JavaScript is disabled. Offer corporate leasing, corporate pool cars and car sharing. UK Payroll, Tax, Finance and Salary Calculators, Accounts Received Turnover Rate Calculator, Foreign Currency Quarterly Income Deposits Calculator. Win-win! Feb 9, 2023. Car Model Annual Salary () Calculate How it works Simply select the electric car you're interested in and enter your annual salary. Our EV experts are on hand to help you find the perfect vehicle to meet your needs. Start by creating a personal profile with salary and tax details. This is why EV salary sacrifice schemes are such an attractive method of delivering a tax . These contributions are taken from your salary before tax and National Insurance are paid, so are tax efficient. Europe's busiest forums, with independent news and expert reviews, for TVs, Home Cinema, Hi-Fi, Movies, Gaming, Tech and more. The Nissan Leaf is one of the most popular electric vehicles currently leased by Octopus. New to Salary Sacrifice? Alternatively, just sell it and pay off the finance. included in the lease price. That means we can set you up with the scheme from start to finish. 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. Salary sacrifice: Monthly cost of tyres for Corsa-e SE Premium = 0. You to a panel of third-party lenders or hirers and in such circumstances may receive a a couple of hundred pounds a month more expensive than a regular lease. The company saves 53.19 on National Insurance meaning it is cost neutral for them. That helps us fund This Is Money, and keep it free to use. It also assumes the employer wishes to reflect any net savings they made in National Insurance by reducing the gross sacrifice so an adjustment of 10 per cent has been made. Salary sacrifice. Varies. Drivers that order an EV through Electric Dreams before July 2021 also receive a free smart charger fully installed by the Octopus Energy Services team. It provides everything businesses and employees need to go electric in one place including EVs, home and workplace chargers, smart energy tariffs to keep bills low, and impartial expert advice on going electric. For context: -Mid 30s, father of 2 -Salary roughly 95k And we include everything that they need to hit the road in their shiny new electric car. Sign a simple contract to sign up to our free service. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. The No. Salary sacrifice is the hassle-free way to keep a car running perfectly, without unexpected costs. We've pre-filled some sample data. Affiliate links: If you take out a product This is Money may earn a commission. Some employers choose not to include insurance, but its up to your company. Octopus says it realised how good EV salary sacrifice was and decided to design a scheme that makes it easy and cost-neutral for companies to set up and run. Make. Use our EV salary sacrifice calculator below to find out how much you could save each month. In addition, 8,000 free miles of green electricity with home energy from Octopus Energy enough for an average UK driver to drive for free for a year. The answer is usually hidden in whats included in your agreement, as well as the type of car youre choosing. You can calculate your take home pay based of your annual income, PAYE, NI and tax for 2023/24. Option to buy the car at the end of the agreement (however you wont get a settlement figure in advance). 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. Heres How Were Democratising Electric Vehicle Access At Loveelectric, Early Termination Protection for Salary Sacrifice Car Scheme: How It Works And What You Need To Know. All in one easy monthly payment. The actual amount will depend on which costs the employer wishes to take in to account. Youll still have to sort out insurance, servicing, maintenance, MOT, repairs and fuel costs. You make the payments for your new car before you pay any tax, which in turn lowers your monthly income and means you pay lower Income Tax and National Insurance. All rights reserved. There is usually an option on how to add this on your return, but HMRC are experts on this. Salary Sacrifice can be either a fixed figure or percentage of gross pay. commission. The tax year figures in the Salary Sacrifice calculator are 2022/23 tax rates. Octopus Electric Vehicles continues to offer business contract hire leasing packages as a broker. We'll install your home charger. You are tied in to their full bundle, which may be right for some employees, but almost certainly will not be right for all employees. If you want info on any particular car, check them out from Go Eve's Selection. This does not affect our editorial independence. None require an upfront deposit from an employer or employee. 'We are thrilled to see so many customers offering our service to their employees already and the signs are that many more will sign-up in 2021.'. The comments below have not been moderated. When researching various electric vehicle salary sacrifice benefits, understanding which scheme might be the right fit for you and your company can often be challenging. You are using an out of date browser. However, Nissan now has a share of 31 per cent compared to 22 per cent last year whilst Audi's have a share of five per cent, up from three per cent in 2020. 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. Car, charger, energy, insurance, servicing, maintenance, breakdown and tyres. 'If just 10 per cent of UK's employees switched to electric we could decimate CO2 emissions of cars, while collectively saving almost 4billion per year. Promote the employee benefit internally using our simple marketing materials. 33,600.the Jaguar i-Pace EV400 at 65,195 or the Nissan Leaf Acenta at 30,445. This means that battery electric car drivers now pay 2% in BiK - still a fraction of the amount of tax drivers of petrol, diesel and hybrid cars pay. Well write up the contracts, set you up with the employee portal and help you manage payroll when its time to pay salaries., It also means we know how to help employers encourage employees to take advantage of the scheme and order cars. Drivers can get hit with costly bills of hundreds, if not thousands of pounds when something goes wrong with their car. Employees can access both combustion and electric cars. Record 330million to be paid to Premium Bonds winners this month: Total payouts now exceed 25billion since the first draw in 1957, Put warmth at a fair price above pushing smart meters and heat pumps, says LEE BOYCE: It would be better to spend money keeping our energy prices down. Here are some cheap and easy tricks that will keep your Persimmon warns on profits and slashes dividend by 75% as Record 330million prizes will be paid to Premium Bonds UK's electric car revolution stalls: Britain falling fourth best-selling new passenger vehicle in March, eliminate BIK tax for employees taking an EV via salary sacrifice, Do not sell or share my personal information. For me to be greener in the short term I'd prefer to make sure my home is better insulated, use 100% renewable energy etc. Most people dont realise just how much it costs to keep their car running well. The cost of the MOT isn't a problem for most drivers, but the cost of repairs that the MOT uncovers can be hefty. You also want to ensure employees have an outstanding customer experience when ordering a car. Tesla is still one of the most popular electric vehicle leased through Octopus EV but its share dropped from 50 per cent to 28 per cent from the first three months of 2020 compared to the same time frame this year. 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. If youre taking out a lease on a petrol or diesel car, youll be paying much more in fuel costs than you would if you were leasing an electric car. 2. For me the clincher was just how all inclusive it was. Wevee and loveelectric and other brokers make money by charging a commission on top of the rental. Youll drive the car over a set period, and return it to the leasing company at the end of the agreement. Jump To Car Salary Sacrifice Calculator Are they self-insuring, or do they have a legitimate third-party and comprehensive insurance provider? for use in every day domestic and commercial use! Make. Note: Looking to get started with a salary sacrifice scheme that has no hidden cost and offers the best early termination policies? With either Car Salary Sacrifice calculator you can always try it now, bookmark this page and then research any missing items to get a more acurate comparison when you have the details. Refer your clients to give them access to our electric car salary sacrifice scheme. They may choose to add this to your pension contributions, giving a further boost. There you go, the saving is in the 450 month you're paying as HP. 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. We offer everything for you to hit the road in a brand new EV. When you lease a new car, youll usually make an initial payment at the start of the contract. Money that youd usually never see because it goes straight out of your pay to HMRC will now go directly to paying for your car. * Please note that these can be expressed as a cash amount or percentage of your salary, Annual Employer Contribution (%) ICO reference number: ZB075747. Yeah, seems so. Please read the important notes before proceeding to use this tool: *The P11D value that HMRC uses is basically the list price minus the government EV grant, more They are all directly authorised by the Financial Conduct Authority (FCA), apart from the Electric Car Scheme which is an Appointed Representative of a firm that is directly authorised. We'll then provide a detailed breakdown of the potential savings for both you as an employee, and also for your employer. Copyright 2021 loveelectric. 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. Who is WeVee good for? Tusker primarily works with companies with 1,000+ employees. Technically you are still paid the same. Our registered address is UK House, 5th Floor, 164-182 Oxford Street, London, W1D 1NN. I've always bought nearly new cars and run them a long time (as is the FIRE way, Skoda Octavia FTW! Electric car scheme customers will have to pay double rent for the first six or 12 months. If you have any questions on the scheme and how we operate, reach out to us or check out our community, and well make sure to respond to your queries. Registered office and trading address: 101 Rose Street South Lane, Edinburgh, EH2 3JG. Because electric cars produce zero emissions theres no road tax to pay. There aren't any downsides compared to a standalone lease. But yes, its a bit difficult to look how the pricing is given the car is pretty rare (I think only 20 examples on Autotrader) but I paid 30k and the loan repayment per month is actually a little lower than what I earlier said. Tyres typically have a lifespan of around 20,000 miles and according to Honest John, tyres need replacing every other year at a price of 65 per tyre. Octopus may introduce They are a lot smaller than traditional leasing companies, owning 10,000 vehicles compared to large ones that might have over 350,000 cars., By being smaller, itll mean they cant negotiate discounts with manufacturers and since they arent owned by a retail bank, their cost of capital will be a lot higher. Free to use, the leasing broker's new EV Salary Sacrifice calculator includes a database of more than 6,000 cars including EVs, petrols, diesels and hybrids. 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. If you click on them we may earn a small commission. It is the tax and National Insurance savings that will pay for your sacrificed contributions. 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 They offer a StopGap car while you wait for your new car. He noticed some other issues with salary sacrifice schemes and decided to set one up himself to address the market gaps and help democratise electric vehicle access., You can read more about our story here: Electric Cars are Expensive. It is available to all businesses particularly those with fewer than 1,000 employees which may struggle to access similar schemes. They offer cars via contract hire and salary sacrifice. Authority, firm reference number 809736, company number 10754317. The employer leases the car from Octopus Electric Vehicles and offers the scheme to their hard working team as a perk. Since they dont have a direct relationship with leasing companies, they cant charge a commission. This is Money takes a look at Octopus Electric Vehicles' new programme and explains exactly how salary sacrifice schemes work. The Employee Car Salary Sacrifice calculator estimates the net cost of Car Salary Sacrifice to the employee including: The Employer Car Salary Sacrifice calculator estimates all of the items in the Employee calculator plus: We've built the calculator to cover lots of different permutations of pay, bonus, overtime and pension benefits, but don't worry if your exact arrangements aren't shown. Their early termination policy covers dismissal. Maintenance and insurance can optionally be added. or less. Whos Electric Car Scheme good for? The salary sacrifice tax savings are particularly attractive for me. A further 20 more models will be available later in 2021. Salary sacrifice is a way of getting access to a brand new car through your gross salary and saving up to 40%. Breakdown cover gives you peace of mind that if you have an accident or your car breaks down that help will be on its way to you quickly. Read this guide to Salary Sacrifice and How Salary Sacrifice can reduce the amount of tax you pay. Please check the important information below for the current assumptions. We often link to other websites, but we can't be responsible for their content. The more realistic comparison would be between personally leasing a petrol or diesel car versus taking an EV via a salary sacrifice scheme. The cost of the MOT isnt a problem for most drivers, but the cost of repairs that the MOT uncovers can be hefty. Youll need to replace all four tyres every 2 years on average. Personal lease: Monthly cost of tyres for Corsa 1.2 SE Edition = 10.83Through our salary sacrifice scheme, well cover punctures and sidewall damage. Option to buy the car at the end of the agreement. Theres a lot to think about - from insurance to maintenance, repairs, MOT, breakdown and tax. Revolut auditor waves the red flag over 477m of unverified revenues but bosses insist they will STILL get a banking licence! The overall process is meant to be cost neutral for businesses as they can recover VAT and also save as they make lower National Insurance contributions due to the salary sacrifice - bothare used to calculate the employer's gross sacrifice. Ideally, you want the confidence that employees will take advantage of the benefit and thats something that the provider should help with.. 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. We ran the numbers to compare whats included in the total cost, and whether salary sacrifice, or a personal lease, is a cheaper way of getting a car when you take everything into account. Find out how. Your car is ready to go when you are. 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). The whole package We offer everything for you to hit the road in a brand new EV. Their monthly lease prices may be higher because they are middle-men to middle-men, serving as an appointed representative of a broker. 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? Use our quote tool to see what we can offer you and your team. I think it sounds a great scheme but for me it simply would not be cost effective. All allow you to customise your car: from the colour and trim to the interior and additional features, you can personalise your brand new car to your requirements. Octopus said many drivers are saving 30 to 40 per cent and some up to 60 per cent. 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. Get 4,000 miles of Electroverse credit to use across the UK's charging network. Salary sacrifice lets you make contributions to your pension and helps to save on National Insurance at the same time. Scheme but for me it simply would not be cost effective, corporate pool cars and car sharing charging! Is a way of getting access to our free service they will still get a octopus ev salary sacrifice calculator in! Or the Nissan Leaf Acenta at 30,445 companies, they cant charge a commission on of... The best early termination policies but we ca n't be responsible for content! Cars produce zero emissions theres no road tax to pay double rent for the six... 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