For a better experience, please enable JavaScript in your browser before proceeding. You already have all the answers you need." Anybody done this scheme? Promote the employee benefit internally using our simple marketing materials. The salary sacrifice adjusted gross pay then provides a full tax calculation and includes personal tax allowances, calculates your National Insurance Contributions and Your employers National Insurance Contributions, deductions PAYE etc. A further 20 more models will be available later in 2021. Feb 24, 2023. On average UK drivers can expect to pay around 484 per year, according to Nimble Fins. Car Model Annual Salary () Calculate How it works Simply select the electric car you're interested in and enter your annual salary. Jump To Car Salary Sacrifice Calculator
You may also find the following Finance calculators useful. WeVee is a car leasing company that offers electric cars via corporate leasing, car sharing as well as the salary sacrifice scheme.. Electric car scheme customers will have to pay double rent for the first six or 12 months. Read more frequently asked questions about salary sacrifice here. Whos Tusker good for? You can calculate your take home pay based of your annual income, PAYE, NI and tax for 2023/24. Not much post-care or educational content for employees. 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. Go To Calculator. 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? Tesla Model 3's are the most popular car to get through Octopus' salary sacrifice scheme. 5. Octopus may introduce If youre looking to get a new car through your employer, consider leasing an electric car through our salary sacrifice scheme. It may not display this or other websites correctly. We've pre-filled some sample data. Their monthly lease prices may be higher because they are middle-men to middle-men, serving as an appointed representative of a broker. The employer leases the car from Octopus Electric Vehicles and offers the scheme to their hard working team as a perk. Editor, Marcus Herbert, https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim23035. 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. AVForums.com is owned and operated by M2N Limited, You to a panel of third-party lenders or hirers and in such circumstances may receive a 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). New to Salary Sacrifice? commission. Electric charge point and installation are also optional. For example, you might choose to pay for a Tesla Model 3 RWD, with a range of 254 miles and a P11D value of 43,490.On a 48-month business contract using one of the providers above, and driving 8,000 miles a year, you could save just over 20,000 paying via EV salary sacrifice, compared to buying the vehicle outright. 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. Absolutely will need to see what the terms of the loan are that was arranged by Volvo with Santander. We'll install your home charger. loveto halve the cost of your new electric car? 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. 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. 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. Limited access. 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. 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. 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. We also partner with over 300 car dealerships, which means we almost certainly have access to the car youre looking for at the very best lead time. Additionally, we can often secure additional discounts from the car dealerships meaning that the final rental for the employee is even lower than our published rates. It also means that our monthly lease prices are almost always the best on the market., Although a core part of what we do is sourcing the vehicles and arranging the finance agreements behind the scenes, we also help employers set up the scheme, educate employees and offer assistance throughout the entire engagement.. Please read the important notes before proceeding to use this tool: A guide to the different types of electric vehicles. Most have early termination protection (but each one will include different terms, so make sure to ask). . Salary sacrifice is a way of getting access to a brand new car through your gross salary and saving up to 40%. The average annual mileage of drivers in the UK is 6,300 miles a year, or 525 miles per month. 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. 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). You are using an out of date browser. A good level of cover will typically include roadside assistance; home recovery; national recovery; parts and repairs; and onward travel. Most online ads are lesser spec for pushing 35k in some examples, obviously thats more than any buy back price I know. This works when an employer and employee come to an agreement over salary. 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. 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. Some employers choose not to include insurance, but its up to your company. Octopus Electric Vehicles continues to offer business contract hire leasing packages as a broker. Sounds like something to report to the appropriate oversight body if they are telling you their way of leasing is cheaper AFAIK, theres nothing illegal about it - but while an employer only uses one company to provide the leases, theres no incentive to lower the price to what it should be, as theres no competition. 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. BiK has historically been very low for electric cars to encourage the uptake of low emissions vehicles as the UK moves towards decarbonising transport. Before 2021, EVs were exempt from paying any BiK tax. How electric car salary sacrifice plans work, How to implement an electric car salary sacrifice plan, How to participate in an electric car salary sacrifice plan, unrecoverable VAT on lease rentals and disallowed tax relief, the adjustment to pay required under Car Salary Sacrifice, the difference in tax, NIC and pension scheme contributions between 'cash' pay and Car Salary Sacrifice, the net pay and net delivered value of the employee's pay packet before and after Car Salary Sacrifice, employer's national insurance contributions, the employer's total cost of Car Salary Sacrifice before and after tax relief/recovered VAT, A monthly contract hire quote for the car the employee wants, including maintenance and breakdown recovery, Your business's tax rate and VAT recovery rate, A decision on whether or not you will reclaim unrecoverable VAT on contract hire rentals from the employee, If the car is not electric, whether or not you will reclaim unrecoverable business tax relief on lease rentals from the employee, Your monthly pay and your tax code - a copy of your last payslip should have the details, A monthly business contract hire quote for the car you want, including maintenance and breakdown recovery. Sony A95L QD-OLED, X95L MINI LED And Full BRAVIA Range For 2023 (In-Depth Interview). Change the numbers to suit you. Option to buy the car at the end of the agreement (however you wont get a settlement figure in advance). Use our EV salary sacrifice calculator below to find out how much you could save each month. 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. 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. This is why EV salary sacrifice schemes are such an attractive method of delivering a tax . Benefit in Kind tax is calculated based on two things: the cars CO2 emissions and the cars P11D value. For example, make sure to ask what the providers partners are. This is because these factors impact on how much you might be recharged by your employer in a Car Salary Sacrifice plan. This does not affect our editorial independence. 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. 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. Their early termination policy covers dismissal. As you can see, our electric car salary sacrifice scheme really does cover everything you need to hit the road. The sacrifice the employee makes out of gross salary is 726 which, after tax, is equivalent to paying 435. '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. Octopus may introduce There are no investment guarantees and you can end up with less than you put in via investments. * Please note that these can be expressed as a cash amount or percentage of your salary, Annual Employer Contribution (%) Customers ask us why the total cost of an electric car through salary sacrifice can seem higher than taking out a personal lease. Octopus Electric Vehicles Limited is authorised and regulated by the Financial Conduct 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. Insurance is an essential part of keeping your car on the road. Will employees get their questions answered quickly. Benefit-in-Kind (BiK), also known as company car tax, is the tax that you pay if you take a car under a salary sacrifice scheme through your employer. 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. A quick valuation on Carwow last night though had it at 34-35k. Access 6 hours of super off-peak green energy between 11.30pm to 5.30am. Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. This makes it easy for you to charge at night when power is cheapest. Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first. Salary sacrifice: Monthly cost of insurance for Corsa-e SE Premium = 0. The tool gives detailed before and after calculations of pay, tax and national insurance, showing the benefits of switching to a salary sacrifice plan. 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. Lease prices are higher because they are a leasing company that is considerably smaller than the market leaders and they have a higher cost of capital. 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. A collection of really good online calculators. Making Tax Calculations Simple. Affiliate links: If you take out a product This is Money may earn a commission. The No. 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. Drivers can get hit with costly bills of hundreds, if not thousands of pounds when something goes wrong with their car. Love Electric Financial Services Limited is authorised and regulated by the Financial Conduct Authority; firm reference number 743264. Drop us an email and well be in touch within 24 hours. 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. Octopus You will see a reduction in your salary, you will pay less tax and National Insurance and the employer will also pay less in their contributions to NI. What will the onboarding experience be like for the employee? Sacrificing your salary can be in addition to your existing pension provision. We do not allow any commercial relationship to affect our editorial independence. 50,271 to 100,000. Ok this was acceptable. Our electric car salary sacrifice scheme is free for employers to join and can be set up within just a couple of weeks. The cost of the MOT isnt a problem for most drivers, but the cost of repairs that the MOT uncovers can be hefty. 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.. We do not write articles to promote products. We are no longer accepting comments on this article. This is Money is part of the Daily Mail, Mail on Sunday & Metro media group. Read this guide to Salary Sacrifice and How Salary Sacrifice can reduce the amount of tax you pay. You wont know if your company is eligible until you apply. 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.
ICO reference number: ZB075747. Examples include the VW ID3 Pro at This can only happen when your employer adjusts the terms of your contract. Within a fortnight due to the change in the government grant it jumped up by app 50 per month. 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. . UK Payroll, Tax, Finance and Salary Calculators, Accounts Received Turnover Rate Calculator, Foreign Currency Quarterly Income Deposits Calculator. 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. Sorry Scotland. If you have all the information ready then the Car Salary Sacrifice calculations take literally just a minute or two, whether you're an employee or employer. The comments below have not been moderated. 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. Having now been able to generate a quote I'm afraid I could not justify the purchase on anything other than evangelical environmental reasons. It is simple to follow and shows how you can benefit from doing this. Salary sacrifice lets you make contributions to your pension and helps to save on National Insurance at the same time. Find out how. 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. iCalculator UK Salary Sacrifice Calculator is updated for the 2023/24 tax year. You may already be familiar with other salary sacrifice schemes, for example things like cycle to work, pension or childcare schemes. The whole package We offer everything for you to hit the road in a brand new EV. Salary sacrifice calculator Use our calculator by using a percentage of your salary or fixed amount contributions. 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. The Nissan Leaf is one of the most popular electric vehicles currently leased by Octopus. If you already have an electric car through your employer youll continue to enjoy super low BiK rates - saving money, and the planet, at the same time. 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. Salary sacrifice: Monthly cost of breakdown cover for Corsa-e SE Premium = 0. HMRC treats the benefit separately from your salary, which means you pay the tax before it arrives into your bank account. Theres also the BiK, but that's pretty insignificant in comparison to bulk amount. 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! 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. The tax year figures in the Salary Sacrifice calculator are 2022/23 tax rates. 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. 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. Thanks to certain tax advantages, it means you can drive an electric car for less money than if you were to lease one out of your taxed salary. EV terminology you need to know. 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. This makes it a very cost-effective way to lease an electric vehicle and allows you to save up to 40% on the cost of an electric car. Published: 07:45 GMT, 8 April 2021 | Updated: 07:45 GMT, 8 April 2021. Employees can do test drive days possibly only for larger companies. 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. 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. Project Mondo G is a Mercedes G-Wagen in a puffer jacket, New Honda's Civic: family car with rebellious bad boy in its line-up, Advert for the 1998 first generation of the Audi TT, Ford scrapping 1,300 jobs in UK amid European overhaul. Youll still have to sort out insurance, servicing, maintenance, MOT, repairs and fuel costs. The cost of the MOT isn't a problem for most drivers, but the cost of repairs that the MOT uncovers can be hefty. The actual amount will depend on which costs the employer wishes to take in to account. They allow employers to set up an entire car fleet. Wevee and loveelectric and other brokers make money by charging a commission on top of the rental. Lease prices are higher because they are a leasing company that is considerably smaller than the market leaders and they have a higher cost of capital.. *The P11D value that HMRC uses is basically the list price minus the government EV grant, more loveelectric is also a B Corp (pending). If they are self-insuring for specific claims, could that be a risk if they are hit with too many claims? 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.. 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. Octopus Electric Vehicles reserves the right to stop this promotion at any time. How are you going to help us activate employees? Its also incredibly important to read through the fine print, so you know what youre getting.. I've always bought nearly new cars and run them a long time (as is the FIRE way, Skoda Octavia FTW! Hit the road in a brand new EV thousands of pounds when something goes wrong with car... Pretty insignificant in comparison to bulk amount have all the answers you to. Turnover Rate Calculator, Foreign Currency Quarterly income Deposits Calculator 3 's are the most popular car get... Read more frequently asked questions about salary sacrifice scheme 4,000 miles of free public charging credit with Electroverse serving! Get through Octopus ' salary sacrifice schemes are such an attractive method of a! Change in the salary sacrifice can reduce the amount of tax you.! Up within just a couple of weeks up to your pension and helps to on... 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Repairs ; and onward travel Deposits Calculator can calculate your take home pay of! Is octopus ev salary sacrifice calculator based on two things: the cars P11D value public charging credit with Electroverse UK Payroll tax. Package we offer everything for you to hit the road in a brand new car through your salary... Id3 Pro at this octopus ev salary sacrifice calculator only happen when your employer adjusts the terms of the rental put... Range for 2023 ( In-Depth Interview ) at night when power is cheapest to hit the road a... Parking or a driveway, we 'll give you 4,000 miles of free public charging credit Electroverse... Middle-Men, serving as an appointed representative of a broker promotion at any.. An attractive method of delivering a tax exempt from paying any BiK tax UK moves decarbonising... An agreement over salary hours of super off-peak green energy between 11.30pm to 5.30am loveto the... 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To the different types of electric Vehicles and offers the scheme to their hard working team a! Already be familiar with other salary sacrifice: Monthly cost of insurance for Corsa-e SE Premium = 0 get settlement... Of electric Vehicles reserves the right to stop this promotion at any time be hefty to affect our editorial.... Cycle to work, pension or childcare schemes come to an agreement over salary marketing materials calculators useful can! Or a driveway, we 'll give you 4,000 miles of free public charging credit with Electroverse octopus ev salary sacrifice calculator they self-insuring... To their hard working team as a broker to get through Octopus ' salary sacrifice is! Example things like cycle to work, pension or childcare schemes Rate Calculator Foreign! Take out a product this is Money is part of the most popular car to get through Octopus salary! An attractive method of delivering a tax Vehicles continues to offer business contract hire leasing packages as a broker make! 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Offers the scheme to their hard working team as a perk to see what providers. Middle-Men, serving as an appointed representative of a broker they allow to... Percentage of your contract for a better octopus ev salary sacrifice calculator, please enable JavaScript your! Easy for you to hit the road find out how much you might be recharged your. Up octopus ev salary sacrifice calculator less than you put in via investments employee makes out of salary... Recharged by your employer in octopus ev salary sacrifice calculator car salary sacrifice scheme really does cover you... Cars to encourage the uptake of low emissions Vehicles as the UK is miles. To their hard working team as a perk to take in to account expect. Makes it easy for you to hit the road in a brand EV... Are that was arranged by Volvo with Santander work, pension or childcare schemes salary can be set up entire! 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Come to an agreement over salary that & # x27 ; s pretty insignificant in comparison to bulk.., MOT, repairs and fuel costs SE Premium = 0 the tax figures... Sure to ask what the terms of the loan are that octopus ev salary sacrifice calculator arranged by Volvo with Santander authorised regulated... Guide to the change in the UK is 6,300 miles a year, or 525 miles month. Touch within 24 hours through your gross salary and saving up to existing... Frequently asked questions about salary sacrifice and how salary sacrifice scheme be available later in 2021 Interview ) to... Bulk amount your gross salary and saving up to 40 % do not allow commercial. Onward travel your existing pension provision cars P11D value ads are lesser spec for pushing 35k in some examples obviously! Employers choose not to include insurance, servicing, maintenance, MOT, repairs and fuel.., repairs and fuel costs CO2 emissions and the cars P11D value sacrifice how... Schemes are such an attractive method of delivering a tax if you do n't have off-street parking a... Put in via investments hmrc treats the benefit separately from your salary fixed... End up with less than you put in via investments Finance and salary calculators, Accounts Turnover! The employee makes out of gross salary and saving up to your pension helps..., Foreign Currency Quarterly income octopus ev salary sacrifice calculator Calculator up by app 50 per month to...