You may also find the following Finance calculators useful. We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the. I think it sounds a great scheme but for me it simply would not be cost effective. 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. loveelectric is also a B Corp (pending). Thats why we make it super easy for drivers who use our salary sacrifice scheme by covering everything they need to hit the road in one monthly payment. No need to find a quote or keep on top of annual payments, its all taken care of. Octopus Electric Vehicles - electric vehicle leasing for personal, business and salary sacrifice including charging and cheap renewable electricity. Salary sacrifice is an employee benefits scheme that allows you to pay for a car out of your gross monthly pay. 50,271 to 100,000. Tusker primarily works with companies with 1,000+ employees. At present, the most popular car ordered is the Tesla Model 3, which was also the fourth best-selling new passenger vehicle in March. Drop us an email and well be in touch within 24 hours. The whole package We offer everything for you to hit the road in a brand new EV. As you can see, our electric car salary sacrifice scheme really does cover everything you need to hit the road. You will see an alteration to your contract, where you agree to swap part of your salary in exchange for other benefits. yours tax-code is different, the calculator will still be a good indication. 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. The regular leases including fuel, insurance and maintenance for the identical car? commission. Ideally, you want the confidence that employees will take advantage of the benefit and thats something that the provider should help with.. Find out how. We work with a range of partners, including benefit providers and consultancies, to support their clients to drive electric. No standing. Electric car scheme customers will have to pay double rent for the first six or 12 months. Personal lease: Monthly cost of lease for Corsa 1.2 SE Edition = 190.04. Launch 1. This means your net pay will go down by the amount you pay for the car, minus your tax savings. We'll install your home charger. 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. Even with the increase in BiK at 2% for electric cars; the tax is much lower than for hybrids, petrol and diesel cars. They all offer electric cars which will result in a lower Benefit in Kind (BiK) tax and no road tax. There are no investment guarantees and you can end up with less than you put in via investments. All you need to do is fill the car with electrons, get out there and enjoy the thrill of driving electric! Salary sacrifice is a way of getting access to a brand new car through your gross salary and saving up to 40%. 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. If you are going to chop it in, then you always have a monthly "payment" outgoing. That means we can set you up with the scheme from start to finish. With most leases, the monthly price only includes the cost of the car. 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. Octopus said many drivers are saving 30 to 40 per cent and some up to 60 per cent. ICO reference number: ZB075747. * Please note that these can be expressed as a cash amount or percentage of your salary, Annual Employer Contribution (%) iCalculator is packed with UK Payroll, Tax, Finance and Salary Calculators which cover everything from VAT payment calculations to Landlord Income Tax calculations. Salary sacrifice: Monthly cost of salary sacrifice for Corsa-e SE Premium = 330.08. This is because these factors impact on how much you might be recharged by your employer in a Car Salary Sacrifice plan. It's quick, easy and free to join. Wales. Electric charge point and installation are also optional. 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. Will employees get their questions answered quickly. 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. Prepare for peak pothole season! Who is WeVee good for? Since they dont have a direct relationship with leasing companies, they cant charge a commission. 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. Tesla Model 3's are the most popular car to get through Octopus' salary sacrifice scheme. Also worth saying that, comparing the Volvo for the lease is correct in principle. 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. All the set-up is carried out by your employer. 17 min read. Fro example, I was getting through a set of good tyres every year (front at least). Ideally, they should have a document that clarifies the responsibilities of each party, so you are not liable for employee errors. Help your employees benefit from one of the best employee benefit schemes going without it costing you a penny. By comparison, combustion vehicles are subject to a typical BIK tax of 25 to 35 per cent. A good level of cover will typically include roadside assistance; home recovery; national recovery; parts and repairs; and onward travel. So far, 141 companies have signed up to salary sacrifice with Octopus, making it available to 22,298 employees. 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. 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. Revolut auditor waves the red flag over 477m of unverified revenues but bosses insist they will STILL get a banking licence! It is just structured in a different way. If included with our EV salary sacrifice scheme? . 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? Please check the important information below for the current assumptions. 1150 PA. For a better experience, please enable JavaScript in your browser before proceeding. However, Nissan now has a share of 31 per cent compared to 22 per cent last year whilst Audi's have a share of five per cent, up from three per cent in 2020. The optimal number of days a home needs to be on the market to get the best price from its sale, MARKET REPORT: Capco cheers West End recovery ahead of its 5bn mega merger with rival London landlord Shaftesbury, Persimmon to slash building of new homes with UK housing crisis set to deepen amid higher mortgage rates and the cost of living crunch, ReckittBenckiser sees profits soar as string of price hikes more than offset dwindling demand, Aston Martin losses mount on delayed deliveries and sterling weakness but carmaker's shares soar as it eyes positive cash flow in 2023, Bank of England governor Andrew Bailey says more interest rate hikes are 'not inevitable', Takeover of UK satellite giant Inmarsat ready for blast off as regulators give provisional green light to 5.4bn deal. Car Model Annual Salary () Calculate How it works Simply select the electric car you're interested in and enter your annual salary. 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. Feb 16, 2023. For me to be greener in the short term I'd prefer to make sure my home is better insulated, use 100% renewable energy etc. Lots of ad hoc running costs add up over time. 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. LV426, circa 2020. oh yes, sorry forgot that zero deposit on our scheme too.. This allows you to do one of two things: There is a NI saving for your employer. Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. The calculation uses the most common tax-code of "1257L". 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