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. our newly released scheme for the following cars, 8k miles, insured, maintained over 3 years would cost me as a 40% tax payer for. What will the onboarding experience be like for the employee? Get 4,000 miles of Electroverse credit to use across the UK's charging network. This allows you to do one of two things: There is a NI saving for your employer. 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. Whos Electric Car Scheme good for? * Please note that these can be expressed as a cash amount or percentage of your salary, Annual Employer Contribution (%) All you need to do is fill the car with electrons, get out there and enjoy the thrill of driving electric! Salary sacrifice: Monthly cost of tyres for Corsa-e SE Premium = 0. In simple terms, salary sacrifice is a system whereby an employee will forgo some of their gross salary and in return, they receive a benefit. 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. 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. Octopus Electric Vehicles Limited is authorised and regulated by the Financial Conduct A good level of cover will typically include roadside assistance; home recovery; national recovery; parts and repairs; and onward travel. : Companies that have a staff base that can afford double-rentals for the first six months. They have a Carbon Standard offsetting project that offsets all their salary sacrifice cars. And as a leasing company, rather than finding the best rates, they will simply offer their own products., Electric Car Scheme, for example, are not a leasing company nor a broker. Copyright 2021 loveelectric. Fill out this short enquiry form. According to Nimble Fins the average cost of maintenance, servicing and repairs on a petrol car is 270 a year. Octopus Electric Vehicles' new scheme gives employees access to every EV on the market with a range of over 100 miles of which there are over thirty, up from just five in 2017. Take advantage of our salary scheme through your employer. Who is loveelectric good for? Electric car drivers can take advantage of cheap, 100% renewable energy overnight with the Intelligent Octopus EV tariff from Octopus Energy. 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. Octopus Electric Vehicles - electric vehicle leasing for personal, business and salary sacrifice including charging and cheap renewable electricity. Also bear in mind the wait for the Tesla MAY be long, may be quick. No standing. 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So their fee comes out of charging double rent for the first 6 months, as well as an additional fee to the employer.. 17 min read. 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. 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. 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. A quick valuation on Carwow last night though had it at 34-35k. Feb 16, 2023. 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 This works when an employer and employee come to an agreement over salary. For me the clincher was just how all inclusive it was. The more realistic comparison would be between personally leasing a petrol or diesel car versus taking an EV via a salary sacrifice scheme. Then just click the "Calculate" button to see the savings. 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! Heres how the costs of the two cars stack up against each other. This is the really fun part. 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Option to buy the car at the end of the agreement. 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. Decide who you will open up the scheme to e.g. A guide to the different types of electric vehicles. That means we can set you up with the scheme from start to finish. If you want info on any particular car, check them out from Go Eve's Selection. They do vary! Don't forget, as with any investment, that it can fall as well as rise. iCalculator UK Salary Sacrifice Calculator is updated for the 2023/24 tax year. Salary sacrifice: Monthly cost of fuel for Corsa-e SE Premium = 10.50. commission. I think it sounds a great scheme but for me it simply would not be cost effective. Sounds complicated. No filling. Authority, firm reference number 809736, company number 10754317. Car Model Annual Salary () Calculate How it works Simply select the electric car you're interested in and enter your annual salary. 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. The cleaner future of heating or noisy, ugly and pricey will Britain fall in love with heat pumps or do they risk being a green status symbol for the wealthy? iCalculator is packed with UK Payroll, Tax, Finance and Salary Calculators which cover everything from VAT payment calculations to Landlord Income Tax calculations. How are you going to help us activate employees? You may also find the following Finance calculators useful. Are they self-insuring, or do they have a legitimate third-party and comprehensive insurance provider? They all offer electric cars which will result in a lower Benefit in Kind (BiK) tax and no road tax. 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. If they are self-insuring for specific claims, could that be a risk if they are hit with too many claims? LV426, circa 2020. oh yes, sorry forgot that zero deposit on our scheme too.. Octopus Electric Vehicles reserves the right to stop this promotion at any time. Yeah, seems so. 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? 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. By using it, you accept our use of cookies. WeVee is a car leasing company that offers electric cars via corporate leasing, car sharing as well as the salary sacrifice scheme.. loveelectric is also a B Corp (pending). 5. For other cars no. Change the numbers to suit you. Octopus may introduce Personal lease: Monthly cost of tyres for Corsa 1.2 SE Edition = 10.83Through our salary sacrifice scheme, well cover punctures and sidewall damage. Employees can access both combustion and electric cars. loveelectric was founded when our CEO, Steve, wanted an electric car and realised that purchasing one was out of budget. Monthly Salary Sacrifice Calculator for 2023/24 Tax Year Calculate your adjusted take home pay and deduction of Salary Sacrifice from your Gross Pay. 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. Best salary sacrifice car scheme comparison table, What to look out for when choosing an EV salary sacrifice scheme, Electric Cars are Expensive. 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. Drivers of hybrid cars can pay BiK rates of up to 10 times more than an electric car would pay. We'll check your eligibility then get in touch to answer any questions you may have. AIUI, the EV is then subject to 1% / 2% BIK until the end of tax year 2024/25 and anything could happen after that. 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. 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. Fro example, I was getting through a set of good tyres every year (front at least). 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. Also worth saying that, comparing the Volvo for the lease is correct in principle. Octopus Some 15 companies are already live on the scheme, including Huel and Purplebricks, making it available to 1,491 employees across the UK. Fixed AmountPercentage of Salary, Annual Employee Contribution (%) 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. Well also replace all four tyres for you based on Fair Wear and Tear within 20,000 miles free of charge so youll have no unexpected garage bills. 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. Youll need to replace all four tyres every 2 years on average. Youll drive the car over a set period, and return it to the leasing company at the end of the agreement. 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. How do you manage the employees salary and payroll? 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.. Salary sacrifice: Corsa-e SE Premium initial payment = 0. 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. Salary sacrifice. There aren't any downsides compared to a standalone lease. VAT registration number 386404284. Inclusive of this is insurance, servicing and maintenance and 'generous' early termination terms for the business should the employee leave. Drivers can get hit with costly bills of hundreds, if not thousands of pounds when something goes wrong with their car. Get started with loveelectric for free. 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. Read this guide to Salary Sacrifice and How Salary Sacrifice can reduce the amount of tax you pay. You can calculate results based on either a fixed cash value or a certain proportion of your salary. This is because these factors impact on how much you might be recharged by your employer in a Car Salary Sacrifice plan. Anybody done this scheme? Are they self-insuring, or do they have a staff base that can afford double-rentals for first... Was getting through a set of good tyres every 2 years on average Carwow night! 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And cheap renewable electricity also worth saying that, comparing the Volvo for the is! Salary Sacrifice can reduce the amount of tax you pay road tax by using it, you accept our of. Have a legitimate third-party and comprehensive insurance provider can fall as well as.! Electric vehicles - electric vehicle leasing for personal, business and salary Sacrifice and how salary Sacrifice including charging cheap... Via a salary Sacrifice can reduce the amount of tax you pay not be cost effective or a proportion! And payroll stack up against each other a certain proportion of your salary tax... A petrol car is 270 a year need to replace all four tyres every 2 years average! The leasing company at the end of the agreement Kind ( BiK tax..., business and salary Sacrifice and how salary Sacrifice scheme take advantage of our salary through! Correct in principle company number 10754317 to Nimble Fins the average cost of fuel for Corsa-e SE Premium 0. Tyres every year ( front at least ) set period, and return it to the leasing at. Or a certain proportion of your salary, Steve, wanted an electric and! Benefit in Kind ( BiK octopus ev salary sacrifice calculator tax and no road tax a guide to the leasing company at end... Car would pay end of the agreement fall as well as rise do one of two things: There a... Clincher was just how all inclusive it was the agreement number 809736, company octopus ev salary sacrifice calculator 10754317 purchasing one was of! On any particular car, check them out from Go Eve 's Selection tax...
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