This has been updated for the current tax year of 2022/23. 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? The BiK rates range from 2% for zero and low emissions vehicles, all the way up to 37% for cars that create more pollution, The BiK rate for electric cars has increased from 1% to 2% from 6th April 2022, and is currently fixed until April 2025, From April 2025, the BiK rate will increase by 1% every year until 2028, Your income tax bracket (e.g. 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. Lease vs subscription. Sorry Scotland. 2. '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.'. 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. 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. No standing. Salary sacrifice is an employee benefits scheme that allows you to pay for a car out of your gross monthly pay. Personal lease: Monthly cost of MOT, maintenance, servicing and repairs for Corsa 1.2 SE Edition = 22.50. Octopus may introduce Octopus VAT registration number 386404284. Cyrus CD8x + PSX-R, Cyrus Pre-Xvs + PSX-R, Cyrus Mono X (x2), Audiolab 8000AP, Cyrus Smart Power+ (x2), Totem Arros, Missing Link Cryo Ref interconnects, Chord Epic Supertwin speaker cable, Polestar 2 5 Door Electric 402hp 78kWh Long Range Dual Motor 395, Tesla Model 3 Saloon long Range Auto AWD - 482, Salary Sacrifice | Octopus Electric Vehicles, Tesla Model 3 Long Range AWD Auto Lease | Nationwide Vehicle Contracts, uk economic and social development suggestions. 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. It is just structured in a different way. The tool gives detailed before and after calculations of pay, tax and national insurance, showing the benefits of switching to a salary sacrifice plan. You to a panel of third-party lenders or hirers and in such circumstances may receive a 1 Home Entertainment Tech Resource. You wont know if your company is eligible until you apply. 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. loveelectric is also a B Corp (pending). This is Money is part of the Daily Mail, Mail on Sunday & Metro media group. Having now been able to generate a quote I'm afraid I could not justify the purchase on anything other than evangelical environmental reasons. 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.. Wevee and loveelectric and other brokers make money by charging a commission on top of the rental. How electric car salary sacrifice plans work, How to implement an electric car salary sacrifice plan, How to participate in an electric car salary sacrifice plan, unrecoverable VAT on lease rentals and disallowed tax relief, the adjustment to pay required under Car Salary Sacrifice, the difference in tax, NIC and pension scheme contributions between 'cash' pay and Car Salary Sacrifice, the net pay and net delivered value of the employee's pay packet before and after Car Salary Sacrifice, employer's national insurance contributions, the employer's total cost of Car Salary Sacrifice before and after tax relief/recovered VAT, A monthly contract hire quote for the car the employee wants, including maintenance and breakdown recovery, Your business's tax rate and VAT recovery rate, A decision on whether or not you will reclaim unrecoverable VAT on contract hire rentals from the employee, If the car is not electric, whether or not you will reclaim unrecoverable business tax relief on lease rentals from the employee, Your monthly pay and your tax code - a copy of your last payslip should have the details, A monthly business contract hire quote for the car you want, including maintenance and breakdown recovery. Authority, firm reference number 809736, company number 10754317. 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. The answer is usually hidden in whats included in your agreement, as well as the type of car youre choosing. With our salary sacrifice scheme, fully comprehensive insurance is normally included in your monthly payment. 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. KIA, Polestar, Mercedes, VW and Porsche also all have a share. It's also 100% anonymous, in case you were wondering. This calculator generates factual information about the potential effect of . When you lease a car youll put down an upfront deposit, make monthly payments and then either return the car to the leasing company at the end of the contract, or you might have the option to buy the car at the end of the lease. Companies that are interested in business car leasing as well as salary sacrifice. Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. 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. AIUI, the EV is then subject to 1% / 2% BIK until the end of tax year 2024/25 and anything could happen after that. Drivers that order an EV through Electric Dreams before July 2021 also receive a free smart charger fully installed by the Octopus Energy Services team. New to Salary Sacrifice? Below is a chart summarising some of the leading electric car schemes in the UK.. The launch comes as EVs reach a tipping point thanks to falling cost, government incentives and changing attitudes towards zero emission vehicles. We are no longer accepting comments on this article. This website uses the TMDb API but is not endorsed or certified by TMDb. 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. They are a leasing company and own some of the cars. At all times, if an employee resigns they can transfer the lease to another employee or take the lease with them to their new employer (if eligible) at no extra cost. Option to buy the car at the end of the agreement. 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 =. Also worth saying that, comparing the Volvo for the lease is correct in principle. Our dedicated team are on hand to support whenever you need it. According to the Nimble Fins research, the average petrol car driver in the UK spends around 1,272 a year on fuel to get from A to B, at a cost of around 20.1p per mile. Take advantage of our salary scheme through your employer. 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. Absolutely will need to see what the terms of the loan are that was arranged by Volvo with Santander. Octopus : Companies that have a staff base that can afford double-rentals for the first six months. Salary sacrifice: Monthly cost of MOT, maintenance, servicing and repairs for Corsa-e SE Premium = 0. You can save up to 40% on the cost of a brand-new electric car when you use our salary sacrifice scheme. is a credit broker and a vehicle hirer but not a consumer credit lender. 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. www.octopusev.com K kyle123 Standard Member Apr 9, 2021 #13 gangzoom said: This is the 'offer' from my employer. 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. Please check the important information below for the current assumptions. Speak with our expert team to discuss your EV needs, order your car and we'll deliver to you as soon as it's available. 2. So far, 141 companies have signed up to salary sacrifice with Octopus, making it available to 22,298 employees. You can keep hold of your cash and pay for your car out of your monthly salary at one standard cost across the period. 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. Their monthly lease prices may be higher because they are middle-men to middle-men, serving as an appointed representative of a broker. 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. Change the numbers to suit you. Theres also the BiK, but that's pretty insignificant in comparison to bulk amount. Since they do not own the relationship with the leasing company, they wont have full responsibility over their regulatory conduct, systems and processes. Sacrificing your salary can be in addition to your existing pension provision. When you agree to a salary sacrifice scheme, you agree to reduce your earnings (that's what you pay tax on) in exchange for something else. The whole package We offer everything for you to hit the road in a brand new EV. 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. Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. 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. 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. Salary sacrifice: Monthly cost of salary sacrifice for Corsa-e SE Premium = 330.08 Maintenance, Servicing and Repairs An MOT is a legal requirement that costs around 55 per year. There are already many similar cycle to work schemes in place where workplaces provide their employees with bikes to get to and from their office. Octopus may introduce 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. We offer everything for you to hit the road in a brand new EV. You are using an out of date browser. Octopus Electric Vehicles - electric vehicle leasing for personal, business and salary sacrifice including charging and cheap renewable electricity. All rights reserved. Most have early termination protection (but each one will include different terms, so make sure to ask). Salary sacrifice: Monthly cost of fuel for Corsa-e SE Premium = 10.50. The Nissan Leaf is one of the most popular electric vehicles currently leased by Octopus. LEASE SUBSCRIPTION. Electric vehicles are also increasing in popularity with March the best single month for sales of new zero-emission electric cars on record, beating last December by less than 100 sales, according to figures fromthe Society of Motor Manufacturers and Traders (SMMT). They do vary! Monthly Salary Sacrifice Calculator for 2023/24 Tax Year Calculate your adjusted take home pay and deduction of Salary Sacrifice from your Gross Pay. Sounds like something to report to the appropriate oversight body if they are telling you their way of leasing is cheaper AFAIK, theres nothing illegal about it - but while an employer only uses one company to provide the leases, theres no incentive to lower the price to what it should be, as theres no competition. Youll drive the car over a set period, and return it to the leasing company at the end of the agreement. Even with the increase in BiK at 2% for electric cars; the tax is much lower than for hybrids, petrol and diesel cars. Your tax would change as your income has changed and need to be considered in tax returns. Lots of ad hoc running costs add up over time. You to a panel of third-party lenders or hirers and in such circumstances may receive a Win-win! Keep in mind that this amount cannot be salary sacrificed so the fee will the gross amount before taxes. 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. Companies of any size that want to offer employees an affordable car and care about a good car ordering and employee experience. 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. Lastly, you also want to make sure the scheme helps with post-sales care and helps employers encourage employees to sign up, whether its through webinars, educational material or incentives. It's quick, easy and free to join. Car insurance costs fall 55 on average in just three months New higher price cap comes into force today and households How to get the cheapest car insurance: Ten tips for cheaper car cover, See Prince Philip's Land Rover that sold for record amount, Dacia's new Jogger estate transforms interior space into a bedroom. Your car is ready to go when you are. 'If just 10 per cent of UK's employees switched to electric we could decimate CO2 emissions of cars, while collectively saving almost 4billion per year. But much depends on what you do next. For example, make sure to ask what the providers partners are. These contributions are taken from your salary before tax and National Insurance are paid, so are tax efficient. 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. 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. Essentially, salary sacrifice means employees agree to give up part of their salary in exchange for a benefit, in this instance the benefit is a 'green' car. This is Money takes a look at Octopus Electric Vehicles' new programme and explains exactly how salary sacrifice schemes work. That gives the right answer for most people. Leases are 24-48 months contracts for new cars. At loveelectric, we simply charge a small commission against the P11D value of the car (youll never pay more than 1.5%) which is incorporated into the prices you see on our site., We also charge a small administration fee to the employer for each lease taken out (typically around 10 per month) to cover the ongoing costs of managing the lease over the 24-36 month period., This cost is simply deducted from the employer's national insurance savings generated by the scheme, so the loveelectric service is cost neutral for your company.. 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. By comparison, combustion vehicles are subject to a typical BIK tax of 25 to 35 per cent. Drivers can get hit with costly bills of hundreds, if not thousands of pounds when something goes wrong with their car. Lets take a comparison of the cost of leasing a Corsa 1.2 SE Edition petrol car vs taking a Corsa-e SE Premium through salary sacrifice. Octopus Electric Vehicles has revealed a new 100 per cent electric car leasing service for businesses looking to become more environmentally friendly. Europe's busiest forums, with independent news and expert reviews, for TVs, Home Cinema, Hi-Fi, Movies, Gaming, Tech and more. You are tied in to their full bundle, which may be right for some employees, but almost certainly will not be right for all employees. 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. Spoke to the company to get the ball rolling and the actual paperwork has come through to me with a monthly cost of 454 so now 116 dearer per month. All you need to do is fill the car with electrons, get out there and enjoy the thrill of driving electric! Not sure that Octopus/Tasker are routinely hiking the price mind. There are no investment guarantees and you can end up with less than you put in via investments. Insurance is an essential part of keeping your car on the road. If This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service. Alternatively, this can be a cost-effective way for an employer to start a pension scheme, if they are setting out on this road. Without Salary Sacrifice 663.00 per month* With Salary Sacrifice 445.00 per month** Our monthly car lease cost includes: Insurance Servicing and maintenance Tyre replacements Breakdown cover Accident management Zero deposit Optional vehicle charging point *Quote for illustrative purposes only - excluding motor insurance. UK Payroll, Tax, Finance and Salary Calculators, Accounts Received Turnover Rate Calculator, Foreign Currency Quarterly Income Deposits Calculator. The employee pays for the car with a portion of their salary before taxes, saving money on tax and getting a brand new EV in return. Octopus Electric Vehicles reserves the right to stop this promotion at any time. Who is loveelectric good for? You get taxed a small amount for the benefit of having the car, whilst making other savings on Income Tax and National Insurance. Ideally, you want the confidence that employees will take advantage of the benefit and thats something that the provider should help with.. Some employers choose not to include insurance, but its up to your company. Best salary sacrifice car scheme comparison table, What to look out for when choosing an EV salary sacrifice scheme, Electric Cars are Expensive. According to Auto Express, 10% of cars that fail their MOT need new tyres. If you don't have all the details then allow about 5 minutes to work through the stages of the calculator. Our EV experts are on hand to help you find the perfect vehicle to meet your needs. We'll then provide a detailed breakdown of the potential savings for both you as an employee, and also for your employer. 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. If they've not signed up yet, send them our way. Editor, Marcus Herbert, https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim23035. However, that means youll want to know how much that commission is. Fill out this short enquiry form. In addition, 8,000 free miles of green electricity with home energy from Octopus Energy enough for an average UK driver to drive for free for a year. You can calculate results based on either a fixed cash value or a certain proportion of your salary. Feb 9, 2023. 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. This provides savings of 290 per month, inclusive of income tax and national insurance with just 14 in BiK tax and equates to savings of 13,920 over a four year period. You already have all the answers you need." 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. We do not write articles to promote products. Ok this was acceptable. loveelectric was founded when our CEO, Steve, wanted an electric car and realised that purchasing one was out of budget. Octopus is best known as an electricity and gas provider, but in 2018 they branched out to electric vehicles and the salary sacrifice scheme.. They may choose to add this to your pension contributions, giving a further boost. 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. Salary sacrifice: Monthly cost of tyres for Corsa-e SE Premium = 0. Salary sacrifice calculator Use our calculator by using a percentage of your salary or fixed amount contributions. Find out how. Revolut auditor waves the red flag over 477m of unverified revenues but bosses insist they will STILL get a banking licence! You don't have to put in any work for this to happen. What will the onboarding experience be like for the employee? 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. included with our EV salary sacrifice scheme? Contact us at [email protected] is a trading name of Love Electric Financial Services Limited, a company registered in Scotland, Company Number 374952. Sounds complicated. 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. Drop us an email and well be in touch within 24 hours. Salary. There you go, the saving is in the 450 month you're paying as HP. iCalculator UK Salary Sacrifice Calculator is updated for the 2023/24 tax year. 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. loveto join? Please read the important notes before proceeding to use this tool: An electric car salary sacrifice scheme is a way for your employees to get an EV as an employee benefit and save on tax. Salary sacrifice lets you make contributions to your pension and helps to save on National Insurance at the same time. Make. Find out how. A dealer etc will arrange this for you. This site uses cookies to allow good user experience. Help your employees benefit from one of the best employee benefit schemes going without it costing you a penny. You may also find the following Finance calculators useful. Employers will first rent an electric car from a supplier with the employee then given the option to rent this car in exchange for a part of their salary. With our salary sacrifice package, well throw in a free home charger and 4,000 miles worth of free energy when you switch to Intelligent Octopus. 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. 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. JavaScript is disabled. 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? Fro example, I was getting through a set of good tyres every year (front at least). At home charger and installation is included in the lease cost. Tesla Model 3's are the most popular car to get through Octopus' salary sacrifice scheme. Read this guide to Salary Sacrifice and How Salary Sacrifice can reduce the amount of tax you pay. Make. Get 4,000 miles of Electroverse credit to use across the UK's charging network. If the employee resigns in under 3 months (and doesnt transfer the contract or take it with them to a new employer) early termination protection cannot be applied and the employee would be liable for up to 50% of the rest of the lease. 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? Prepare for peak pothole season! Because electric cars produce zero emissions theres no road tax to pay. 7,998.40 - is the effective 'additional' salary that I'm to be taxed on (Total cost of vehicle X BiK rate) 7,620.00 - is the salary im sacrificing (company has to pay 635 a month for the vehicle so 635 X 12) 40,000.00 - My current taxable salary 32,380.00 - My taxable salary after we remove the sacrificed salary The cost of the MOT isn't a problem for most drivers, but the cost of repairs that the MOT uncovers can be hefty. 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. *The P11D value that HMRC uses is basically the list price minus the government EV grant, more Waves the red flag over 477m of unverified revenues but bosses insist they will STILL get a banking!... Vehicle hirer but not a consumer credit lender for you to pay check the important below... Mail on Sunday & Metro media group 's are the most popular electric Vehicles currently leased by octopus 's,! Tax would change as your Income has changed and need to be considered in tax.! When something goes wrong with their car tax or duty beyond our reasonable.... Third-Party lenders or hirers and in such circumstances may receive a Win-win on either a fixed cash value or certain! Know if your company is eligible until you apply was getting through a set of tyres! 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