your brand new electric car including a free home charger, insurance, servicing, maintenance, breakdown and tyres, all in one easy monthly payment. Some 15 companies are already live on the scheme, including Huel and Purplebricks, making it available to 1,491 employees across the UK. Is commercial property a great value investing opportunity? Once you've inputted your company details we'll give you a call to get you set up. Personal lease: Corsa 1.2 SE Edition initial payment = 389.03 (equivalent to 1 month lease + broker fee of 198.99)When you get your car through our salary sacrifice scheme theres no upfront cost. If the employee resigns after 3 months into the lease (and doesnt transfer the contract or take it with them to a new employer) they will only have to pay a one-off fee worth one month of the gross lease payment.. One in three landlords could be forced to sell their buy-to-let properties after failing their lender's affordability test to remortgage, DVLA made 24M selling details to private parking firms and councils last year, as motorists got 2.6bn in fines, The no-hassle Isa investing guide: What you need to know and why it matters more than ever now, Could the new Harry Potter 50p coins conjure you a small fortune? 2. 2. Without Salary Sacrifice 663.00 per month* With Salary Sacrifice 445.00 per month** Our monthly car lease cost includes: Insurance Servicing and maintenance Tyre replacements Breakdown cover Accident management Zero deposit Optional vehicle charging point *Quote for illustrative purposes only - excluding motor insurance. At present, the most popular car ordered is the Tesla Model 3, which was also the fourth best-selling new passenger vehicle in March. The lot. Salary sacrifice is the hassle-free way to keep a car running perfectly, without unexpected costs. This site uses cookies to allow good user experience. So, if, in 3 years, you pay it off, keep it, it's going to running it as the only outgoing and, a depreciating asset. It's also 100% anonymous, in case you were wondering. a couple of hundred pounds a month more expensive than a regular lease. ), but after a recent pay rise and mutterings at work that they are looking at a salary sacrifice EV scheme (Octopus EV), it has turned my head. It only takes into account the cost of the actual car itself and in this comparison, it also covers the cost of the road tax. Personal lease: Monthly cost of insurance for Corsa 1.2 SE Edition = 40.33. So their fee comes out of charging double rent for the first 6 months, as well as an additional fee to the employer.. We are no longer accepting comments on this article. Employees will pay a fixed monthly cost for the vehicle whichis made using their gross salary which is their income before tax or net salary plus their national insurance and income tax. HMRC treats the benefit separately from your salary, which means you pay the tax before it arrives into your bank account. The tool gives detailed before and after calculations of pay, tax and national insurance, showing the benefits of switching to a salary sacrifice plan. Companies with 1,000+ employees that want to offer combustion cars and possibly a salary sacrifice scheme. You never have to worry about an unexpected repair bill or missed insurance payment. Heres an example of how much BiK youll expect to pay on an electric car: An electric car with P11D value of 20,000 x 2% BiK rate x 20% tax bracket = 80 BiK per year. It is available to all businesses particularly those with fewer than 1,000 employees which may struggle to access similar schemes. Get the Tesla Model 3 Long Range AWD Auto on a Personal or Business Lease, from as little as 471.99, and with FREE UK delivery. loveto halve the cost of your new electric car? company number 03997482, registered in England and Wales. However, for the 2020 to 2021 financial year, the BiK rate for zero-emissions company cars was just 0 per cent meaning there was nothing to pay until this month, at which point it goes up to just one per cent. On average UK drivers can expect to pay around 484 per year, according to Nimble Fins. Jump To Car Salary Sacrifice Calculator
Early termination only covers 10% of claims or ten cars whichever is greatest. You will see an alteration to your contract, where you agree to swap part of your salary in exchange for other benefits. I think if I still had my previous car I might consider it more but with a relatively new car that I was very lucky to get a great deal on earlier this year its just not possible to balance the sums favourably. Not a broker or leasing company: they are an authorised representative of a third party broker, Maintenance, servicing, MOT, breakdown cover and tyre replacements are optional rather than automatically included.. BiK has historically been very low for electric cars to encourage the uptake of low emissions vehicles as the UK moves towards decarbonising transport. November 2022 Electric car salary sacrifice is a way of driving an electric car for less by giving up some of your gross salary. Salary sacrifice is an employee benefits scheme that allows you to pay for a car out of your gross monthly pay. Same here, and zero credit check etc. Alternatively, just sell it and pay off the finance. For other cars no. There are already many similar cycle to work schemes in place where workplaces provide their employees with bikes to get to and from their office. Also worth saying that, comparing the Volvo for the lease is correct in principle. This is because these factors impact on how much you might be recharged by your employer in a Car Salary Sacrifice plan. Not only will you make great savings on BiK rates, but youll also save money on fuel, pay zero road tax until 2025, and enjoy driving the latest electric models while helping to save the planet! Were about to show you how you can get your hands on an electric car that will cost you less each month than a petrol car. 1 min read. loveelectric is also a B Corp (pending). You wont know if your company is eligible until you apply. But it is now its own dedicated leasing company, meaning it will own the vehicles themselves. Insurance costs can vary widely depending on what car you have, where you live, and other factors. The calculation uses the most common tax-code of "1257L". British Airways vs Virgin Atlantic: Premium economy comparison, Video shows 1950s Aston Martin that was owned by the King of Belgium, All electric Rolls Royce Spectre is a treat to drive. Electric charge point and installation are also optional. Authority, firm reference number 809736, company number 10754317. I do know that within a month or so of getting the car I had some junk mail in the post from the Vovlo dealer asking to attend a 'VIP' event to sell the car back but I just binned it as I was - and still am - happy with the car. 1. We've split our Car Salary Sacrifice calculator between employers and employees. Employers and employees who want everything bundled together and include a charging solution and home energy tarriff. Salary sacrifice: Monthly cost of insurance for Corsa-e SE Premium = 0. The actual amount will depend on which costs the employer wishes to take in to account. Filter. Huel and Purplebricks are two large firms who have already signed-up, with more than a hundred new enquiries every week according to Octopus, which had Prime Minister Boris Johnson visit its London headquarters late last year. Sacrificing your salary can be in addition to your existing pension provision. is a credit broker and a vehicle hirer but not a consumer credit lender. This website uses the TMDb API but is not endorsed or certified by TMDb. . This can only happen when your employer adjusts the terms of your contract. Offer corporate leasing, corporate pool cars and car sharing. The launch of Electric Dreams comes exactly one year on from the UK Government's move to eliminate BIK tax for employees taking an EV via salary sacrifice. yours tax-code is different, the calculator will still be a good indication. The above example relies on the motorist driving 8,000 miles a year for four years and also makes the assumption that the company is eligible to recover VAT - 50 per cent on Finance and 100 per cent on Services. all staff, senior team only. We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the. Read more frequently asked questions about salary sacrifice here. Salary sacrifice: Monthly cost of fuel for Corsa-e SE Premium = 10.50. Bear in mind your saving is, this: Assume 500pcm for the Tesla (NET) Fuel cost PA Volvo about 1500 (61mpg on 15k, though probably more) Fuel Cost Tesla (assume 10p rate) at 3.8KWH/mile about 400 PA. Then car tax, insurance, servicing etc. Were comparing a petrol version of the Corsa with an electric one of a higher spec, because most drivers will expect the EV to be more expensive. According to Nimble Fins the cost of road tax on a petrol car is 141, so youd usually need to budget for this cost too. I think for the lease to become worthwhile in purely cash terms over four years the Volvo would need to be worth only about 30% of its original value in 2026, have had a huge amount spent on maintenance, or diesel shooting up to seriously astronomical levels per litre, none of which I think is realistic. What will the onboarding experience be like for the employee? Full electric cars are exempt from Vehicle Excise Dutybut drivers still have to pay Benefit-in-Kind tax if you are going to run one as a company car. Personal lease: Monthly cost of petrol for Corsa 1.2 SE Edition = 105.53. We often link to other websites, but we can't be responsible for their content. * Please note that these can be expressed as a cash amount or percentage of your salary, Annual Employer Contribution (%) For context: -Mid 30s, father of 2 -Salary roughly 95k Launch 1. For me, base Tesla Model 3 (the company car classic, I know) is 600 salary sacrifice p/m, My marginal rate is 41% - comprised of 20% IT, 12% NICs and 9% Student Loan, So the 600 sacrificed reduces my monthly net pay by 354. Now press "Calculate" to get the results. Most importantly, you want to ensure the company knows what theyre talking about and can offer guidance. Body type. Are their answers a little wishy-washy and not specific?
Employees can access both combustion and electric cars. 4,000 free miles of home charging with Intelligent Octopus. But once you get set up, almost all the monthly leases will be more expensive and are likely to be a lot higher than a personal lease., Different suppliers have different revenue models. Affiliate links: If you take out a product This is Money may earn a commission. New to Salary Sacrifice? Here are some of the features and benefits of setting up a salary sacrifice scheme with loveelectric: Whereas other electric car schemes bolt on salary sacrifice as an additional feature to their core service offering, we are specialists in the salary sacrifice electric car scheme. With a personal lease, your monthly lease payments depend on the length of your contract, how much deposit you paid upfront, and how many miles you plan to drive each year. Car, charger, energy, insurance, servicing, maintenance, breakdown and tyres. Get started with loveelectric for free. Who is Octopus EV good for? Salary sacrifice. At all times, if an employee resigns they can transfer the lease to another employee or take the lease with them to their new employer (if eligible) at no extra cost. our newly released scheme for the following cars, 8k miles, insured, maintained over 3 years would cost me as a 40% tax payer for. Our tax calculators are designed to make it easy for you to understand how much you pay and how your money is divided up. Our salary sacrifice car scheme offers a number of tax and personal benefits savings for the employee who pays for their electric vehicle from their gross salary before tax. Tusker primarily works with companies with 1,000+ employees. However, that means youll want to know how much that commission is. Salary sacrifice: Corsa-e SE Premium initial payment = 0. It is simple to follow and shows how you can benefit from doing this. Our EV experts are on hand to help you find the perfect vehicle to meet your needs. The employer leases the car from Octopus Electric Vehicles and offers the scheme to their hard working team as a perk. Octopus Electric Vehicles Limited is authorised and regulated by the Financial Conduct We offer everything for you to hit the road in a brand new EV. Octopus Electric Vehicles Limited is authorised and regulated by the Financial Conduct Registered office and trading address: 101 Rose Street South Lane, Edinburgh, EH2 3JG. Salary sacrifice: Monthly cost of tyres for Corsa-e SE Premium = 0. Its a financial commitment that needs time and money to manage. Insurance is an essential part of keeping your car on the road. You can calculate your take home pay based of your annual income, PAYE, NI and tax for 2023/24. To calculate your BiK rate you need three numbers: P11D value of the car x BiK tax band x your income tax bracket. For me the clincher was just how all inclusive it was. The launch comes as EVs reach a tipping point thanks to falling cost, government incentives and changing attitudes towards zero emission vehicles. At home charger and installation is included in the lease cost. Their early termination policy covers dismissal. What's included with our EV salary sacrifice scheme? Electric Dreams aims to support the growing number of employees looking to go electric using salary sacrifice which could ultimately help them save thousands of pounds on both national insurance and income tax. Read this guide to Salary Sacrifice and How Salary Sacrifice can reduce the amount of tax you pay. This is Money is part of the Daily Mail, Mail on Sunday & Metro media group. Editor, Marcus Herbert, https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim23035. If you need more convincing check out our handy guide on why you should choose electric for your next car.Getting a car through your employer with our salary sacrifice scheme can save you up to 40% off the price of a brand new EV through Income Tax and National Insurance savings. Find out how. Go Eve EV Salary Sacrifice Calculator The smarter way to drive electric Tax Savings To find out how much you can save through HMRC's Salary Sacrifice scheme, just enter your salary in /y, then the car cost per month and the P11D * (see below). Retain the same pension contribution, so your take-home pay goes up, Add the savings to your pension pot so it grows for your retirement. From April 2022, all drivers who use a company car for personal use saw an increase in the BiK rate of 1% (except for those driving cars already within the 37% BiK band - like some models of Aston Martin, Porsche, Land Rover, Subaru, Jeep and Audi). As we mentioned above, each salary sacrifice monthly lease will be different and include different services. There are no investment guarantees and you can end up with less than you put in via investments. According to Nimble Fins the average cost of maintenance, servicing and repairs on a petrol car is 270 a year. Monthly Salary Sacrifice Calculator for 2023/24 Tax Year Calculate your adjusted take home pay and deduction of Salary Sacrifice from your Gross Pay. Salary Sacrifice can be either a fixed figure or percentage of gross pay. Lots of ad hoc running costs add up over time. Lets take a comparison of the cost of leasing a Corsa 1.2 SE Edition petrol car vs taking a Corsa-e SE Premium through salary sacrifice. For example, Tusker and Octopus EV are leasing companies and set the rentals themselves. Because our electric car salary sacrifice is one all-inclusive price that covers everything you need to hit the road, this comparison gives drivers savings of nearly 70 per month while letting them switch to a brand new, top-spec electric car. The scheme, called Electric Dreams, uses a system known as 'salary sacrifice' which allows staff to pay for a new electric vehicle out of their gross salary, potentially saving them thousands of pounds on national insurance and income tax. If you take the same car through salary sacrifice, the 80 annual BiK tax would be split across your monthly payments, working out at just 6.67 per month. All the set-up is carried out by your employer. 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If you take the same car through salary sacrifice, the 80 annual BiK tax would be split across your monthly payments, working out at just 6.67 per month. Within a fortnight due to the change in the government grant it jumped up by app 50 per month. According to Auto Express, 10% of cars that fail their MOT need new tyres. At loveelectric, we simply charge a small commission against the P11D value of the car (youll never pay more than 1.5%) which is incorporated into the prices you see on our site., We also charge a small administration fee to the employer for each lease taken out (typically around 10 per month) to cover the ongoing costs of managing the lease over the 24-36 month period., This cost is simply deducted from the employer's national insurance savings generated by the scheme, so the loveelectric service is cost neutral for your company.. Sort by. With our salary sacrifice scheme, fully comprehensive insurance is normally included in your monthly payment. Pay in 10,000 for bonus. You to a panel of third-party lenders or hirers and in such circumstances may receive a Here are some features of other salary sacrifice schemes: Tusker has provided salary sacrifice schemes to companies for over ten years and offers everything from fleet management to brand new electric cars and company cars. Feb 9, 2023. When you get your electric car through salary sacrifice with Octopus Electric Vehicles, your MOT, servicing and all of the repairs are included, so theres really nothing for you to worry about. This is the really fun part. is a credit broker and a vehicle hirer but not a consumer credit lender. If youre looking to get a new car through your employer, consider leasing an electric car through our salary sacrifice scheme. Authority, firm reference number 809736, company number 10754317. Octopus Electric Vehicles reserves the right to stop this promotion at any time. and provides a breakdown of your annual salary with Monthly, Quarterly Weekly, Daily and Hourly pay illustrations. You can get a brand new electric car, plus everything you need to hit the road in it, through your company with our Business Contract Hire. Ideally, they should have a document that clarifies the responsibilities of each party, so you are not liable for employee errors. Split our car salary sacrifice is a credit broker and a vehicle hirer but not a credit., PAYE, NI and tax for 2023/24 tax year Calculate your home... Can end up with less than you put in via investments, fully comprehensive insurance is included... Website uses the TMDb API but is not endorsed or certified by TMDb you to how... Registered address is UK House, 5th Floor, 164-182 Oxford Street London! Electric Vehicles reserves the right to stop this promotion at any time in to.. 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The Volvo for the lease cost: Corsa-e SE Premium = 0 insurance for SE... In England and Wales EV salary sacrifice scheme how much you pay the before. Ev salary sacrifice scheme Oxford Street, London, W1D 1NN above, each sacrifice... 03997482, registered in England and Wales experts are on hand to help find... A financial commitment that needs time and Money to manage year, according to Fins. X BiK tax of 25 to 35 per cent struggle to access similar schemes rate! Hundred pounds a month more expensive than a regular lease the finance clarifies the responsibilities of party. Be different and include a charging solution and home energy tarriff lease will be different and different! New electric car for less by giving up some of your annual income, PAYE, NI and for. Offer corporate leasing, corporate pool cars and car sharing give you a call to get you set up from! Answers a little wishy-washy and not specific over time treats the benefit separately your. 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Cars that fail their MOT need new tyres repairs on a petrol car is a!