We'll check your eligibility then get in touch to answer any questions you may have. 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.. 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I'd imagine the dealer will be falling over themselves to have that car back. 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. There has been a surge in demand for EVs as people become more environmentally conscious. Monthly Salary Sacrifice Calculator for 2023/24 Tax Year Calculate your adjusted take home pay and deduction of Salary Sacrifice from your Gross Pay. Salary sacrifice: Monthly cost of insurance for Corsa-e SE Premium = 0. Insurance is an essential part of keeping your car on the road. You get taxed a small amount for the benefit of having the car, whilst making other savings on Income Tax and National Insurance. Who is WeVee good for? Our salary sacrifice car scheme offers a number of tax and personal benefits savings for the employee who pays for their electric vehicle from their gross salary before tax. 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. Varies. On average UK drivers can expect to pay around 484 per year, according to Nimble Fins. Salary sacrifice is the hassle-free way to keep a car running perfectly, without unexpected costs. I've always bought nearly new cars and run them a long time (as is the FIRE way, Skoda Octavia FTW! All rights reserved. Launch 1. * Please note that these can be expressed as a cash amount or percentage of your salary, Annual Employer Contribution (%) According to Nimble Fins the cost of road tax on a petrol car is 141, so youd usually need to budget for this cost too. Promote the employee benefit internally using our simple marketing materials. Ideally, they should have a document that clarifies the responsibilities of each party, so you are not liable for employee errors. Change the numbers to suit you. The actual amount will depend on which costs the employer wishes to take in to account. With our salary sacrifice scheme, fully comprehensive insurance is normally included in your monthly payment. Making Tax Calculations Simple. You don't have to put in any work for this to happen. You may already be familiar with other salary sacrifice schemes, for example things like cycle to work, pension or childcare schemes. loveelectric was founded when our CEO, Steve, wanted an electric car and realised that purchasing one was out of budget. Help your employees benefit from one of the best employee benefit schemes going without it costing you a penny. Volvo assume 400 insurance, 150 tax, 300 tyres, 300 servicing. Absolutely will need to see what the terms of the loan are that was arranged by Volvo with Santander. Even though leasing might seem like a cheaper way to drive, the unexpected costs of running the car can quickly stack up. 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. 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. They do vary! 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. 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. Fixed AmountPercentage of Salary. For me the clincher was just how all inclusive it was. 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. This does not affect our editorial independence. No need to find a quote or keep on top of annual payments, its all taken care of. Wevee and loveelectric and other brokers make money by charging a commission on top of the rental. and provides a breakdown of your annual salary with Monthly, Quarterly Weekly, Daily and Hourly pay illustrations. 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. 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. : Companies that have a staff base that can afford double-rentals for the first six months. is a credit broker and a vehicle hirer but not a consumer credit lender. 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. Personal lease: Monthly cost of insurance for Corsa 1.2 SE Edition = 40.33. Money that you'd normally never see (because it goes straight out of your pay to HRMC) goes directly towards paying for your car. We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the. If you click on them we may earn a small commission. Powered by Xenforo, Hosted by Nimbus Hosting, Original design Critical Media Ltd. EV terminology you need to know. Our tax calculators are designed to make it easy for you to understand how much you pay and how your money is divided up. Salary Sacrifice can be either a fixed figure or percentage of gross pay. . 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. At present, the most popular car ordered is the Tesla Model 3, which was also the fourth best-selling new passenger vehicle in March. ), 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. Drop us an email and well be in touch within 24 hours. Select a specific online salary sacrifice calculator from the list below to calculate your annual gross salary (after salary sacrifice adjustment) and net take home pay after deductions. Employees can do test drive days possibly only for larger companies. You can sign up for the Octopus EV tariff bundle without being part of their salary sacrifice scheme. Octopus Electric Vehicles reserves the right to stop this promotion at any time. 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. HMRC treats the benefit separately from your salary, which means you pay the tax before it arrives into your bank account. An MOT is a legal requirement that costs around 55 per year. Electric car scheme customers will have to pay double rent for the first six or 12 months. 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. One of the reasons Octopus has decided to start the scheme now is thanks to the low company car tax rates on EVs which can make them a hugely beneficial option for those looking to help the environment. 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. The whole package We offer everything for you to hit the road in a brand new EV. Are their answers a little wishy-washy and not specific? We offer everything for you to hit the road in a brand new EV. Weve used Nimble Fins averages and our own research based on like-for-like services to crunch the numbers for this comparison. It's also 100% anonymous, in case you were wondering. That helps us fund This Is Money, and keep it free to use. Are they self-insuring, or do they have a legitimate third-party and comprehensive insurance provider? yours tax-code is different, the calculator will still be a good indication. How do you manage the employees salary and payroll? Here are some reasons why:, The main thing to keep in mind when comparing electric car salary sacrifice schemes is that youre often comparing apples to oranges., Many schemes will include different services and have different eligibility criteria and policies, which can make it harder to compare them directly., What you really need to look for is quality of service and product and weigh that up with the monthly service cost. 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. Things like cycle to work, pension or childcare schemes, Quarterly Weekly, and! On top of annual payments, its all taken care of much you pay and how money... Sacrifice from your salary, which means you pay and deduction of salary sacrifice,! Beyond our reasonable control what the terms of the best employee benefit going... 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