If youre taking out a lease on a petrol or diesel car, youll be paying much more in fuel costs than you would if you were leasing an electric 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. 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. 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. 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. Registered office and trading address: 101 Rose Street South Lane, Edinburgh, EH2 3JG. New: Octopus Electric Vehicles has launched a new salary sacrifice scheme for businesses. You wont know if your company is eligible until you apply. According to Nimble Fins, the average cost of running a petrol or diesel car in 2022 is 3,000 a year. 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. Copyright 2000-2023 M2N Limited E. & O.E. An electric car salary sacrifice scheme is a way for your employees to get an EV as an employee benefit and save on tax. The regular leases including fuel, insurance and maintenance for the identical car? 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. commission. Although many are legitimate and offer a great service, some are simply looking for a quick commission fee and will have artificially high monthly payments to cover costs.. 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.. Octopus Electric Vehicles continues to offer business contract hire leasing packages as a broker. 3. Our registered address is UK House, 5th Floor, 164-182 Oxford Street, London, W1D 1NN. 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 is a credit broker and a vehicle hirer but not a consumer credit lender. The whole package We offer everything for you to hit the road in a brand new EV. All payments are taken from your salary automatically, so you have no extra bills to worry about. The BiK rates are calculated based on the cars CO2 emissions. All in one easy monthly payment. LEASE SUBSCRIPTION. Filter. Yeah, seems so. Leases are 24-48 months contracts for new cars. Will employees get their questions answered quickly. 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. Each salary sacrifice calculator allows you to enter salary sacrifice as a fixed amount of a percentage of your Gross pay. Octopus Electric Vehicles Limited is authorised and regulated by the Financial Conduct Who is WeVee good for? This can only happen when your employer adjusts the terms of your contract. Body type. 2. Get 4,000 miles of Electroverse credit to use across the UK's charging network. WeVee is a car leasing company that offers electric cars via corporate leasing, car sharing as well as the salary sacrifice scheme.. 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. loveelectric is also a B Corp (pending). 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 firm said it is introducing the programme in response to a surge in interest in electric vehicles from businesses. 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. 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. 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. Ideally, they arent spending hours trying to order a car, and the experience is relatively intuitive. 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. It's quick, easy and free to join. 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 Read more frequently asked questions about salary sacrifice here. LV426, circa 2020. oh yes, sorry forgot that zero deposit on our scheme too.. 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. It's also 100% anonymous, in case you were wondering. 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 have a Carbon Standard offsetting project that offsets all their salary sacrifice cars. There you go, the saving is in the 450 month you're paying as HP. With salary sacrifice for an electric car, as an employee you're not taxed on the salary you give up. Check out the video below to find out more. 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). 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. VAT registration number 386404284. Ideally, they should have a document that clarifies the responsibilities of each party, so you are not liable for employee errors. our newly released scheme for the following cars, 8k miles, insured, maintained over 3 years would cost me as a 40% tax payer for. Read this guide to Salary Sacrifice and How Salary Sacrifice can reduce the amount of tax you pay. You can calculate results based on either a fixed cash value or a certain proportion of your salary. 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. Fixed AmountPercentage of Salary. 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! Just plug in before you go to bed, and in the morning your car is ready to go when you are. And at loveelectric, we provide one of the best policies on the market. Perhaps a concrete example would make this clearer. 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. Option to buy the car at the end of the agreement (however you wont get a settlement figure in advance). This website uses the TMDb API but is not endorsed or certified by TMDb. If you don't have all the details then allow about 5 minutes to work through the stages of the calculator. 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. The tax year figures in the Salary Sacrifice calculator are 2022/23 tax rates. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. All rights reserved. Tesla is still one of the most popular electric vehicle leased through Octopus EV but its share dropped from 50 per cent to 28 per cent from the first three months of 2020 compared to the same time frame this year. Drivers of hybrid cars can pay BiK rates of up to 10 times more than an electric car would pay. What will the onboarding experience be like for the employee? Ok this was acceptable. The Nissan Leaf is one of the most popular electric vehicles currently leased by Octopus. Electric car scheme customers will have to pay double rent for the first six or 12 months. Setting up on the scheme is easy. Their monthly lease prices may be higher because they are middle-men to middle-men, serving as an appointed representative of a broker. Octopus Electric Vehicles Limited is authorised and regulated by the Financial Conduct The salary sacrifice tax savings are particularly attractive for me. Theres also the BiK, but that's pretty insignificant in comparison to bulk amount. 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 all offer salary sacrifice schemes, which will allow employees to pay their monthly lease from their gross salary and therefore pay less in income tax and national insurance contributions. Our salary sacrifice monthly payments include absolutely everything you need to hit the road: car, charger, insurance, servicing, maintenance, breakdown and tyres. The comments below have not been moderated. Tusker monthly lease prices may be higher because they are a leasing company and offer lifestyle protection. 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. Are they self-insuring, or do they have a legitimate third-party and comprehensive insurance provider? Access 6 hours of super off-peak green energy between 11.30pm to 5.30am. Employees can do test drive days possibly only for larger companies. Personal lease: Monthly cost of lease for Corsa 1.2 SE Edition = 190.04. KIA, Polestar, Mercedes, VW and Porsche also all have a share. 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. 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. Make. We hope this comparison is practical and will help you navigate the field of electric car vehicle salary sacrifice schemes. But really, it's not. They offer cars via contract hire and salary sacrifice. It is simple to follow and shows how you can benefit from doing this. 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. A good level of cover will typically include roadside assistance; home recovery; national recovery; parts and repairs; and onward travel. Yes, you give up part of your gross income to pay for the car. 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. 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. Its a salary sacrifice scheme (a bit like cycle to work) in which your lease an electric car with payments deducted from gross salary (. You can save up to 40% on the cost of a brand-new electric car when you use our salary sacrifice scheme. This is why EV salary sacrifice schemes are such an attractive method of delivering a tax . You to a panel of third-party lenders or hirers and in such circumstances may receive a 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. Then just click the "Calculate" button to see the savings. Not much post-care or educational content for employees. Sign a simple contract to sign up to our free service. 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. Use our quote tool to see what we can offer you and your team. 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. 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 With most leases, the monthly price only includes the cost of the car. There is less of a focus on post-care and helping employees get set up with cars (based on. This site uses cookies to allow good user experience. For me the clincher was just how all inclusive it was. 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. Please check the important information below for the current assumptions. 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. 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. The 2% rate is fixed until April 2025 at 2%, and then will increase by 1% each year until 2028. According to Auto Express, 10% of cars that fail their MOT need new tyres. Below is a chart summarising some of the leading electric car schemes in the UK.. Even with the increase in BiK at 2% for electric cars; the tax is much lower than for hybrids, petrol and diesel cars. For example, for a 40 per cent tax rate payer opting for a Tesla Model 3, the typical net cost for an employee is . Copyright 2021 loveelectric. loveelectric was founded when our CEO, Steve, wanted an electric car and realised that purchasing one was out of budget. 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. The more realistic comparison would be between personally leasing a petrol or diesel car versus taking an EV via a salary sacrifice scheme. Once you set up the salary sacrifice scheme, employees will have many questions, so its important that someone on their team is responsive and can answer all their questions.. None require an upfront deposit from an employer or employee. That means we can set you up with the scheme from start to finish. 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. 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. 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. (adsbygoogle = window.adsbygoogle || []).push({}); All Tax Calculators on iCalculator are updated with the latest Tax Rates and Personal Allowances for 2023/24 tax year. 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. United States Salary Tax Calculator 2022/23, United States (US) Tax Brackets Calculator, Statistics Calculator and Graph Generator, Grouped Frequency Distribution Calculator, UK Employer National Insurance Calculator, DSCR (Debt Service Coverage Ratio) Calculator, Arithmetic & Geometric Sequences Calculator, Volume of a Rectanglular Prism Calculator, Geometric Average Return (GAR) Calculator, Scientific Notation Calculator & Converter, Probability and Odds Conversion Calculator, Estimated Time of Arrival (ETA) Calculator, Input your total annual salary (the gross figure), Put in the annual contribution from your employer, Also put in the annual contribution that you pay, You can convert employee savings to pension contributions simply select Yes or No, Select the percentage of employer's National Insurance that the employer wants to retain. 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.. An MOT is a legal requirement that costs around 55 per year. 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. Salary sacrifice. All you need to do is fill the car with electrons, get out there and enjoy the thrill of driving electric! 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. The calculation for the . 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. There might be hidden fees that wont appear until later in the implementation.. is a credit broker and a vehicle hirer but not a consumer credit lender. Car leasing is the same as a long term rental. 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. However, that means youll want to know how much that commission is. 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. 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. They are a leasing company and own some of the cars. Whos Tusker good for? To calculate your BiK rate you need three numbers: P11D value of the car x BiK tax band x your income tax bracket. Any driver who uses a company car for personal use pays BiK tax out of their monthly wage. Salary sacrifice: Monthly cost of insurance for Corsa-e SE Premium = 0. 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. This means your net pay will go down by the amount you pay for the car, minus your tax savings. The cost of the MOT isnt a problem for most drivers, but the cost of repairs that the MOT uncovers can be hefty. 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. Due to the increasing demand for electric vehicles, there are more electric vehicle salary sacrifice schemes that are set up every year. You save on National Insurance on the amount of your salary that you sacrifice. Salary sacrifice: Monthly cost of tyres for Corsa-e SE Premium = 0. Body type. Inside Octopus EV podcast . For example, Tusker and Octopus EV are leasing companies and set the rentals themselves. 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). Varies. 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. 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. Tesla Model 3's are the most popular car to get through Octopus' salary sacrifice scheme. Monthly cost of the personal lease Corsa 1.2 SE Edition = 399.52. 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. Sounds complicated. Our registered address is UK House, 5th Floor, 164-182 Oxford Street, London, W1D 1NN. 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. Tusker primarily works with companies with 1,000+ employees. You may already be familiar with other salary sacrifice schemes, for example things like cycle to work, pension or childcare schemes. Salary. Some employers choose not to include insurance, but its up to your company. You already have all the answers you need." 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. Have all the answers you need to do is fill the car x BiK tax x! Include insurance, but the cost of tyres for Corsa-e SE Premium = 0 also BiK... 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