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. Once you've inputted your company details we'll give you a call to get you set up. Ideally, they should have a document that clarifies the responsibilities of each party, so you are not liable for employee errors. An employer can set up a salary sacrifice scheme and must mention the scheme in your contract or terms and conditions of employment. Making Tax Calculations Simple. EV terminology you need to know. 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. Youll need to replace all four tyres every 2 years on average. Their monthly lease prices may be higher because they are middle-men to middle-men, serving as an appointed representative of a broker. Employees are tied to Octopus own app, Electric Juice, which can include offers and discounts. Europe's busiest forums, with independent news and expert reviews, for TVs, Home Cinema, Hi-Fi, Movies, Gaming, Tech and more. Early termination only covers 10% of claims or ten cars - whichever is greatest. An electric car salary sacrifice scheme is a way for your employees to get an EV as an employee benefit and save on tax. Octopus may introduce You can sign up for the Octopus EV tariff bundle without being part of their salary sacrifice scheme. Octopus is best known as an electricity and gas provider, but in 2018 they branched out to electric vehicles and the salary sacrifice scheme.. ), 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. Electric car drivers can take advantage of cheap, 100% renewable energy overnight with the Intelligent Octopus EV tariff from Octopus Energy. We are no longer accepting comments on this article. JavaScript is disabled. Shortest delivery time. If they are self-insuring for specific claims, could that be a risk if they are hit with too many claims? Monthly cost of the personal lease Corsa 1.2 SE Edition = 399.52. Use our EV salary sacrifice calculator below to find out how much you could save each month. This makes it easy for you to charge at night when power is cheapest. Ideally, they arent spending hours trying to order a car, and the experience is relatively intuitive. Octopus Electric Vehicles - electric vehicle leasing for personal, business and salary sacrifice including charging and cheap renewable electricity. Check out the video below to find out more. The Nissan Leaf is one of the most popular electric vehicles currently leased by Octopus. No filling. 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. 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. 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. Salary sacrifice: Monthly cost of tyres for Corsa-e SE Premium = 0. 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. 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. Our tax calculators are designed to make it easy for you to understand how much you pay and how your money is divided up. Personal lease: Monthly cost of lease for Corsa 1.2 SE Edition = 190.04. Keep in mind that this amount cannot be salary sacrificed so the fee will the gross amount before taxes. 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. You get taxed a small amount for the benefit of having the car, whilst making other savings on Income Tax and National Insurance. 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 The rate went up to 1% in April 2021, and changed again in April 2022 to 2%. KIA, Polestar, Mercedes, VW and Porsche also all have a share. 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. 5. a couple of hundred pounds a month more expensive than a regular lease. 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. All the set-up is carried out by your employer. Authority, firm reference number 809736, company number 10754317. 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. One of the first questions employers ask when they reach out to us is: what happens if an employee leaves during the lease? Setting up on the scheme is easy. 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. Varies. VAT registration number 386404284. They offer a StopGap car while you wait for your new car. Our registered address is UK House, 5th Floor, 164-182 Oxford Street, London, W1D 1NN. Salary sacrifice: Monthly cost of salary sacrifice for Corsa-e SE Premium = 330.08. Whos Tusker good for? The overall process is meant to be cost neutral for businesses as they can recover VAT and also save as they make lower National Insurance contributions due to the salary sacrifice - bothare used to calculate the employer's gross sacrifice. Insurance costs can vary widely depending on what car you have, where you live, and other factors. 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? (adsbygoogle = window.adsbygoogle || []).push({}); All Tax Calculators on iCalculator are updated with the latest Tax Rates and Personal Allowances for 2023/24 tax year. 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. Huel and Purplebricks are two large firms who have already signed-up, with more than a hundred new enquiries every week according to Octopus, which had Prime Minister Boris Johnson visit its London headquarters late last year. There aren't any downsides compared to a standalone lease. Don't forget, as with any investment, that it can fall as well as rise. iCalculator is packed with UK Payroll, Tax, Finance and Salary Calculators which cover everything from VAT payment calculations to Landlord Income Tax calculations. Use our quote tool to see what we can offer you and your team. There is usually an option on how to add this on your return, but HMRC are experts on this. 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.. This works when an employer and employee come to an agreement over salary. 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. You can sign up for the Octopus EV tariff bundle without being part of their salary sacrifice scheme. 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. . Fill out this short enquiry form. 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). 4,000 free miles of home charging with Intelligent Octopus. Make. No queuing. Salary sacrifice: Monthly cost of insurance for Corsa-e SE Premium = 0. The actual amount will depend on which costs the employer wishes to take in to account. Maintenance and insurance can optionally be added. Absolutely will need to see what the terms of the loan are that was arranged by Volvo with Santander. Weve used Nimble Fins averages and our own research based on like-for-like services to crunch the numbers for this comparison. Employees can access both combustion and electric cars. Electric charge point and installation are also optional. 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. You can keep hold of your cash and pay for your car out of your monthly salary at one standard cost across the period. 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. And we include everything that they need to hit the road in their shiny new electric car. 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. The monthly lease could be too expensive for employees, or the early termination policy wont be a good fit. We do not allow any commercial relationship to affect our editorial independence. company number 03997482, registered in England and Wales. 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. 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. Youll drive the car over a set period, and return it to the leasing company at the end of the agreement. So, if, in 3 years, you pay it off, keep it, it's going to running it as the only outgoing and, a depreciating asset. Love Electric Financial Services Limited is a credit broker and not a lender. The employer leases the car from Octopus Electric Vehicles and offers the scheme to their hard working team as a perk. I'd imagine the dealer will be falling over themselves to have that car back. You to a panel of third-party lenders or hirers and in such circumstances may receive a Monthly Salary Sacrifice Calculator for 2023/24 Tax Year Calculate your adjusted take home pay and deduction of Salary Sacrifice from your Gross Pay. 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. Yes, you give up part of your gross income to pay for the car. Published: 07:45 GMT, 8 April 2021 | Updated: 07:45 GMT, 8 April 2021. Tusker monthly lease prices may be higher because they are a leasing company and offer lifestyle protection. Feb 16, 2023. New: Octopus Electric Vehicles has launched a new salary sacrifice scheme for businesses. Our dedicated team are on hand to support whenever you need it. Editor, Marcus Herbert, https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim23035. Please read the important notes before proceeding to use this tool: 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. iCalculator UK Salary Sacrifice Calculator is updated for the 2023/24 tax year. As we mentioned above, each salary sacrifice monthly lease will be different and include different services. 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. You may already be familiar with other salary sacrifice schemes, for example things like cycle to work, pension or childcare schemes. 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. Octopus said many drivers are saving 30 to 40 per cent and some up to 60 per cent. The No. Because electric cars produce zero emissions theres no road tax to pay. No need to find a quote or keep on top of annual payments, its all taken care of. If you want info on any particular car, check them out from Go Eve's Selection. That's the group's vision and the website goes on to explain more about that goal. Salary sacrifice is the hassle-free way to keep a car running perfectly, without unexpected costs. Some 15 companies are already live on the scheme, including Huel and Purplebricks, making it available to 1,491 employees across the UK. 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. commission. Ready to find out whats so special about our EV salary sacrifice scheme? 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. Tyres typically have a lifespan of around 20,000 miles and according to Honest John, tyres need replacing every other year at a price of 65 per tyre. The answer is usually hidden in whats included in your agreement, as well as the type of car youre choosing. '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.'. 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. Heres how the costs of the two cars stack up against each other. iCalculator is packed with UK Payroll, Tax, Finance and Salary Calculators which cover everything from VAT payment calculations to Landlord Income Tax calculations. The lot. The sacrifice the employee makes out of gross salary is 726 which, after tax, is equivalent to paying 435. BiK has historically been very low for electric cars to encourage the uptake of low emissions vehicles as the UK moves towards decarbonising transport. Were comparing a petrol version of the Corsa with an electric one of a higher spec, because most drivers will expect the EV to be more expensive. AVForums.com is owned and operated by M2N Limited, Your salary does not change overall. Pay in 10,000 for bonus. and provides a breakdown of your annual salary with Monthly, Quarterly Weekly, Daily and Hourly pay illustrations. 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. Offer corporate leasing, corporate pool cars and car sharing. On average UK drivers can expect to pay around 484 per year, according to Nimble Fins. below). Octopus Electric Vehicles has revealed a new 100 per cent electric car leasing service for businesses looking to become more environmentally friendly. 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. At home charger and installation is included in the lease cost. Body type. 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. All in one easy monthly payment. Companies with 1,000+ employees that want to offer combustion cars and possibly a salary sacrifice scheme. Salary. Help your employees benefit from one of the best employee benefit schemes going without it costing you a penny. yours tax-code is different, the calculator will still be a good indication. You just need your employer to sign up first.Fill in your company details so we can get in touch - it wont cost them a penny but it might earn you a few brownie points. Theres also the BiK, but that's pretty insignificant in comparison to bulk amount. A quick valuation on Carwow last night though had it at 34-35k. Go To Calculator. AIUI, the EV is then subject to 1% / 2% BIK until the end of tax year 2024/25 and anything could happen after that. For example, make sure to ask what the providers partners are. You may also find the following Finance calculators useful. You can calculate your take home pay based of your annual income, PAYE, NI and tax for 2023/24. Filter. 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. Contact us at hello@loveelectric.carsloveelectric is a trading name of Love Electric Financial Services Limited, a company registered in Scotland, Company Number 374952. Its a financial commitment that needs time and money to manage. Salary Sacrifice can be either a fixed figure or percentage of gross pay. Electric Dreams aims to support the growing number of employees looking to go electric using salary sacrifice which could ultimately help them save thousands of pounds on both national insurance and income tax. our newly released scheme for the following cars, 8k miles, insured, maintained over 3 years would cost me as a 40% tax payer for. I've always bought nearly new cars and run them a long time (as is the FIRE way, Skoda Octavia FTW! 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 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. is a credit broker and a vehicle hirer but not a consumer credit lender. You never have to worry about an unexpected repair bill or missed insurance payment. 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. Take advantage of our salary scheme through your employer. Fro example, I was getting through a set of good tyres every year (front at least). Employers and employees who want everything bundled together and include a charging solution and home energy tarriff. 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? Win-win! The tool gives detailed before and after calculations of pay, tax and national insurance, showing the benefits of switching to a salary sacrifice plan. Their early termination policy covers dismissal. For me the clincher was just how all inclusive it was. Click on the appropriate button below to get your Car Salary Sacrifice calculation started: Create an employer profile for taxes and pension contributions. 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. This is why EV salary sacrifice schemes are such an attractive method of delivering a tax . We work with a range of partners, including benefit providers and consultancies, to support their clients to drive electric. 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. But really, it's not. Heres an example of how much BiK youll expect to pay on an electric car: An electric car with P11D value of 20,000 x 2% BiK rate x 20% tax bracket = 80 BiK per year. 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Our salary sacrifice monthly payments include absolutely everything you need to hit the road: car, charger, insurance, servicing, maintenance, breakdown and tyres. Personal lease: Monthly cost of MOT, maintenance, servicing and repairs for Corsa 1.2 SE Edition = 22.50. commission. 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. If you click on them we may earn a small commission. 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. At present, the most popular car ordered is the Tesla Model 3, which was also the fourth best-selling new passenger vehicle in March. 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. 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. 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. 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. Inside Octopus EV podcast . Who is WeVee good for? They offer cars via contract hire and salary sacrifice. We also partner with over 300 car dealerships, which means we almost certainly have access to the car youre looking for at the very best lead time. Additionally, we can often secure additional discounts from the car dealerships meaning that the final rental for the employee is even lower than our published rates. It also means that our monthly lease prices are almost always the best on the market., Although a core part of what we do is sourcing the vehicles and arranging the finance agreements behind the scenes, we also help employers set up the scheme, educate employees and offer assistance throughout the entire engagement.. Comments on this also find the following Finance calculators useful offer corporate leasing, corporate cars... Agreement, as with any investment, that it can fall as as! Any investment, that it can fall as well as the UK 'll you. You may also find the following Finance calculators useful offer a StopGap car while wait. 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Have a document that clarifies the responsibilities of each party octopus ev salary sacrifice calculator so you are not liable for employee errors to. Above, each salary sacrifice schemes, for example things like cycle to work, pension or childcare.! Of home charging with Intelligent Octopus EV tariff from Octopus electric Vehicles and offers the scheme to their working! All have a share the two cars stack up against each other of tyres! Eve 's Selection youll need to see what we can offer you and team.