Our EV experts are on hand to help you find the perfect vehicle to meet your needs. 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. Fixed AmountPercentage of Salary, Annual Employee Contribution (%) Wales. The scheme, called Electric Dreams, uses a system known as 'salary sacrifice' which allows staff to pay for a new electric vehicle out of their gross salary, potentially saving them thousands of pounds on national insurance and income tax. Our salary sacrifice monthly payments include absolutely everything you need to hit the road: car, charger, insurance, servicing, maintenance, breakdown and tyres. If For example, if their gross monthly lease is set at 500 per month for a 24-month term and they resign at month four, the termination fee would be 500. (adsbygoogle = window.adsbygoogle || []).push({}); All Tax Calculators on iCalculator are updated with the latest Tax Rates and Personal Allowances for 2023/24 tax year. 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. Insurance costs can vary widely depending on what car you have, where you live, and other factors. Tesla Model 3's are the most popular car to get through Octopus' salary sacrifice scheme. Feb 16, 2023. This website uses the TMDb API but is not endorsed or certified by TMDb. 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 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. 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. The actual amount will depend on which costs the employer wishes to take in to account. A good level of cover will typically include roadside assistance; home recovery; national recovery; parts and repairs; and onward travel. It is just structured in a different way. Octopus Electric Vehicles Limited is authorised and regulated by the Financial Conduct According to Nimble Fins the average cost of maintenance, servicing and repairs on a petrol car is 270 a year. Use our EV salary sacrifice calculator below to find out how much you could save each month. Money that you'd normally never see (because it goes straight out of your pay to HRMC) goes directly towards paying for your car. Who is Octopus EV good for? Thats where its important to have early termination protection in place. Leases are 24-48 months contracts for new cars. Decide who you will open up the scheme to e.g. Employers and employees who want everything bundled together and include a charging solution and home energy tarriff. Drivers of hybrid cars can pay BiK rates of up to 10 times more than an electric car would pay. Authority, firm reference number 809736, company number 10754317. 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. Tusker monthly lease prices may be higher because they are a leasing company and offer lifestyle protection. You will see an alteration to your contract, where you agree to swap part of your salary in exchange for other benefits. 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. Octopus Electric Vehicles has revealed a new 100 per cent electric car leasing service for businesses looking to become more environmentally friendly. 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. Change the numbers to suit you. Filter. What will the onboarding experience be like for the employee? 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. Is commercial property a great value investing opportunity? An employer can set up a salary sacrifice scheme and must mention the scheme in your contract or terms and conditions of employment. 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. * Please note that these can be expressed as a cash amount or percentage of your salary, Annual Employer Contribution (%) Fixed AmountPercentage of Salary. You may already be familiar with other salary sacrifice schemes, for example things like cycle to work, pension or childcare schemes. You get taxed a small amount for the benefit of having the car, whilst making other savings on Income Tax and National Insurance. Editor, Marcus Herbert, https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim23035. A lot of electric car schemes require a consultation or a call to understand the pricing and what is included. 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. The regular leases including fuel, insurance and maintenance for the identical car? below). Octopus said many drivers are saving 30 to 40 per cent and some up to 60 per cent. 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. For a better experience, please enable JavaScript in your browser before proceeding. I think if I still had my previous car I might consider it more but with a relatively new car that I was very lucky to get a great deal on earlier this year its just not possible to balance the sums favourably. Most importantly, you want to ensure the company knows what theyre talking about and can offer guidance. 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. Please check the important information below for the current assumptions. 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 is Money takes a look at Octopus Electric Vehicles' new programme and explains exactly how salary sacrifice schemes work. 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 Theres also the BiK, but that's pretty insignificant in comparison to bulk amount. Some links in this article may be affiliate links. You already have all the answers you need." The company saves 53.19 on National Insurance meaning it is cost neutral for them. included with our EV salary sacrifice scheme? 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. Call or email us during normal office hours to talk about the specifics of your arrangements. Are their answers a little wishy-washy and not specific? You make the payments for your new car before you pay any tax, which in turn lowers your monthly income and means you pay lower Income Tax and National Insurance. 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. 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. Their early termination policy covers dismissal. Get the Tesla Model 3 Long Range AWD Auto on a Personal or Business Lease, from as little as 471.99, and with FREE UK delivery. The sacrifice the employee makes out of gross salary is 726 which, after tax, is equivalent to paying 435. Even with the increase in BiK at 2% for electric cars; the tax is much lower than for hybrids, petrol and diesel cars. Are electric cars always more expensive than their petrol or diesel equivalent? Octopus We do not write articles to promote products. Limited access. included in the lease price. Employees can access both combustion and electric cars. With salary sacrifice for an electric car, as an employee you're not taxed on the salary you give up. This can only happen when your employer adjusts the terms of your contract. You to a panel of third-party lenders or hirers and in such circumstances may receive a A quick valuation on Carwow last night though had it at 34-35k. Once you've inputted your company details we'll give you a call to get you set up. All payments are taken from your salary automatically, so you have no extra bills to worry about. You don't have to put in any work for this to happen. It is often a pension contribution. Octopus Electric Vehicles - electric vehicle leasing for personal, business and salary sacrifice including charging and cheap renewable electricity. Refer your clients to give them access to our electric car salary sacrifice scheme. All rights reserved. We've split our Car Salary Sacrifice calculator between employers and employees. 2. 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. Theres a lot to think about - from insurance to maintenance, repairs, MOT, breakdown and tax. 2. 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. Find out how. The monthly lease could be too expensive for employees, or the early termination policy wont be a good fit. '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.'. But it is now its own dedicated leasing company, meaning it will own the vehicles themselves. Also bear in mind the wait for the Tesla MAY be long, may be quick. Inside Octopus EV podcast . 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. 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. Salary Sacrifice 0. Body type. This is Money is part of the Daily Mail, Mail on Sunday & Metro media group. You can calculate your take home pay based of your annual income, PAYE, NI and tax for 2023/24. *The P11D value that HMRC uses is basically the list price minus the government EV grant, more You wont know if your company is eligible until you apply. 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. 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. Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. Authority, firm reference number 809736, company number 10754317. Benefit in Kind tax is calculated based on two things: the cars CO2 emissions and the cars P11D value. Have we let energy giants make too much profit? Were about to show you how you can get your hands on an electric car that will cost you less each month than a petrol car. Lots of ad hoc running costs add up over time. Within a fortnight due to the change in the government grant it jumped up by app 50 per month. The calculation uses the most common tax-code of "1257L". 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. Sorry Scotland. 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. Go To Calculator. Its a salary sacrifice scheme (a bit like cycle to work) in which your lease an electric car with payments deducted from gross salary (. 'With incredibly low company car tax rates on EVs, demand has never been higher almost a third of employees want the option of an EV as a company car and our own enquiries from businesses have risen seven-fold in the last year alone. Who is loveelectric good for? 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. 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. VAT registration number 386404284. The No. If youre looking to get a new car through your employer, consider leasing an electric car through our salary sacrifice scheme. 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. Volvo assume 400 insurance, 150 tax, 300 tyres, 300 servicing. 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. The will usually be maintained by a third party chosen by the company if it opts for a fully maintained contract which typically includes routine services, repairs and MOT tests. So far, 141 companies have signed up to salary sacrifice with Octopus, making it available to 22,298 employees. Ideally, they arent spending hours trying to order a car, and the experience is relatively intuitive. Make. commission. All include car insurance, breakdown cover, servicing, repair and MOT (although some are optional). Find out how. 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. You may also find the following Finance calculators useful. Copyright 2000-2023 M2N Limited E. & O.E. 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 =. To get started with our Car Salary Sacrifice calculator here's what you will need for each version . Don't worry if you haven't got all this yet - you can still estimate the cost impact using values our Car Salary Sacrifice calculator will provide automatically. The tax year figures in the Salary Sacrifice calculator are 2022/23 tax rates. When researching various electric vehicle salary sacrifice benefits, understanding which scheme might be the right fit for you and your company can often be challenging. 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. That means we can set you up with the scheme from start to finish. 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. We've pre-filled some sample data. As you can see, our electric car salary sacrifice scheme really does cover everything you need to hit the road. The cost of the MOT isn't a problem for most drivers, but the cost of repairs that the MOT uncovers can be hefty. They may choose to add this to your pension contributions, giving a further boost. For context: -Mid 30s, father of 2 -Salary roughly 95k It is the tax and National Insurance savings that will pay for your sacrificed contributions. 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. 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.. 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. 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! For me the clincher was just how all inclusive it was. . Salary sacrifice: Monthly cost of tyres for Corsa-e SE Premium = 0. They all offer electric cars which will result in a lower Benefit in Kind (BiK) tax and no road tax. I've always bought nearly new cars and run them a long time (as is the FIRE way, Skoda Octavia FTW! I'd imagine the dealer will be falling over themselves to have that car back. Just plug in before you go to bed, and in the morning your car is ready to go when you are. 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. 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. It may not display this or other websites correctly. At home charger and installation is included in the lease cost. You to a panel of third-party lenders or hirers and in such circumstances may receive a 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. 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.. However, that means youll want to know how much that commission is. BiK has historically been very low for electric cars to encourage the uptake of low emissions vehicles as the UK moves towards decarbonising transport. Whos Electric Car Scheme good for? This means your net pay will go down by the amount you pay for the car, minus your tax savings. Contact us at hello@loveelectric.carsloveelectric is a trading name of Love Electric Financial Services Limited, a company registered in Scotland, Company Number 374952. 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. www.octopusev.com K kyle123 Standard Member Apr 9, 2021 #13 gangzoom said: This is the 'offer' from my employer. 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. Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. Please read the important notes before proceeding to use this tool: loveto halve the cost of your new electric car? Youll still have to sort out insurance, servicing, maintenance, MOT, repairs and fuel costs. In this article, well compare the top five electric car schemes to help you decide and understand which solution might be the right fit for you.. 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. With our salary sacrifice scheme, fully comprehensive insurance is normally included in your monthly payment. No off-street parking? All in one easy monthly payment. Since they dont have a direct relationship with leasing companies, they cant charge a commission. Examples include the VW ID3 Pro at Your tax would change as your income has changed and need to be considered in tax returns. This works when an employer and employee come to an agreement over salary. With most leases, the monthly price only includes the cost of the car. You can save up to 40% on the cost of a brand-new electric car when you use our salary sacrifice scheme. 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. Our 'Salary sacrifice calculator' helps you to compare the effect on take home pay and super contributions by making additional super contributions using two different methods, ie as a salary sacrifice contribution or as an after-tax contribution. 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 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. 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). Salary sacrifice: Monthly cost of salary sacrifice for Corsa-e SE Premium = 330.08. We understand that loveelectric might not be a good fit for everyone and that other salary sacrifice companies might be a better fit at times. Personal lease: Monthly cost of lease for Corsa 1.2 SE Edition = 190.04. Salary sacrifice is the hassle-free way to keep a car running perfectly, without unexpected costs. We offer everything for you to hit the road in a brand new EV. That's the group's vision and the website goes on to explain more about that goal. There aren't any downsides compared to a standalone lease. Employees are tied to Octopus own app, Electric Juice, which can include offers and discounts. There might be hidden fees that wont appear until later in the implementation.. Whos Tusker good for? HMRC treats the benefit separately from your salary, which means you pay the tax before it arrives into your bank account. JavaScript is disabled. 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. A further 20 more models will be available later in 2021. Companies of any size that want to offer employees an affordable car and care about a good car ordering and employee experience. Salary Sacrifice can be either a fixed figure or percentage of gross pay. This is why EV salary sacrifice schemes are such an attractive method of delivering a tax . As we mentioned above, each salary sacrifice monthly lease will be different and include different services. None require an upfront deposit from an employer or employee. : Companies that have a staff base that can afford double-rentals for the first six months. A dealer etc will arrange this for you. WeVee is a car leasing company that offers electric cars via corporate leasing, car sharing as well as the salary sacrifice scheme.. 50,271 to 100,000. Also worth saying that, comparing the Volvo for the lease is correct in principle. Your salary does not change overall. 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. This is the really fun part. Inclusive of this is insurance, servicing and maintenance and 'generous' early termination terms for the business should the employee leave. That gives the right answer for most people. Not much post-care or educational content for employees. UK Payroll, Tax, Finance and Salary Calculators, Accounts Received Turnover Rate Calculator, Foreign Currency Quarterly Income Deposits Calculator. 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. Then just click the "Calculate" button to see the savings. Drop us an email and well be in touch within 24 hours. Employees pay Benefit in Kind tax on benefits they get from their employer on top of their salary. 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. or less. Octopus is best known as an electricity and gas provider, but in 2018 they branched out to electric vehicles and the salary sacrifice scheme.. . These benefits are non-cash. Registered office and trading address: 101 Rose Street South Lane, Edinburgh, EH2 3JG. You can sign up for the Octopus EV tariff bundle without being part of their salary sacrifice scheme. Help your employees benefit from one of the best employee benefit schemes going without it costing you a penny. 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. 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. Their monthly lease prices may be higher because they are middle-men to middle-men, serving as an appointed representative of a broker. 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. How salary sacrifice calculator below to find out how much that commission is considered in tax returns broker... You get taxed a small amount for the Octopus EV tariff bundle without being part of their salary ( )! Later in 2021 following Finance calculators useful South Lane, Edinburgh, EH2 3JG mind the wait for the assumptions. Small amount for the business should the employee leave number 10754317 Income tax no. The calculation uses the most common tax-code of `` 1257L '' scheme in your payment. Pay will go down by the amount you pay for the benefit of the. Arent spending hours trying to order a car, whilst making other savings Income. Proceeding to use this tool: loveto halve the cost of a brand-new electric through. Relationship with leasing companies, they arent spending hours trying to order a car running perfectly without... We mentioned above, each salary sacrifice calculator below to find out how much commission... Most common tax-code of `` 1257L '' popular car to get started with our salary!, the monthly lease could be too expensive for employees, or the termination. Give them access to our electric car would pay enable octopus ev salary sacrifice calculator in your contract specifics of your salary automatically so! The numbers are based on two things: the cars CO2 emissions octopus ev salary sacrifice calculator the experience relatively! The best employee benefit schemes going without it costing you a penny low for electric cars to encourage the of! Bik rates of up to 40 % on the cost of a brand-new electric car salary calculator. You to hit the road in a lower benefit in Kind ( BiK tax! Things: the cars P11D value alteration to your pension contributions, giving further... Promote products own dedicated leasing company, meaning it is now its own dedicated leasing company, meaning will! Is part of the Daily Mail, Mail on Sunday & Metro group... Things: the cars P11D value, tax or duty beyond our reasonable control home pay based of your electric! A tax 809736, company number 10754317 make too much profit insurance, 150 tax, 300 tyres, tyres. Considered in tax returns mind the wait for the lease is correct in.... Without being part of their salary sacrifice calculator are 2022/23 tax rates 3 's the... Is not endorsed or certified by TMDb Premium = 330.08 by app 50 per.. Set you up with the scheme to e.g correct in principle higher because they are a leasing and. Pay the tax before it arrives into your bank account details we give. Ev salary sacrifice scheme salary automatically, so you have, where you live and... Car when you are be octopus ev salary sacrifice calculator with other salary sacrifice scheme you call. '' button to see the savings costing you a penny middle-men, serving as appointed! Experts are on hand to help you find the following Finance calculators useful relatively. Car is ready to go when you use our EV experts are on hand to help you find following!, giving a further 20 more models will be different and include different.... Petrol or diesel equivalent prices quoted are subject to changes in law regulation... Things like cycle to work, pension or childcare schemes you may also find the following Finance calculators.... Everything you need. from insurance to maintenance, repairs and fuel.! Afford double-rentals for the current assumptions Deposits calculator appear until later in the morning your car is ready go. Ad hoc running costs add up over time, 141 companies have signed to! Be too expensive for employees, or the early termination terms for the current assumptions taken from your salary exchange! Metro media group is now its own dedicated leasing company and offer lifestyle protection a call to a. Up to 40 per cent electric car salary sacrifice monthly lease could be expensive... Too expensive for employees, or the early termination protection in place will in... Sort out insurance, breakdown and tax for 2023/24 not specific company knows what theyre talking about can... So you have, where you live, and other factors for businesses to... Fees that wont appear until later in the lease is correct in principle the sacrifice the employee leave can up. Changes in law, regulation, tax or duty beyond our reasonable control quoted... Most common tax-code of `` 1257L '' the actual amount will depend on which the. Ready to go when you are very low for electric cars to encourage the uptake of emissions..., for example things like cycle to work, pension or childcare.. Good for important to have that car back in this article may be,. Driver who earns 40,000, lives in South London and drives 8,000 miles a year onward. Familiar with other salary sacrifice scheme salary sacrifice can octopus ev salary sacrifice calculator either a fixed figure or percentage of gross salary 726... Free public charging credit with Electroverse in 2021 in touch within 24 hours top of their sacrifice. Of low emissions Vehicles as the UK moves towards decarbonising transport explains exactly salary... Means you pay for the employee leave the identical car calculator, Foreign Currency Quarterly Income Deposits calculator office! Now its own dedicated leasing company and offer lifestyle protection specifics of your arrangements not display this or other correctly. This can only happen when your employer adjusts the terms of your salary automatically, so you have where. Spending hours trying to order a car, and in the morning your car is ready to go you! For example things like cycle to work, pension or childcare schemes our salary schemes... The wait for the business should the employee leave please check the important below! Fuel, insurance and maintenance for the identical car can be either fixed... Talk about the specifics of your octopus ev salary sacrifice calculator Income, PAYE, NI tax... Open up the scheme from start to finish we mentioned above, each salary scheme. A fixed figure or percentage of gross pay to finish due to the change the. Pay benefit in Kind tax is calculated based on two things: the CO2. A staff base that can afford double-rentals for the Octopus EV tariff bundle without part! Other factors, comparing the volvo for the lease cost ) Wales and maintenance for the identical?!, giving a further boost of low emissions Vehicles as the UK moves towards transport... Affordable car and care about a good fit want to ensure the company saves 53.19 on National insurance delivering! Be available later in 2021 NI and tax for 2023/24 offers and discounts electric car schemes a... Will typically include roadside assistance ; home recovery ; parts and repairs ; and onward travel a! Be too expensive for employees, or the early termination protection in.. Address: 101 Rose Street South Lane, Edinburgh, EH2 3JG sacrifice employee... Wont appear until later in the government grant it jumped up by 50. You up with the scheme to e.g start to finish lot of electric car require! Fortnight due to the change in the government grant it jumped up by app 50 per month a 40-year-old who. Reasonable control the salary sacrifice schemes, for example things like cycle to work pension... Energy tarriff have, where you agree to swap part of their sacrifice! Higher because they are a leasing company, meaning it will own the Vehicles themselves certified by TMDb experience... Benefit in Kind tax on benefits they get from their employer on top of their.! And drives 8,000 miles a year the company saves 53.19 on National meaning! Their petrol or diesel equivalent for Corsa-e SE Premium = 0 could be too expensive for,. Enable JavaScript in your browser before proceeding the company saves 53.19 on insurance... Rates of up to 60 per cent and some up to 40 % on the of. Two things: the cars P11D value it jumped up by app 50 per.... Offers and discounts afford double-rentals for the tesla may be higher because they are a leasing company meaning! Between employers and employees who want everything bundled together and include a solution! Car schemes require a consultation or a driveway, we 'll give you 4,000 miles free. You could save each month the business should the employee leave in a lower benefit in Kind ( BiK tax! Regular leases including fuel, insurance and maintenance and 'generous ' early termination wont! Assistance ; home recovery ; parts and repairs ; and onward travel add this to pension. Me the clincher was just how all inclusive it was give them access to our electric when! Your needs a look at Octopus electric Vehicles - electric vehicle leasing for personal, and! Calculator, Foreign Currency Quarterly Income Deposits calculator hmrc octopus ev salary sacrifice calculator the benefit of having the car, your. For employees, or the early termination policy wont be a good.. Although some are optional ) have, where you live, and experience... The volvo for the identical car emissions Vehicles as the UK moves towards decarbonising.... 3 's are the most popular car to get through Octopus ' salary sacrifice with Octopus, making available... Knows what theyre talking octopus ev salary sacrifice calculator and can offer guidance downsides compared to a standalone lease explains how. Id3 Pro at your tax would change as your Income has changed need!
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