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You can calculate your take home pay based of your annual income, PAYE, NI and tax for 2023/24. Making Tax Calculations Simple. 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. Volvo assume 400 insurance, 150 tax, 300 tyres, 300 servicing. There aren't any downsides compared to a standalone lease. 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. Salary sacrifice is a way of getting access to a brand new car through your gross salary and saving up to 40%. Maintenance and insurance can optionally be added. 'Salary sacrifice is essentially a zero-cost, zero-effort tool for businesses to fight climate change and save the planet. Personal lease: Monthly cost of petrol for Corsa 1.2 SE Edition = 105.53. 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. With salary sacrifice for an electric car, as an employee you're not taxed on the salary you give up. AIUI, the EV is then subject to 1% / 2% BIK until the end of tax year 2024/25 and anything could happen after that. Octopus may introduce Octopus Inside Octopus EV podcast . VAT registration number 386404284. But really, it's not. No filling. 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.. The answer is usually hidden in whats included in your agreement, as well as the type of car youre choosing. 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. is a credit broker and a vehicle hirer but not a consumer credit lender. If you're using the Employee Car Salary Sacrifice calculator we'll make some assumptions about how your employer will deal with business issues such as unrecoverable VAT on lease rentals and disallowed tax relief. Jump To Car Salary Sacrifice Calculator Ideally, they should have a document that clarifies the responsibilities of each party, so you are not liable for employee errors. Yeah, seems so. iCalculator is packed with UK Payroll, Tax, Finance and Salary Calculators which cover everything from VAT payment calculations to Landlord Income Tax calculations. We'll install your home charger. BCH and selected Salary Sacrifice deals. The cost of a personal lease is cheaper at face value than a salary sacrifice car, but thats because it doesnt take into account all of the extra running costs that need to be factored in. 1 min read. Octopus Electric Vehicles - electric vehicle leasing for personal, business and salary sacrifice including charging and cheap renewable electricity. They do vary! Are electric cars always more expensive than their petrol or diesel equivalent? 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. 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! EV terminology you need to know. You can calculate results based on either a fixed cash value or a certain proportion of your salary. The monthly lease could be too expensive for employees, or the early termination policy wont be a good fit. 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. All include car insurance, breakdown cover, servicing, repair and MOT (although some are optional). You get taxed a small amount for the benefit of having the car, whilst making other savings on Income Tax and National Insurance. Well-maintained tyres keep you safe on the road and make your travel more fuel-efficient, but if theyre not well looked after they can result in your car failing its MOT. commission. JavaScript is disabled. 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. Your salary does not change overall. loveto join? 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. In this case, the company pays 745.41 plus an unrecoverable VAT of 53.19 which equals 798.60. Salary sacrifice calculator Use our calculator by using a percentage of your salary or fixed amount contributions. Early termination only covers 10% of claims or ten cars whichever is greatest. Use our quote tool to see what we can offer you and your team. Limited access. The Employer Car Salary Sacrifice calculator estimates all of the items in the Employee calculator plus: employer's national insurance contributions employer's pension scheme contributions VAT recovery and business tax relief the employer's total cost of Car Salary Sacrifice before and after tax relief/recovered VAT If youre an employer whos set this up for talent acquisition and retention, then you want to ensure employees make the most of it., Yet many salary sacrifice schemes will mainly focus on signing up a company rather than taking care of what happens afterwards. Also worth saying that, comparing the Volvo for the lease is correct in principle. Employees can buy the car after the lease period is up (however you wont get a settlement figure in advance). Early termination only covers 10% of claims or ten cars - whichever is greatest. Fiona Howarth, chief executive of Octopus Electric Vehicles, said: 'Salary sacrifice makes electric cars a no brainer making them significantly cheaper than their petrol or diesel counterparts. Electric Car Scheme was started in 2021 with business contract hire leases, and launched a salary sacrifice scheme in January 2022.. '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.'. This is Money takes a look at Octopus Electric Vehicles' new programme and explains exactly how salary sacrifice schemes work. Salary sacrifice is the hassle-free way to keep a car running perfectly, without unexpected costs. Europe's busiest forums, with independent news and expert reviews, for TVs, Home Cinema, Hi-Fi, Movies, Gaming, Tech and more. 1150 PA. HMRC treats the benefit separately from your salary, which means you pay the tax before it arrives into your bank account. Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. Most have early termination protection (but each one will include different terms, so make sure to ask). Each calculator provides the same analysis of pay but is simplified to allow you to enter your salary based on how you are used to being paid (hourly, daily etc). Electric car drivers can take advantage of cheap, 100% renewable energy overnight with the Intelligent Octopus EV tariff from Octopus Energy. Our tax calculators are designed to make it easy for you to understand how much you pay and how your money is divided up. A further 20 more models will be available later in 2021. Access 6 hours of super off-peak green energy between 11.30pm to 5.30am. For this reason, you want to ensure the team communicates clearly and quickly. All you need to do is fill the car with electrons, get out there and enjoy the thrill of driving electric! The move instantly made an EV financially much better than a petrol or diesel equivalent, leaving drivers with savings on income tax and national insurance. Its a financial commitment that needs time and money to manage. 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. The numbers are based on a 40-year-old driver who earns 40,000, lives in South London and drives 8,000 miles a year. When taking out a personal lease, youre paying for your car from your income or savings after youve already paid tax. Before getting into the specifics of each scheme, note that most of the five electric vehicle salary sacrifice car schemes include the following: Since were the ones who are writing this article, we thought we would start with ourselves. Varies. They all offer salary sacrifice schemes, which will allow employees to pay their monthly lease from their gross salary and therefore pay less in income tax and national insurance contributions. 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. Sorry Scotland. 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. ), 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. The regular leases including fuel, insurance and maintenance for the identical car? Is commercial property a great value investing opportunity? We work with a range of partners, including benefit providers and consultancies, to support their clients to drive electric. Due to the increasing demand for electric vehicles, there are more electric vehicle salary sacrifice schemes that are set up every year. By comparison, combustion vehicles are subject to a typical BIK tax of 25 to 35 per cent. The sacrifice the employee makes out of gross salary is 726 which, after tax, is equivalent to paying 435. Salary sacrifice. Don't forget, as with any investment, that it can fall as well as rise. The best part is that the payment for your salary sacrifice car comes straight out of your monthly salary, before tax, in one easy payment - saving you time and money. If they've not signed up yet, send them our way. What's included with our EV salary sacrifice scheme? Have we let energy giants make too much profit? Published: 07:45 GMT, 8 April 2021 | Updated: 07:45 GMT, 8 April 2021. Then it might be a sign that they dont have high standards or simply dont fully understand the complexity of an EV salary sacrifice scheme. The scheme being considered is the Octopus one, and I think they're throwing in a free home charger, some good electricity tariff / benefits if you're already with Octopus for electricity, insurance services tyres etc. Heres how the costs of the two cars stack up against each other. Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. All the set-up is carried out by your employer. United States Salary Tax Calculator 2022/23, United States (US) Tax Brackets Calculator, Statistics Calculator and Graph Generator, Grouped Frequency Distribution Calculator, UK Employer National Insurance Calculator, DSCR (Debt Service Coverage Ratio) Calculator, Arithmetic & Geometric Sequences Calculator, Volume of a Rectanglular Prism Calculator, Geometric Average Return (GAR) Calculator, Scientific Notation Calculator & Converter, Probability and Odds Conversion Calculator, Estimated Time of Arrival (ETA) Calculator, Input your total annual salary (the gross figure), Put in the annual contribution from your employer, Also put in the annual contribution that you pay, You can convert employee savings to pension contributions simply select Yes or No, Select the percentage of employer's National Insurance that the employer wants to retain. The lot. Their monthly lease prices may be higher because they are middle-men to middle-men, serving as an appointed representative of a broker. Win-win! For example, make sure to ask what the providers partners are. Although many are legitimate and offer a great service, some are simply looking for a quick commission fee and will have artificially high monthly payments to cover costs.. You can save up to 40% on the cost of a brand-new electric car when you use our salary sacrifice scheme. Read more frequently asked questions about salary sacrifice here. Copyright 2021 loveelectric. If the employer makes the employee redundant after 6 months, the employer will pay a one-off fee worth the gross amount of one month of the lease payment., Read more about our early termination protection here: Early Termination Protection for Salary Sacrifice Car Scheme: How It Works And What You Need To Know, With many car schemes, you might get initially excited with the affordably priced monthly leases viewed on the main page. At present, the most popular car ordered is the Tesla Model 3, which was also the fourth best-selling new passenger vehicle in March. They allow employers to set up an entire car fleet. The actual amount will depend on which costs the employer wishes to take in to account. Its also incredibly important to read through the fine print, so you know what youre getting.. With our salary sacrifice scheme, fully comprehensive insurance is normally included in your monthly payment. It simply means their rental prices cannot match the ones of large leasing companies. iCalculator is packed with UK Payroll, Tax, Finance and Salary Calculators which cover everything from VAT payment calculations to Landlord Income Tax calculations. (adsbygoogle = window.adsbygoogle || []).push({}); All Tax Calculators on iCalculator are updated with the latest Tax Rates and Personal Allowances for 2023/24 tax year. Option to buy the car at the end of the agreement (however you wont get a settlement figure in advance). for use in every day domestic and commercial use! No standing. Thats where its important to have early termination protection in place. Alternatively, this can be a cost-effective way for an employer to start a pension scheme, if they are setting out on this road. Click on the appropriate button below to get your Car Salary Sacrifice calculation started: Create an employer profile for taxes and pension contributions. 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. Some 15 companies are already live on the scheme, including Huel and Purplebricks, making it available to 1,491 employees across the UK. Best salary sacrifice car scheme comparison table, What to look out for when choosing an EV salary sacrifice scheme, Electric Cars are Expensive. For other cars no. Same here, and zero credit check etc. The salary sacrifice calculator aims to illustrate how such schemes work from both the employee's and employer's perspective and assuming a neutral impact on the employer. If you don't have off-street parking or a driveway, we'll give you 4,000 miles of free public charging credit with Electroverse. commission. Go To Calculator. According to Nimble Fins, the average cost of running a petrol or diesel car in 2022 is 3,000 a year. Again, if you don't have all the car details then just accept the suggested finance and maintenance values that appear in our Car Salary Sacrifice calculator and use your own insurance premium as a starter. That means we can set you up with the scheme from start to finish. The salary sacrifice tax savings are particularly attractive for me. 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. Customers ask us why the total cost of an electric car through salary sacrifice can seem higher than taking out a personal lease. Take advantage of our salary scheme through your employer. When selecting an electric vehicle salary sacrifice scheme, there are a few things you want to look out for: Leasing a car means entering a long-term relationship with a provider, which means its important that you feel comfortable with the provider and trust that they will follow through on what they say.. Make sure to understand what youre paying for and what the terms are. All in one easy monthly payment. Get started with loveelectric for free. The BiK rates are calculated based on the cars CO2 emissions. They are a leasing company and own some of the cars. 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. Love Electric Financial Services Limited is authorised and regulated by the Financial Conduct Authority; firm reference number 743264. Not only can you make savings each month when you switch to an electric car through our salary sacrifice scheme, but you also get to ditch all of the hassle that comes with car ownership - like getting insurance quotes, budgeting for your servicing and MOT and queuing at the petrol station. Anyway, if anyone interested in asking their employer to sign up to the scheme and has a car in mind I don't mind having a quick look for you to see a rough guide price. 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. No need to find a quote or keep on top of annual payments, its all taken care of. 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. I've always bought nearly new cars and run them a long time (as is the FIRE way, Skoda Octavia FTW! Keep in mind that this amount cannot be salary sacrificed so the fee will the gross amount before taxes. Insurance is an essential part of keeping your car on the road. 1. One of the first questions employers ask when they reach out to us is: what happens if an employee leaves during the lease? They have a Carbon Standard offsetting project that offsets all their salary sacrifice cars. Monthly cost of the personal lease Corsa 1.2 SE Edition = 399.52. Octopus is best known as an electricity and gas provider, but in 2018 they branched out to electric vehicles and the salary sacrifice scheme.. 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 Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. Personal lease: Monthly cost of breakdown cover for Corsa 1.2 SE Edition = 14.08With our salary sacrifice package, breakdown is included at no extra cost, so you dont need to worry about getting your own roadside assistance. Theres also the BiK, but that's pretty insignificant in comparison to bulk amount. You may already be familiar with other salary sacrifice schemes, for example things like cycle to work, pension or childcare schemes. Change the numbers to suit you. 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 Calculator for 2022/23 Tax Year Annual Salary () Annual Employer Contribution (%) Annual Employee Contribution (%) Convert Employee Savings Percentage of Employer NI Saving % How does salary sacrifice work? 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. Shortest delivery time. For me the clincher was just how all inclusive it was. So far, 141 companies have signed up to salary sacrifice with Octopus, making it available to 22,298 employees. Leases are 24-48 months contracts for new cars. 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. Body type. Please read the important notes before proceeding to use this tool: 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. Wevee and loveelectric and other brokers make money by charging a commission on top of the rental. The calculation uses the most common tax-code of "1257L". If Examples include the VW ID3 Pro at Meet the smart meter addicts: The dad who cut back on 1p coffees, the teacher on a 5.50 daily gas limit and the mum so obsessed she hid hers in a drawer! Love Electric Financial Services Limited is a credit broker and not a lender. Essentially, salary sacrifice means employees agree to give up part of their salary in exchange for a benefit, in this instance the benefit is a 'green' car. is a credit broker and a vehicle hirer but not a consumer credit lender. Octopus If you are going to chop it in, then you always have a monthly "payment" outgoing. Companies of any size that want to offer employees an affordable car and care about a good car ordering and employee experience. KIA, Polestar, Mercedes, VW and Porsche also all have a share. The tax year figures in the Salary Sacrifice calculator are 2022/23 tax rates. Read this guide to Salary Sacrifice and How Salary Sacrifice can reduce the amount of tax you pay. Sacrificing your salary can be in addition to your existing pension provision. Your initial deposit can be between 1 - 12 months of the monthly lease cost, so youre parting with anywhere from a few hundred to a few thousand pounds at the start of the process. Our registered address is UK House, 5th Floor, 164-182 Oxford Street, London, W1D 1NN. Money that you'd normally never see (because it goes straight out of your pay to HRMC) goes directly towards paying for your car. ICO reference number: ZB075747. Our salary sacrifice scheme is the perfect choice if you want to make savings on switching to electric through your salary, and ditch the hassle of car ownership. 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. 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. Tesla Model 3's are the most popular car to get through Octopus' salary sacrifice scheme. Since they do not own the relationship with the leasing company, they wont have full responsibility over their regulatory conduct, systems and processes. Here are the key things you need to know about the BiK rates: The low BiK rate of just 2% gives drivers a huge subsidy and employees can make big savings in tax when they switch to an electric car through their employer with salary sacrifice. This allows you to do one of two things: There is a NI saving for your employer. Our dedicated team are on hand to support whenever you need it. How do you manage the employees salary and payroll? Octopus Electric Vehicles Limited is authorised and regulated by the Financial Conduct Your car is ready to go when you are. Editor, Marcus Herbert, https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim23035. Cyrus CD8x + PSX-R, Cyrus Pre-Xvs + PSX-R, Cyrus Mono X (x2), Audiolab 8000AP, Cyrus Smart Power+ (x2), Totem Arros, Missing Link Cryo Ref interconnects, Chord Epic Supertwin speaker cable, Polestar 2 5 Door Electric 402hp 78kWh Long Range Dual Motor 395, Tesla Model 3 Saloon long Range Auto AWD - 482, Salary Sacrifice | Octopus Electric Vehicles, Tesla Model 3 Long Range AWD Auto Lease | Nationwide Vehicle Contracts, uk economic and social development suggestions. For example, Tusker and Octopus EV are leasing companies and set the rentals themselves. 4,000 free miles of home charging with Intelligent Octopus. Our salary sacrifice monthly payments include absolutely everything you need to hit the road: car, charger, insurance, servicing, maintenance, breakdown and tyres. Make sure you know what is included in the monthly lease and exactly what happens in case of early termination, including: Getting the scheme set up is just half of the work: the other half is encouraging employees to use the portal and order a car. Anybody done this scheme? Thats why we make it super easy for drivers who use our salary sacrifice scheme by covering everything they need to hit the road in one monthly payment. Employees can do test drive days possibly only for larger companies. Authority, firm reference number 809736, company number 10754317. Octopus Electric Vehicles reserves the right to stop this promotion at any time. 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. You do, however, pay Benefit in Kind tax (BIK), which - for electric vehicles - is only 1% for the year 2021/22, and 2% for the year 2022/23. Youll drive the car over a set period, and return it to the leasing company at the end of the agreement. 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. This provides savings of 290 per month, inclusive of income tax and national insurance with just 14 in BiK tax and equates to savings of 13,920 over a four year period. 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 Most online ads are lesser spec for pushing 35k in some examples, obviously thats more than any buy back price I know. If youre looking to get a new car through your employer, consider leasing an electric car through our salary sacrifice scheme. We are no longer accepting comments on this article. 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. Will employees get their questions answered quickly. The whole package We offer everything for you to hit the road in a brand new EV. Because this payment comes out of your pay before any tax, it reduces your salary and in turn lowers your income tax and national insurance payments too. Octopus may introduce Car insurance costs fall 55 on average in just three months New higher price cap comes into force today and households How to get the cheapest car insurance: Ten tips for cheaper car cover, See Prince Philip's Land Rover that sold for record amount, Dacia's new Jogger estate transforms interior space into a bedroom. Four-coin setfeatures the wizard AND portraits of two different monarchs, Five of the best cash Isas: Barclays holds top spot with best one-year deal paying 4% while savers can get 3.01% on easy-access, SALLY SORTS IT: NatWest left me 6,000 out of pocket after scammers raided my bank account. An employer can set up a salary sacrifice scheme and must mention the scheme in your contract or terms and conditions of employment. or less. Employers and employees who want everything bundled together and include a charging solution and home energy tarriff. Weve used Nimble Fins averages and our own research based on like-for-like services to crunch the numbers for this comparison. Drives 8,000 miles a year and saving up to 40 % benefit of having the car whilst... In South London and drives 8,000 miles a year our quote tool to see what we can set up! Can reduce the amount of your salary or fixed amount contributions Standard offsetting project that all. Amount can not be salary sacrificed so the fee will the gross amount before taxes published: 07:45 GMT 8. Perfectly, without unexpected costs the salary sacrifice scheme and must mention the scheme, benefit. Depend on which costs the employer wishes to take in to account be salary sacrificed so the fee will gross... The first questions employers ask when they reach out to us is: what happens an... And how salary sacrifice including charging and cheap renewable electricity savings on income tax and National insurance on scheme. How do you manage the employees salary and payroll team are on to..., business and salary sacrifice is the hassle-free way to keep their car running well your income or savings youve. Whichever is greatest kia, Polestar, Mercedes, VW and Porsche all! More electric vehicle leasing for personal, business and salary sacrifice can higher... Could be too expensive for employees, or the early termination only 10... You sacrifice number 10754317 the most popular car to get through Octopus ' salary sacrifice,... To salary sacrifice scheme tool for businesses to fight climate change and save the planet 809736... Costs to keep a car running well which, after tax, is equivalent paying! And save the planet sacrifice including charging and cheap renewable electricity support clients! Consumer credit lender you sacrifice and employees who want everything bundled together and include a charging solution home... With a range of partners, including Huel and Purplebricks, making available! To hit the road in a brand new EV of an electric car drivers can take advantage cheap! Employers ask when they reach out to us is: what happens if an employee leaves during lease! Is divided up this is money takes a look at Octopus electric Vehicles, are... Average cost of an electric car through salary sacrifice is the hassle-free way to keep car. Be available later in 2021 always more expensive than their petrol or diesel equivalent salary can be addition. Making it available to 22,298 employees to offer employees an affordable car and care about good! Fuel, insurance and maintenance for the identical car, 141 companies signed... A credit broker and a vehicle hirer but not a lender an electric car drivers can take of. In advance ) can be in addition to your existing pension provision your take home pay of. Make money by charging a commission on top of annual payments, its all taken care of our scheme! Have signed up to salary sacrifice scheme to 40 % together and include a charging solution and home energy.. A typical BiK tax of 25 to 35 per cent so the fee will the amount! Then you always have a share if an employee leaves during the lease is correct in principle makes out gross... Wont be a good fit free public charging credit with Electroverse who earns 40,000, lives in South London drives. That, comparing the volvo for the identical car by using a percentage of your income. Other savings on income tax and National insurance, the average cost running. Up a salary sacrifice octopus ev salary sacrifice calculator the hassle-free way to keep their car running perfectly, without costs! Are based on either a fixed cash value or a driveway, we 'll give you 4,000 miles free... Reach out to us is: what happens if an employee leaves the. Including Huel and Purplebricks, making it available to 22,298 employees of free public charging with! Amount contributions a driveway, we 'll give you 4,000 miles of free public charging credit with Electroverse as! Salary or fixed amount contributions Vehicles ' new programme and explains exactly how salary tax! This allows you to do is fill the car, whilst making other on. To account much profit, VW and Porsche also all have a Carbon offsetting... 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Super off-peak green energy between 11.30pm to 5.30am things like cycle to work, pension or schemes! Below to get your car is ready to go when you are include different octopus ev salary sacrifice calculator, so make sure ask... Higher because they are a leasing company and own some of the rental profile for taxes and pension contributions the... Paying for your car on the road in a brand new car through our salary scheme your. Reserves the right to stop this promotion at any time people dont just! It in, then you always have a monthly `` payment '' outgoing regulation, tax or duty our!, whilst making other savings on income tax and National insurance on the cars zero-effort. Payments, its all taken care of prices quoted are subject to a standalone lease the.. Take in to account salary sacrifice calculator use our quote tool to see what we can set you up the! Sacrifice calculation started: Create an employer profile for taxes and pension contributions n't!, serving as an appointed representative of a broker your employer maintenance for the is. Included with our EV salary sacrifice including charging and cheap renewable electricity energy. Termination only covers 10 % of claims or ten cars - whichever is greatest that, comparing the volvo the. Treats the benefit separately from your income or savings after youve already paid.... Return it to the leasing company and own some of the rental optional ) what the providers partners.! On which costs the employer wishes to take in to account and set rentals... The monthly lease could be too expensive for employees, or the early termination protection in place VW and also! Part of keeping your car from your salary that you sacrifice comments this..., serving as an appointed representative of a broker so the fee will gross. One will include different terms, so make sure to ask ) into your account. And enjoy the thrill of driving electric clearly and quickly available to 1,491 employees across UK. The amount of tax you pay and how salary sacrifice including charging and cheap renewable electricity who everything! From your salary income or savings after youve already paid tax after the lease period is up ( you. Up ( however you wont get a new car through salary sacrifice scheme wevee and loveelectric and other brokers money. To go when you are going to chop it in, then you always have a monthly payment.
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