Examples include the VW ID3 Pro at 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. 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 =. Octopus Electric Vehicles Limited is authorised and regulated by the Financial Conduct 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. 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. That gives the right answer for most people. Lots of ad hoc running costs add up over time. Win-win! Volvo assume 400 insurance, 150 tax, 300 tyres, 300 servicing. Feb 9, 2023. There has been a surge in demand for EVs as people become more environmentally conscious. 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. Go To Calculator. 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We ran a comparison between two makes of Vauxhall Corsa - a petrol Corsa 1.2 SE Edition, and its electric equivalent, the Corsa-e SE Premium. When taking out a personal lease, youre paying for your car from your income or savings after youve already paid tax. Jump To Car Salary Sacrifice Calculator Go Eve EV Salary Sacrifice Calculator The smarter way to drive electric Tax Savings 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 below). All the set-up is carried out by your employer. 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. 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. 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. 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. Absolutely will need to see what the terms of the loan are that was arranged by Volvo with Santander. Also, there is a slight bump to take care of loan car and also the fact that resignation (and some other things) do allow you to give the car back at no penalty (so they have to get that back somewhere). Use our quote tool to see what we can offer you and your team. is a credit broker and a vehicle hirer but not a consumer credit lender. Octopus said many drivers are saving 30 to 40 per cent and some up to 60 per cent. Feb 16, 2023. The calculation for the . However, that means youll want to know how much that commission is. 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. 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. 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. Are electric cars always more expensive than their petrol or diesel equivalent? Anybody done this scheme? '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.'. Published: 07:45 GMT, 8 April 2021 | Updated: 07:45 GMT, 8 April 2021. 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. According to Nimble Fins the average cost of maintenance, servicing and repairs on a petrol car is 270 a year. This makes it easy for you to charge at night when power is cheapest. 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. Salary sacrifice. UK Payroll, Tax, Finance and Salary Calculators, Accounts Received Turnover Rate Calculator, Foreign Currency Quarterly Income Deposits Calculator. 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. Car, charger, energy, insurance, servicing, maintenance, breakdown and tyres. '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. The cost of a personal lease is cheaper at face value than a salary sacrifice car, but thats because it doesnt take into account all of the extra running costs that need to be factored in. Revolut auditor waves the red flag over 477m of unverified revenues but bosses insist they will STILL get a banking licence! Personal lease: Monthly cost of breakdown cover for Corsa 1.2 SE Edition = 14.08With our salary sacrifice package, breakdown is included at no extra cost, so you dont need to worry about getting your own roadside assistance. Authority, firm reference number 809736, company number 10754317. 33,600.the Jaguar i-Pace EV400 at 65,195 or the Nissan Leaf Acenta at 30,445. Ok this was acceptable. 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. Use our EV salary sacrifice calculator below to find out how much you could save each month. 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. Weve used Nimble Fins averages and our own research based on like-for-like services to crunch the numbers for this comparison. 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. 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. With a personal lease, your monthly lease payments depend on the length of your contract, how much deposit you paid upfront, and how many miles you plan to drive each year. Even with the increase in BiK at 2% for electric cars; the tax is much lower than for hybrids, petrol and diesel cars. 1 Home Entertainment Tech Resource. 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. A quick valuation on Carwow last night though had it at 34-35k. below). New to Salary Sacrifice? 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. Wales. 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. Employers and employees who want everything bundled together and include a charging solution and home energy tarriff. our newly released scheme for the following cars, 8k miles, insured, maintained over 3 years would cost me as a 40% tax payer for. We work with a range of partners, including benefit providers and consultancies, to support their clients to drive electric. You never have to worry about an unexpected repair bill or missed insurance payment. is a credit broker and a vehicle hirer but not a consumer credit lender. If youre looking to get a new car through your employer, consider leasing an electric car through our salary sacrifice scheme. 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. iCalculator is packed with UK Payroll, Tax, Finance and Salary Calculators which cover everything from VAT payment calculations to Landlord Income Tax calculations. 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. 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. Youll need to replace all four tyres every 2 years on average. Early termination only covers 10% of claims or ten cars - whichever is greatest. 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. Please read the important notes before proceeding to use this tool: These contributions are taken from your salary before tax and National Insurance are paid, so are tax efficient. 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. Octopus Electric Vehicles' new scheme gives employees access to every EV on the market with a range of over 100 miles of which there are over thirty, up from just five in 2017. Decide who you will open up the scheme to e.g. So their fee comes out of charging double rent for the first 6 months, as well as an additional fee to the employer.. loveelectric is also a B Corp (pending). The employer leases the car from Octopus Electric Vehicles and offers the scheme to their hard working team as a perk. Employees can do test drive days possibly only for larger companies. Octopus has been providing salary sacrifice for the last year but only as a broker for other leasing companies. 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. All you need to do is fill the car with electrons, get out there and enjoy the thrill of driving electric! 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. Tusker monthly lease prices may be higher because they are a leasing company and offer lifestyle protection. There are no investment guarantees and you can end up with less than you put in via investments. Not only will you make great savings on BiK rates, but youll also save money on fuel, pay zero road tax until 2025, and enjoy driving the latest electric models while helping to save the planet! Octopus may introduce Monthly cost of the personal lease Corsa 1.2 SE Edition = 399.52. Because this payment comes out of your pay before any tax, it reduces your salary and in turn lowers your income tax and national insurance payments too. Salary sacrifice is the hassle-free way to keep a car running perfectly, without unexpected costs. This can only happen when your employer adjusts the terms of your contract. Octopus Electric Vehicles reserves the right to stop this promotion at any time. Even though leasing might seem like a cheaper way to drive, the unexpected costs of running the car can quickly stack up. 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. Keep in mind that this amount cannot be salary sacrificed so the fee will the gross amount before taxes. Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. It's also 100% anonymous, in case you were wondering. 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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. HMRC treats the benefit separately from your salary, which means you pay the tax before it arrives into your bank account. 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. Octopus may introduce 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. Below is a chart summarising some of the leading electric car schemes in the UK.. a couple of hundred pounds a month more expensive than a regular lease. Our EV experts are on hand to help you find the perfect vehicle to meet your needs. Having now been able to generate a quote I'm afraid I could not justify the purchase on anything other than evangelical environmental reasons. 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. So far, 141 companies have signed up to salary sacrifice with Octopus, making it available to 22,298 employees. You can calculate results based on either a fixed cash value or a certain proportion of your salary. Love Electric Financial Services Limited is authorised and regulated by the Financial Conduct Authority; firm reference number 743264. Access 6 hours of super off-peak green energy between 11.30pm to 5.30am. 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. We'll then provide a detailed breakdown of the potential savings for both you as an employee, and also for your employer. Most importantly, you want to ensure the company knows what theyre talking about and can offer guidance. for use in every day domestic and commercial use! Europe's busiest forums, with independent news and expert reviews, for TVs, Home Cinema, Hi-Fi, Movies, Gaming, Tech and more. Please check the important information below for the current assumptions. You can calculate your take home pay based of your annual income, PAYE, NI and tax for 2023/24. In simple terms, salary sacrifice is a system whereby an employee will forgo some of their gross salary and in return, they receive a benefit. 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.. 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.. The sacrifice the employee makes out of gross salary is 726 which, after tax, is equivalent to paying 435. Authority, firm reference number 809736, company number 10754317. If What will the onboarding experience be like for the employee? 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. So, it can be a win-win situation. British Airways vs Virgin Atlantic: Premium economy comparison, Video shows 1950s Aston Martin that was owned by the King of Belgium, All electric Rolls Royce Spectre is a treat to drive. This means your net pay will go down by the amount you pay for the car, minus your tax savings. Our salary sacrifice monthly payments include absolutely everything you need to hit the road: car, charger, insurance, servicing, maintenance, breakdown and tyres. Registered office and trading address: 101 Rose Street South Lane, Edinburgh, EH2 3JG. Some links in this article may be affiliate links. 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. You don't have to put in any work for this to happen. By using it, you accept our use of cookies. 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. Benefit in Kind tax is calculated based on two things: the cars CO2 emissions and the cars P11D value. For example, you might choose to pay for a Tesla Model 3 RWD, with a range of 254 miles and a P11D value of 43,490.On a 48-month business contract using one of the providers above, and driving 8,000 miles a year, you could save just over 20,000 paying via EV salary sacrifice, compared to buying the vehicle outright. Fill out this short enquiry form. It may not display this or other websites correctly. If you don't have all the details then allow about 5 minutes to work through the stages of the calculator. Car leasing is the same as a long term rental. 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. Feb 24, 2023. Octopus is best known as an electricity and gas provider, but in 2018 they branched out to electric vehicles and the salary sacrifice scheme.. Our registered address is UK House, 5th Floor, 164-182 Oxford Street, London, W1D 1NN. commission. The lot. Your car is ready to go when you are. For the Tesla. WeVee is a car leasing company that offers electric cars via corporate leasing, car sharing as well as the salary sacrifice scheme.. *The P11D value that HMRC uses is basically the list price minus the government EV grant, more Octopus company number 03997482, registered in England and Wales. 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. But it is now its own dedicated leasing company, meaning it will own the vehicles themselves. Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. Perhaps a concrete example would make this clearer. 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. loveto halve the cost of your new electric car? Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. Affiliate links: If you take out a product This is Money may earn a commission. This is because these factors impact on how much you might be recharged by your employer in a Car Salary Sacrifice plan. This is the really fun part. Employees pay Benefit in Kind tax on benefits they get from their employer on top of their salary. The above example relies on the motorist driving 8,000 miles a year for four years and also makes the assumption that the company is eligible to recover VAT - 50 per cent on Finance and 100 per cent on Services. 1 min read. Limited access. ICO reference number: ZB075747. 3. Because our electric car salary sacrifice is one all-inclusive price that covers everything you need to hit the road, this comparison gives drivers savings of nearly 70 per month while letting them switch to a brand new, top-spec electric car. 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. Sign a simple contract to sign up to our free service. Are investors underestimating the impact of rate rises? You already have all the answers you need." Its a financial commitment that needs time and money to manage. 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. Whos Tusker good for? Tesla Model 3's are the most popular car to get through Octopus' salary sacrifice scheme. Due to the increasing demand for electric vehicles, there are more electric vehicle salary sacrifice schemes that are set up every year. If they are self-insuring for specific claims, could that be a risk if they are hit with too many claims? Your tax would change as your income has changed and need to be considered in tax returns. Wevee and loveelectric and other brokers make money by charging a commission on top of the rental. This website uses the TMDb API but is not endorsed or certified by TMDb. Who is Octopus EV good for? 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. You can save up to 40% on the cost of a brand-new electric car when you use our salary sacrifice scheme. Octopus Electric Vehicles has revealed a new 100 per cent electric car leasing service for businesses looking to become more environmentally friendly. Find out how. 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. Salary Sacrifice 0. Weve got you completely covered.Joining our salary sacrifice scheme is easy. 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. If you want info on any particular car, check them out from Go Eve's Selection. 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. When selecting an electric vehicle salary sacrifice scheme, there are a few things you want to look out for: Leasing a car means entering a long-term relationship with a provider, which means its important that you feel comfortable with the provider and trust that they will follow through on what they say.. 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. It is just structured in a different way. Ideally, they arent spending hours trying to order a car, and the experience is relatively intuitive. If you're using the Employee Car Salary Sacrifice calculator we'll make some assumptions about how your employer will deal with business issues such as unrecoverable VAT on lease rentals and disallowed tax relief. If they've not signed up yet, send them our way. Shortest delivery time. Theres a lot to think about - from insurance to maintenance, repairs, MOT, breakdown and tax. Car Model Annual Salary () Calculate How it works Simply select the electric car you're interested in and enter your annual salary. Happen when your octopus ev salary sacrifice calculator adjusts the terms of the loan are that arranged! Please check the important information below for the employee makes out of gross salary is 726 which, tax. The experience is relatively intuitive and a vehicle hirer but not a consumer credit.. P11D value before it arrives into your bank account for EVs as become. With too many claims this to happen our editorial independence Carwow last night though it. To drive electric calculate your take home pay based of your new electric car through our salary sacrifice is same... Your salary petrol or diesel equivalent used Nimble Fins averages and our own research based on two things: cars! 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