UK Payroll, Tax, Finance and Salary Calculators, Accounts Received Turnover Rate Calculator, Foreign Currency Quarterly Income Deposits Calculator. By using it, you accept our use of cookies. And at loveelectric, we provide one of the best policies on the market. The calculation uses the most common tax-code of "1257L". Alternatively, this can be a cost-effective way for an employer to start a pension scheme, if they are setting out on this road. An MOT is a legal requirement that costs around 55 per year. You may already be familiar with other salary sacrifice schemes, for example things like cycle to work, pension or childcare schemes. Inclusive of this is insurance, servicing and maintenance and 'generous' early termination terms for the business should the employee leave. Employees can do test drive days possibly only for larger companies. Get 4,000 miles of Electroverse credit to use across the UK's charging network. 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. 'Salary sacrifice is essentially a zero-cost, zero-effort tool for businesses to fight climate change and save the planet. All in one easy monthly payment. Car Model Annual Salary () Calculate How it works Simply select the electric car you're interested in and enter your annual salary. You may also find the following Finance calculators useful. A quick valuation on Carwow last night though had it at 34-35k. Take advantage of our salary scheme through your employer. Are electric cars always more expensive than their petrol or diesel equivalent? 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. Option to buy the car at the end of the agreement. These contributions are taken from your salary before tax and National Insurance are paid, so are tax efficient. You will see an alteration to your contract, where you agree to swap part of your salary in exchange for other benefits. 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. The cost of the MOT isn't a problem for most drivers, but the cost of repairs that the MOT uncovers can be hefty. Tesla Model 3's are the most popular car to get through Octopus' salary sacrifice scheme. 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 =. Most online ads are lesser spec for pushing 35k in some examples, obviously thats more than any buy back price I know. No filling. Some 15 companies are already live on the scheme, including Huel and Purplebricks, making it available to 1,491 employees across the UK. 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? 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. 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. included in the lease price. a couple of hundred pounds a month more expensive than a regular lease. Some employers choose not to include insurance, but its up to your company. What's included with our EV salary sacrifice scheme? Since they dont have a direct relationship with leasing companies, they cant charge a commission. Salary sacrifice: Monthly cost of tyres for Corsa-e SE Premium = 0. Shortest delivery time. 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. But really, it's not. Salary sacrifice: Monthly cost of fuel for Corsa-e SE Premium = 10.50. commission. Read more frequently asked questions about salary sacrifice here. According to Auto Express, 10% of cars that fail their MOT need new tyres. Jump To Car Salary Sacrifice Calculator Just plug in before you go to bed, and in the morning your car is ready to go when you are. is a credit broker and a vehicle hirer but not a consumer credit lender. The tax year figures in the Salary Sacrifice calculator are 2022/23 tax rates. Decide who you will open up the scheme to e.g. No queuing. An electric car salary sacrifice scheme is a way for your employees to get an EV as an employee benefit and save on tax. below). On average UK drivers can expect to pay around 484 per year, according to Nimble Fins. At home charger and installation is included in the lease cost. Change the numbers to suit you. loveelectric was founded when our CEO, Steve, wanted an electric car and realised that purchasing one was out of budget. None require an upfront deposit from an employer or employee. According to Nimble Fins the average cost of maintenance, servicing and repairs on a petrol car is 270 a year. Revolut auditor waves the red flag over 477m of unverified revenues but bosses insist they will STILL get a banking licence! This works when an employer and employee come to an agreement over salary. 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. 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. I've always bought nearly new cars and run them a long time (as is the FIRE way, Skoda Octavia FTW! Now press "Calculate" to get the results. Our tax calculators are designed to make it easy for you to understand how much you pay and how your money is divided up. Help your employees benefit from one of the best employee benefit schemes going without it costing you a penny. The employer leases the car from Octopus Electric Vehicles and offers the scheme to their hard working team as a perk. 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. Octopus Electric Vehicles Limited is authorised and regulated by the Financial Conduct Heres How Were Democratising Electric Vehicle Access At Loveelectric.. Salary sacrifice is the hassle-free way to keep a car running perfectly, without unexpected costs. ), 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. 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? 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. The regular leases including fuel, insurance and maintenance for the identical car? The move instantly made an EV financially much better than a petrol or diesel equivalent, leaving drivers with savings on income tax and national insurance. The 2% rate is fixed until April 2025 at 2%, and then will increase by 1% each year until 2028. Use our EV salary sacrifice calculator below to find out how much you could save each month. For a better experience, please enable JavaScript in your browser before proceeding. Record 330million to be paid to Premium Bonds winners this month: Total payouts now exceed 25billion since the first draw in 1957, Put warmth at a fair price above pushing smart meters and heat pumps, says LEE BOYCE: It would be better to spend money keeping our energy prices down. 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. 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 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. Making Tax Calculations Simple. When we take into account the costs of fuel, insurance, tyres, MOT, servicing and repairs on top of the basic lease price for a personal lease, we can see that getting hold of an electric car equivalent through salary sacrifice works out cheaper. Employees are tied to Octopus own app, Electric Juice, which can include offers and discounts. 17 min read. Here are some of the features and benefits of setting up a salary sacrifice scheme with loveelectric: Whereas other electric car schemes bolt on salary sacrifice as an additional feature to their core service offering, we are specialists in the salary sacrifice electric car scheme. www.octopusev.com K kyle123 Standard Member Apr 9, 2021 #13 gangzoom said: This is the 'offer' from my employer. Octopus Electric Vehicles Limited is authorised and regulated by the Financial Conduct 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. 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. 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. Their early termination policy covers dismissal. 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. Feb 9, 2023. Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. 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. Early termination only covers 10% of claims or ten cars - whichever is greatest. Inside Octopus EV podcast . Authority, firm reference number 809736, company number 10754317. 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. They may choose to add this to your pension contributions, giving a further boost. You can calculate your take home pay based of your annual income, PAYE, NI and tax for 2023/24. 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. They cant charge a commission companies are already live on the scheme to e.g how your money is divided.. Most popular car to get through Octopus ' salary sacrifice Calculator are 2022/23 tax rates the..., it & # x27 ; s not not to include insurance, but its to... Petrol car is 270 a year example things like cycle to work, or! Expensive than a regular lease credit broker and a vehicle hirer but not a consumer credit.. Identical car revenues but bosses insist they will STILL get a banking licence the agreement zero-effort tool businesses. Fail their MOT need new tyres days possibly only for larger companies sacrifice schemes, example! 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