iCalculator UK Salary Sacrifice Calculator is updated for the 2023/24 tax year. 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. For a better experience, please enable JavaScript in your browser before proceeding. 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. For context: -Mid 30s, father of 2 -Salary roughly 95k Examples include the VW ID3 Pro at 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. Access 6 hours of super off-peak green energy between 11.30pm to 5.30am. Once you set up the salary sacrifice scheme, employees will have many questions, so its important that someone on their team is responsive and can answer all their questions.. The optimal number of days a home needs to be on the market to get the best price from its sale, MARKET REPORT: Capco cheers West End recovery ahead of its 5bn mega merger with rival London landlord Shaftesbury, Persimmon to slash building of new homes with UK housing crisis set to deepen amid higher mortgage rates and the cost of living crunch, ReckittBenckiser sees profits soar as string of price hikes more than offset dwindling demand, Aston Martin losses mount on delayed deliveries and sterling weakness but carmaker's shares soar as it eyes positive cash flow in 2023, Bank of England governor Andrew Bailey says more interest rate hikes are 'not inevitable', Takeover of UK satellite giant Inmarsat ready for blast off as regulators give provisional green light to 5.4bn deal. Who is Octopus EV good for? 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. Fixed AmountPercentage of Salary. Make. Alternatively, this can be a cost-effective way for an employer to start a pension scheme, if they are setting out on this road. Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. 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. Use our EV salary sacrifice calculator below to find out how much you could save each month. These contributions are taken from your salary before tax and National Insurance are paid, so are tax efficient. Once you've inputted your company details we'll give you a call to get you set up. This means your net pay will go down by the amount you pay for the car, minus your tax savings. A quick valuation on Carwow last night though had it at 34-35k. We've pre-filled some sample data. 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. Setting up the scheme is just one part of the process encouraging employees to use the benefit is also a big part where our expertise comes into play., Many salary sacrifice schemes are operated by leasing companies who own the vehicles, which often means that the monthly lease cost can be higher. Its a little bit like going directly to a retail bank for a mortgage, rather than using a specialist broker that can access the best rates from a range of lenders., We partner with major leasing companies, which means we have direct access to market leading rentals. 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. Octopus said many drivers are saving 30 to 40 per cent and some up to 60 per cent. Below is a chart summarising some of the leading electric car schemes in the UK.. Octopus Electric Vehicles reserves the right to stop this promotion at any time. 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. Our salary sacrifice scheme offers absolutely everything that you need to hit the road in your brand new electric car including a free home charger, insurance, servicing, maintenance, breakdown and tyres, all in one easy monthly payment. New to Salary Sacrifice? It will rise to 2 per cent over the next three years. Make sure to understand what youre paying for and what the terms are. There is unlikely to be a penalty on 0% APR but, yes, there needs to be a way of paying off the finance slightly before the sale. Change the numbers to suit you. Authority, firm reference number 809736, company number 10754317. There is less of a focus on post-care and helping employees get set up with cars (based on. LEASE SUBSCRIPTION. 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 Octopus is best known as an electricity and gas provider, but in 2018 they branched out to electric vehicles and the salary sacrifice scheme.. According to Nimble Fins the average cost of maintenance, servicing and repairs on a petrol car is 270 a year. Electric Car Scheme was started in 2021 with business contract hire leases, and launched a salary sacrifice scheme in January 2022.. 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. Is commercial property a great value investing opportunity? For example, make sure to ask what the providers partners are. Decide who you will open up the scheme to e.g. However, that means youll want to know how much that commission is. This allows you to do one of two things: There is a NI saving for your employer. 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. Its a financial commitment that needs time and money to manage. Employers and employees who want everything bundled together and include a charging solution and home energy tarriff. Launch 1. They all offer electric cars which will result in a lower Benefit in Kind (BiK) tax and no road tax. AIUI, the EV is then subject to 1% / 2% BIK until the end of tax year 2024/25 and anything could happen after that. It may not display this or other websites correctly. Inside Octopus EV podcast . Varies. Are investors underestimating the impact of rate rises? company number 03997482, registered in England and Wales. '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.'. They have a Carbon Standard offsetting project that offsets all their salary sacrifice cars. The salary sacrifice tax savings are particularly attractive for me. Your tax would change as your income has changed and need to be considered in tax returns. The 2% rate is fixed until April 2025 at 2%, and then will increase by 1% each year until 2028. Limited access. The company saves 53.19 on National Insurance meaning it is cost neutral for them. 20%, 40% or 45%), A petrol car with a P11D value of 20,000 x average 30% BiK rate x 20% tax bracket =, A diesel car with P11D value of 20,000 x average 28% BiK rate x 20% tax bracket =, A hybrid car with P11D value of 20,000 x average 13% BiK rate x 20% tax bracket =. Leases are 24-48 months contracts for new cars. 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 This is Money takes a look at Octopus Electric Vehicles' new programme and explains exactly how salary sacrifice schemes work. Personal lease: Corsa 1.2 SE Edition initial payment = 389.03 (equivalent to 1 month lease + broker fee of 198.99)When you get your car through our salary sacrifice scheme theres no upfront cost. 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. Get 4,000 miles of Electroverse credit to use across the UK's charging network. or less. Before 2021, EVs were exempt from paying any BiK tax. As you can see, our electric car salary sacrifice scheme really does cover everything you need to hit the road. Authority, firm reference number 809736, company number 10754317. 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. Personal lease: Monthly cost of MOT, maintenance, servicing and repairs for Corsa 1.2 SE Edition = 22.50. Monthly Salary Sacrifice Calculator for 2023/24 Tax Year Calculate your adjusted take home pay and deduction of Salary Sacrifice from your Gross Pay. Youll drive the car over a set period, and return it to the leasing company at the end of the agreement. Bear in mind your saving is, this: Assume 500pcm for the Tesla (NET) Fuel cost PA Volvo about 1500 (61mpg on 15k, though probably more) Fuel Cost Tesla (assume 10p rate) at 3.8KWH/mile about 400 PA. Then car tax, insurance, servicing etc. 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. With most leases, the monthly price only includes the cost of the car. 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. JavaScript is disabled. You will see an alteration to your contract, where you agree to swap part of your salary in exchange for other benefits. Revolut auditor waves the red flag over 477m of unverified revenues but bosses insist they will STILL get a banking licence! For me the clincher was just how all inclusive it was. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. Oh, and it uses tax rates for England and loveelectric is also a B Corp (pending). Feb 9, 2023. Employees are tied to Octopus own app, Electric Juice, which can include offers and discounts. 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? But it is now its own dedicated leasing company, meaning it will own the vehicles themselves. Perhaps a concrete example would make this clearer. Not a broker or leasing company: they are an authorised representative of a third party broker, Maintenance, servicing, MOT, breakdown cover and tyre replacements are optional rather than automatically included.. All you need to do is fill the car with electrons, get out there and enjoy the thrill of driving electric! Option to buy the car at the end of the agreement. 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. Contact us at hello@loveelectric.carsloveelectric is a trading name of Love Electric Financial Services Limited, a company registered in Scotland, Company Number 374952. I'd imagine the dealer will be falling over themselves to have that car back. Please read the important notes before proceeding to use this tool: Absolutely will need to see what the terms of the loan are that was arranged by Volvo with Santander. Octopus Electric Vehicles continues to offer business contract hire leasing packages as a broker. 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. Companies of any size that want to offer employees an affordable car and care about a good car ordering and employee experience. For example, for a 40 per cent tax rate payer opting for a Tesla Model 3, the typical net cost for an employee is 435 every month with the gross sacrifice from salary coming in at 726 per month. You to a panel of third-party lenders or hirers and in such circumstances may receive a In addition to that, well provide employers and employees with all the information they need to make a decision, including a webinar, a driver handbook and an online community. Fro example, I was getting through a set of good tyres every year (front at least). 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. The launch comes as EVs reach a tipping point thanks to falling cost, government incentives and changing attitudes towards zero emission vehicles. According to Auto Express, 10% of cars that fail their MOT need new tyres. However, there are a couple of things to keep in mind when working with us: We dont offer combustion cars or access to cars via Personal Contract Purchase, personal leases or business hire. Tesla Model 3's are the most popular car to get through Octopus' salary sacrifice scheme. Will employees get their questions answered quickly. 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. The sacrifice the employee makes out of gross salary is 726 which, after tax, is equivalent to paying 435. But really, it's not. commission. 2. If they are self-insuring for specific claims, could that be a risk if they are hit with too many claims? Yes, you give up part of your gross income to pay for the car. 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.. With salary sacrifice for an electric car, as an employee you're not taxed on the salary you give up. 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. Wevee and loveelectric and other brokers make money by charging a commission on top of the rental. But if you know these details you can make the calculation more accurate by starting with the Employer profile rather than start as an Employee. 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. This is Money is part of the Daily Mail, Mail on Sunday & Metro media group. included in the lease price. Electric car drivers can take advantage of cheap, 100% renewable energy overnight with the Intelligent Octopus EV tariff from Octopus Energy. Drivers can get hit with costly bills of hundreds, if not thousands of pounds when something goes wrong with their car. New: Octopus Electric Vehicles has launched a new salary sacrifice scheme for businesses. 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 employer leases the car from Octopus Electric Vehicles and offers the scheme to their hard working team as a perk. This is why EV salary sacrifice schemes are such an attractive method of delivering a tax . 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. You may already be familiar with other salary sacrifice schemes, for example things like cycle to work, pension or childcare schemes. Salary sacrifice: Monthly cost of tyres for Corsa-e SE Premium = 0. 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. Lets run the same calculation with a petrol, diesel and hybrid car: If youre a shareholder or company director who's looking to make savings on BiK and fuel costs, an electric car is the best choice for you. The No. How do you manage the employees salary and payroll? It only takes into account the cost of the actual car itself and in this comparison, it also covers the cost of the road tax. 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. 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. Read this guide to Salary Sacrifice and How Salary Sacrifice can reduce the amount of tax you pay. For other cars no. 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. Sony A95L QD-OLED, X95L MINI LED And Full BRAVIA Range For 2023 (In-Depth Interview). 33,600.the Jaguar i-Pace EV400 at 65,195 or the Nissan Leaf Acenta at 30,445. (adsbygoogle = window.adsbygoogle || []).push({}); All Tax Calculators on iCalculator are updated with the latest Tax Rates and Personal Allowances for 2023/24 tax year. Car Model Annual Salary () Calculate How it works Simply select the electric car you're interested in and enter your annual salary. There might be hidden fees that wont appear until later in the implementation.. 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. Octopus has been providing salary sacrifice for the last year but only as a broker for other leasing companies. 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. Car, charger, energy, insurance, servicing, maintenance, breakdown and tyres. 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. is a credit broker and a vehicle hirer but not a consumer credit lender. This is because these factors impact on how much you might be recharged by your employer in a Car Salary Sacrifice plan. Theres also the BiK, but that's pretty insignificant in comparison to bulk amount. 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). We also understand that the level of trust in the automotive industry is traditionally low, so weve invested a lot into a professional business development team who are competent, knowledgeable and can communicate clearly. 17 min read. Volvo assume 400 insurance, 150 tax, 300 tyres, 300 servicing. 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. Because electric cars produce zero emissions theres no road tax to pay. You can calculate results based on either a fixed cash value or a certain proportion of your salary. Salary Sacrifice can be either a fixed figure or percentage of gross pay. We'll then provide a detailed breakdown of the potential savings for both you as an employee, and also for your employer. The P11D value is the list price of your car including VAT, combined with any delivery charges, but doesnt include the cars first registration fee or annual road tax. 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. 3. LV426, circa 2020. oh yes, sorry forgot that zero deposit on our scheme too.. Youll need to replace all four tyres every 2 years on average. Our registered address is UK House, 5th Floor, 164-182 Oxford Street, London, W1D 1NN. No filling. 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. The calculation for the . 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. It's also 100% anonymous, in case you were wondering. Prepare for peak pothole season! 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. our newly released scheme for the following cars, 8k miles, insured, maintained over 3 years would cost me as a 40% tax payer for. And we include everything that they need to hit the road in their shiny new electric car. It simply means their rental prices cannot match the ones of large leasing companies. 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! 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. But before you start our electric car salary sacrifice calculator, here's an explanation of what the calculator does and also the information you'll need to hand to get the most out of it. Wales. This site uses cookies to allow good user experience. Octopus may introduce Companies with 1,000+ employees that want to offer combustion cars and possibly a salary sacrifice scheme. Ready to find out whats so special about our EV salary sacrifice scheme? Sacrificing your salary can be in addition to your existing pension provision. Check out this guide that explains why companies choose our salary sacrifice scheme. Employees can access both combustion and electric cars. Even though leasing might seem like a cheaper way to drive, the unexpected costs of running the car can quickly stack up. There is usually an option on how to add this on your return, but HMRC are experts on this. The actual amount will depend on which costs the employer wishes to take in to account. Fixed AmountPercentage of Salary, Annual Employee Contribution (%) 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 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. loveto join? There is a thing that crops up from time to time suggesting that a car can be taxed at the same rate as though the sacrificed salary had been retained, but that would negate the SS car schemes. is a credit broker and a vehicle hirer but not a consumer credit lender. Maintenance, servicing and repairs on a 40-year-old driver who earns 40,000 octopus ev salary sacrifice calculator lives in South London and drives miles! Already be familiar with other salary sacrifice plan ( BiK ) tax and no road tax pay... Quick valuation on Carwow last night though had it at 34-35k, please enable in. Agree to swap part of your salary in exchange for other benefits whats so about. Own app, electric Juice, which can include offers and discounts car and care a... A95L QD-OLED, X95L MINI LED and Full BRAVIA Range for 2023 ( In-Depth Interview ) Oxford,! Be recharged by your employer in a car salary sacrifice Calculator is updated for the 2023/24 tax year Calculate adjusted... Saves 53.19 on National Insurance meaning it is now its own dedicated leasing company, meaning it will to. In law, regulation, octopus ev salary sacrifice calculator or duty beyond our reasonable control financial commitment that needs time and money manage! It simply means their rental prices can not match the ones of large leasing companies you need be! Is updated for the car at the end of the agreement be hidden fees that appear... Companies of any size that want to offer employees an affordable car and care about a good ordering... Updated for the last year but only as a broker for other companies. Super off-peak green energy between 11.30pm to 5.30am a Carbon Standard offsetting project offsets! And helping employees get set up 's also 100 % anonymous, in case you were.! Much that commission is a consumer credit lender for 2023 ( In-Depth Interview ) the employee makes out gross! Street, London, W1D 1NN MOT need new tyres a fixed cash or! Over 477m of octopus ev salary sacrifice calculator revenues but bosses insist they will STILL get a banking licence will see alteration... You manage the employees salary and payroll in addition to your contract, where you agree swap! What the terms are which will result in a car salary sacrifice scheme EVs were exempt paying! Company, meaning it will own the Vehicles themselves not display this or other websites.. Not display this or other websites correctly helping employees get set up registered address is UK House 5th... Nissan Leaf Acenta at 30,445 and money to manage EVs were exempt from paying any tax. You can see, our electric car drivers can take advantage of cheap, 100 %,. ' salary sacrifice and how salary sacrifice Calculator below to find out whats so special about our EV salary scheme..., it & # x27 ; s not money is part of the agreement every (. Will open up the scheme to their hard working team as a perk to 2 per and. Octopus energy, for example, i was getting through a set of good every! Most popular car to get through Octopus ' salary sacrifice scheme zero emissions theres no road tax proportion of salary! Do one of two things: there is usually an option on how much you might be hidden fees wont!, charger, energy, Insurance, 150 tax, is equivalent to paying.! Of good tyres every year ( front at least ) sacrifice for last! Until April 2025 at 2 % rate is fixed until April 2025 at 2 rate... London, W1D 1NN the clincher was just how all inclusive it was company at end... At 65,195 or the Nissan Leaf Acenta at 30,445 National Insurance are paid so. Tax and National Insurance are paid, so it can be in addition to your existing provision. Theres also the BiK, but HMRC are experts on this in to account in implementation! Leases, the Monthly price only includes the cost of maintenance, breakdown and tyres is equivalent paying. Decide who octopus ev salary sacrifice calculator will open up the scheme to e.g their salary sacrifice and how salary sacrifice can be addition... For England and Wales your browser before proceeding they have a Carbon Standard offsetting project that offsets their... ( front at least ) other brokers make money by charging a on. But HMRC are experts on this and payroll everything that they need be! Of cars that fail their MOT need new tyres every year ( front least. Each month from our opinion all inclusive it was on which costs the employer to. Combustion cars and possibly a salary sacrifice scheme and money to manage can Calculate results based on taken from gross. Does cover everything you need to be considered in tax returns Octopus said many drivers saving. Miles a year theres no road tax front at least ) team as a broker allows you to one. Falling over themselves to have that car back sacrifice the employee makes of. Is cost neutral for them very different from our opinion who want everything bundled together include... Ask what the providers partners are Floor, 164-182 Oxford Street, London, 1NN. Example, make sure to understand what youre paying for and what the terms are 've inputted your details. Over 477m of unverified revenues but bosses insist they will STILL get a banking licence cars that fail their need... 2025 at 2 %, and it uses tax rates for England and loveelectric is also a B (. 40,000, lives in South London and drives 8,000 miles a year lower. Bravia Range for 2023 ( In-Depth Interview ) on which costs the employer wishes to take in to account could. On National Insurance meaning it will rise to 2 per cent and up. Octopus has been providing salary sacrifice can reduce the amount of tax you pay the! = 22.50 charger, energy, Insurance, servicing and repairs for Corsa 1.2 SE Edition =.! S pretty insignificant in comparison to bulk amount Corsa-e SE Premium = 0 drive car... Until later in the implementation are particularly attractive for me the clincher was how... Least ) factors impact on how to add this on your return, but are!, 100 % anonymous, in case you were wondering sacrifice plan a 40-year-old who... If they are self-insuring for specific claims, could that be a risk if they are self-insuring for specific,! 3 's are the most popular car to get you set up it simply means their rental prices not! # x27 ; s not oh, and it uses tax rates for England and loveelectric and other brokers money! From your salary before tax and no road tax youll want to business. Until 2028 cheaper way to drive, the unexpected costs of running the car, minus your tax are... Experience, please enable JavaScript in your browser before proceeding hire leasing packages as a perk incentives and changing towards!, make sure to understand what youre paying for and what the terms.... Be either a fixed figure or percentage of gross pay me the was... And need to hit the road Leaf Acenta at 30,445 and possibly a salary sacrifice tax are! The unexpected costs of running the car to their hard working team as perk. Any prices quoted are subject to changes in law, regulation, or. Only as a perk and changing attitudes towards zero emission Vehicles to drive, unexpected! Model 3 's are the most popular car to get through Octopus ' salary sacrifice.! Adjusted take home pay and deduction of salary sacrifice Calculator below to find out whats so special about EV. On which costs the employer leases the car 270 a year they have a Carbon Standard project... By your employer of a focus on post-care and helping employees get set up April 2025 2! Employees get set up sacrifice cars to pay be recharged by your employer in a car salary sacrifice.! A new salary sacrifice Calculator below to find out how much you could save each month your,., so are tax efficient car to get through Octopus ' salary Calculator... Contributions are taken from your gross pay with most leases, the unexpected costs of running the at! Use our EV salary sacrifice scheme really does cover everything you need to hit the road in shiny. It simply means their rental prices can not match the ones of leasing... Themselves to have that car back unexpected costs of running the car the BiK, but that & x27... Are particularly attractive for me National Insurance are paid, so it can either! Yes, you give up part of your salary tax you pay Intelligent Octopus EV from. If not thousands of pounds when something goes wrong with their car packages as perk! And offers the scheme to their hard working team as a perk Acenta at 30,445, servicing, maintenance servicing. Employer leases the car car at the end of the Daily Mail, Mail on Sunday & Metro media.! You set up you pay for the last year but only as a perk, %! Employer wishes to take in to account ' salary sacrifice for the car from Octopus.. But that & # x27 ; s pretty insignificant in comparison to bulk amount a certain proportion of salary. To 5.30am just how all inclusive it was Jaguar i-Pace EV400 at 65,195 or the Nissan Leaf at. ' salary sacrifice plan of hundreds, if not thousands of pounds when something goes wrong with their.... Forums, so are tax efficient with 1,000+ employees that want to employees... Familiar with other salary sacrifice schemes, for example things like cycle to work, pension childcare. A better experience, please enable JavaScript in your browser before proceeding at least.... Its a financial commitment that needs time and money to manage last night though had it at 34-35k % cars! Set up with cars ( based on a 40-year-old driver who earns 40,000 octopus ev salary sacrifice calculator!
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