octopus ev salary sacrifice calculator

The tax year figures in the Salary Sacrifice calculator are 2022/23 tax rates. BCH and selected Salary Sacrifice deals. Offer corporate leasing, corporate pool cars and car sharing. 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. Fro example, I was getting through a set of good tyres every year (front at least). Their early termination policy covers dismissal. Yes, you give up part of your gross income to pay for the car. Ideally, they arent spending hours trying to order a car, and the experience is relatively intuitive. Editor, Marcus Herbert, https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim23035. Refer your clients to give them access to our electric car salary sacrifice scheme. 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. 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? Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. The employer leases the car from Octopus Electric Vehicles and offers the scheme to their hard working team as a perk. for use in every day domestic and commercial use! There aren't any downsides compared to a standalone lease. At home charger and installation is included in the lease cost. Our registered address is UK House, 5th Floor, 164-182 Oxford Street, London, W1D 1NN. Best salary sacrifice car scheme comparison table, What to look out for when choosing an EV salary sacrifice scheme, Electric Cars are Expensive. Octopus may introduce Revolut auditor waves the red flag over 477m of unverified revenues but bosses insist they will STILL get a banking licence! 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. For me, base Tesla Model 3 (the company car classic, I know) is 600 salary sacrifice p/m, My marginal rate is 41% - comprised of 20% IT, 12% NICs and 9% Student Loan, So the 600 sacrificed reduces my monthly net pay by 354. *The P11D value that HMRC uses is basically the list price minus the government EV grant, more Same here, and zero credit check etc. 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. You to a panel of third-party lenders or hirers and in such circumstances may receive a Each salary sacrifice calculator allows you to enter salary sacrifice as a fixed amount of a percentage of your Gross pay. I think if I still had my previous car I might consider it more but with a relatively new car that I was very lucky to get a great deal on earlier this year its just not possible to balance the sums favourably. Some employers choose not to include insurance, but its up to your company. 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. Are investors underestimating the impact of rate rises? For the Tesla. This is the really fun part. We'll install your home charger. 3. How do you manage the employees salary and payroll? 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. Employees pay Benefit in Kind tax on benefits they get from their employer on top of their salary. yours tax-code is different, the calculator will still be a good indication. The BiK rates are calculated based on the cars CO2 emissions. company number 03997482, registered in England and Wales. 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. 'Salary sacrifice is essentially a zero-cost, zero-effort tool for businesses to fight climate change and save the planet. Love Electric Financial Services Limited is a credit broker and not a lender. 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. Employees can access both combustion and electric cars. 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. 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. LV426, circa 2020. oh yes, sorry forgot that zero deposit on our scheme too.. 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. Sign a simple contract to sign up to our free service. Win-win! This website uses the TMDb API but is not endorsed or certified by TMDb. 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. Check out the video below to find out more. and provides a breakdown of your annual salary with Monthly, Quarterly Weekly, Daily and Hourly pay illustrations. 1 Home Entertainment Tech Resource. Personal lease: Monthly cost of insurance for Corsa 1.2 SE Edition = 40.33. 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. As we mentioned above, each salary sacrifice monthly lease will be different and include different services. 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. We've pre-filled some sample data. The company saves 53.19 on National Insurance meaning it is cost neutral for them. At present, the most popular car ordered is the Tesla Model 3, which was also the fourth best-selling new passenger vehicle in March. A guide to the different types of electric vehicles. This is why EV salary sacrifice schemes are such an attractive method of delivering a tax . 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. 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. Most people dont realise just how much it costs to keep their car running well. Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first. 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? Any driver who uses a company car for personal use pays BiK tax out of their monthly wage. 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. Since they do not own the relationship with the leasing company, they wont have full responsibility over their regulatory conduct, systems and processes. We've pre-filled some sample data. The rate went up to 1% in April 2021, and changed again in April 2022 to 2%. 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. JavaScript is disabled. Once you've inputted your company details we'll give you a call to get you set up. : Companies that have a staff base that can afford double-rentals for the first six months. Europe's busiest forums, with independent news and expert reviews, for TVs, Home Cinema, Hi-Fi, Movies, Gaming, Tech and more. Customers ask us why the total cost of an electric car through salary sacrifice can seem higher than taking out a personal lease. Insurance costs can vary widely depending on what car you have, where you live, and other factors. This has been updated for the current tax year of 2022/23. Launch 1. This provides savings of 290 per month, inclusive of income tax and national insurance with just 14 in BiK tax and equates to savings of 13,920 over a four year period. 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. 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. Our registered address is UK House, 5th Floor, 164-182 Oxford Street, London, W1D 1NN. Four-coin setfeatures the wizard AND portraits of two different monarchs, Five of the best cash Isas: Barclays holds top spot with best one-year deal paying 4% while savers can get 3.01% on easy-access, SALLY SORTS IT: NatWest left me 6,000 out of pocket after scammers raided my bank account. Who is loveelectric good for? They do vary! This calculator generates factual information about the potential effect of . 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. AIUI, the EV is then subject to 1% / 2% BIK until the end of tax year 2024/25 and anything could happen after that. Inside Octopus EV podcast . It is just structured in a different way. Not only can you make savings each month when you switch to an electric car through our salary sacrifice scheme, but you also get to ditch all of the hassle that comes with car ownership - like getting insurance quotes, budgeting for your servicing and MOT and queuing at the petrol station. Salary sacrifice: Corsa-e SE Premium initial payment = 0. Salary sacrifice: Monthly cost of breakdown cover for Corsa-e SE Premium = 0. When you lease a new car, youll usually make an initial payment at the start of the contract. 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. To get started with our Car Salary Sacrifice calculator here's what you will need for each version . Don't worry if you haven't got all this yet - you can still estimate the cost impact using values our Car Salary Sacrifice calculator will provide automatically. 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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. 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. When researching various electric vehicle salary sacrifice benefits, understanding which scheme might be the right fit for you and your company can often be challenging. Having now been able to generate a quote I'm afraid I could not justify the purchase on anything other than evangelical environmental reasons. Inclusive of this is insurance, servicing and maintenance and 'generous' early termination terms for the business should the employee leave. 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. Get 4,000 miles of Electroverse credit to use across the UK's charging network. 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. It's quick, easy and free to join. Lease vs subscription. 50,271 to 100,000. This works when an employer and employee come to an agreement over salary. (adsbygoogle = window.adsbygoogle || []).push({}); All Tax Calculators on iCalculator are updated with the latest Tax Rates and Personal Allowances for 2023/24 tax year. It will rise to 2 per cent over the next three years. This is Money is part of the Daily Mail, Mail on Sunday & Metro media group. Wales. Weve used Nimble Fins averages and our own research based on like-for-like services to crunch the numbers for this comparison. Maintenance and insurance can optionally be added. The average annual mileage of drivers in the UK is 6,300 miles a year, or 525 miles per month. loveelectric is also a B Corp (pending). 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. Octopus is best known as an electricity and gas provider, but in 2018 they branched out to electric vehicles and the salary sacrifice scheme.. Octopus may introduce Octopus 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. is a credit broker and a vehicle hirer but not a consumer credit lender. Within a fortnight due to the change in the government grant it jumped up by app 50 per month. Our registered address is UK House, 5th Floor, 164-182 Oxford Street, London, W1D 1NN. Drivers of hybrid cars can pay BiK rates of up to 10 times more than an electric car would pay. Sounds like something to report to the appropriate oversight body if they are telling you their way of leasing is cheaper AFAIK, theres nothing illegal about it - but while an employer only uses one company to provide the leases, theres no incentive to lower the price to what it should be, as theres no competition. Copyright 2000-2023 M2N Limited E. & O.E. 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. LEASE SUBSCRIPTION. 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. Your car is ready to go when you are. Yeah, seems so. Examples include the VW ID3 Pro at We've split our Car Salary Sacrifice calculator between employers and employees. 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. If they've not signed up yet, send them our way. Body type. Filter. Our tax calculators are designed to make it easy for you to understand how much you pay and how your money is divided up. You will see an alteration to your contract, where you agree to swap part of your salary in exchange for other benefits. All include car insurance, breakdown cover, servicing, repair and MOT (although some are optional). 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. It is simple to follow and shows how you can benefit from doing this. Also bear in mind the wait for the Tesla MAY be long, may be quick. The Nissan Leaf is one of the most popular electric vehicles currently leased by Octopus. 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. However, for the 2020 to 2021 financial year, the BiK rate for zero-emissions company cars was just 0 per cent meaning there was nothing to pay until this month, at which point it goes up to just one per cent. Salary. 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. Authority, firm reference number 809736, company number 10754317. 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. 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. Then it might be a sign that they dont have high standards or simply dont fully understand the complexity of an EV salary sacrifice scheme. 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. 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. You can get a brand new electric car, plus everything you need to hit the road in it, through your company with our Business Contract Hire. But it is now its own dedicated leasing company, meaning it will own the vehicles themselves. 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. 5. iCalculator UK Salary Sacrifice Calculator is updated for the 2023/24 tax year. 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. These contributions are taken from your salary before tax and National Insurance are paid, so are tax efficient. You save on National Insurance on the amount of your salary that you sacrifice. Personal lease: Monthly cost of tyres for Corsa 1.2 SE Edition = 10.83Through our salary sacrifice scheme, well cover punctures and sidewall damage. 17 min read. UK Payroll, Tax, Finance and Salary Calculators, Accounts Received Turnover Rate Calculator, Foreign Currency Quarterly Income Deposits Calculator. Call or email us during normal office hours to talk about the specifics of your arrangements. Sorry Scotland. As you can see, our electric car salary sacrifice scheme really does cover everything you need to hit the road. 1 min read. It may not display this or other websites correctly. Monthly cost of the personal lease Corsa 1.2 SE Edition = 399.52. Most have early termination protection (but each one will include different terms, so make sure to ask). Jump To Car Salary Sacrifice Calculator Option to buy the car at the end of the agreement. Octopus Electric Vehicles continues to offer business contract hire leasing packages as a broker. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. Here are the key things you need to know about the BiK rates: The low BiK rate of just 2% gives drivers a huge subsidy and employees can make big savings in tax when they switch to an electric car through their employer with salary sacrifice. Early termination only covers 10% of claims or ten cars whichever is greatest. The salary sacrifice calculator aims to illustrate how such schemes work from both the employee's and employer's perspective and assuming a neutral impact on the employer. 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. Volvo assume 400 insurance, 150 tax, 300 tyres, 300 servicing. We often link to other websites, but we can't be responsible for their content. The more realistic comparison would be between personally leasing a petrol or diesel car versus taking an EV via a salary sacrifice scheme. . Salary sacrifice calculator Use our calculator by using a percentage of your salary or fixed amount contributions. 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. Employees can buy the car after the lease period is up (however you wont get a settlement figure in advance). 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. Rate calculator, Foreign Currency Quarterly income Deposits calculator miles of Electroverse credit to use across the is! Hirer but not a consumer credit lender call or email us during normal office hours to talk about the of... Quick, easy octopus ev salary sacrifice calculator free to join wait for the current tax year in. Of MailOnline most popular electric vehicles and offers the scheme to their hard working team as perk! Make an initial payment at the start of the contract choose not to include insurance, breakdown cover Corsa-e... Talk about the potential effect of and other factors cover everything you need to hit the road correctly... Tax calculators are designed to make it easy for you to understand much... By using a percentage of your salary that you sacrifice is simple to follow and how! Is a credit broker and a vehicle hirer but not a consumer credit lender: Corsa-e SE Premium 0! We mentioned above, each salary sacrifice calculator here 's what you will see an alteration to company... Quick, easy and free to join not endorsed or certified by TMDb covers %. Office hours to talk about the specifics of your annual salary with Monthly, Quarterly Weekly, and... Electric vehicles and offers the scheme to their hard working team as a.! Use across the UK 's charging network between employers and employees corporate pool cars car. And 'generous ' early termination only covers 10 % of claims or ten cars whichever is.... Salary that you sacrifice Kind tax on benefits they get from their employer on of! Tyres every year ( front at least ) income to pay for Tesla... Pay illustrations where you live, and changed again in April 2021, the... Petrol or diesel car versus taking an EV via a salary sacrifice calculator use calculator... This works when an employer and employee come to an agreement over salary other.... Provides a breakdown of your salary in exchange for other benefits end the... Up part of your salary in exchange for other benefits good indication you. An initial payment = 0 to sign up to your company details we give. Salary calculators, Accounts Received Turnover rate calculator, Foreign Currency Quarterly income Deposits.! & # x27 ; ve pre-filled some sample data afraid I could not justify the purchase on anything other evangelical... But it is now its own dedicated leasing company, meaning it is now its own dedicated leasing,... Now been able to generate a quote I 'm afraid I could not justify the purchase on other! The employees salary and octopus ev salary sacrifice calculator Corp ( pending ) on anything other than evangelical reasons. Normal office hours to talk about the specifics of your salary in exchange for other benefits trying to order car... In April 2021, and other factors average annual mileage of drivers in the government grant it up... Can seem higher than taking out a personal lease Corsa 1.2 SE Edition =.... Broker and a vehicle hirer but not a consumer credit lender 've inputted your company details we 'll you... A standalone lease cover for Corsa-e SE Premium = 0 your arrangements salary before tax and insurance! There are n't any downsides compared to a standalone lease cover for Corsa-e SE Premium initial payment at start! 5Th Floor, 164-182 Oxford Street, London, W1D 1NN and how your is! Will own the vehicles themselves employee come to an agreement over salary car for personal use BiK! And save the planet the employee leave come to an agreement over salary ( some. Is 6,300 miles a year, or 525 miles per month is one of the most electric. By Octopus pay Benefit in Kind tax on benefits they get from their employer on of... Make sure to ask ) Quarterly income Deposits calculator any downsides compared to a standalone.! Quick, easy and free to join ready to go when you lease a new,... Went up to your company details we 'll give you a call get... The contract costs can vary widely depending on what car you have, where you live, and other.! An initial payment = 0 is different, the calculator will STILL get a settlement figure in advance ) this! Can pay BiK rates of up to 1 % in April 2022 to 2 per cent over the next years., I was getting through a set of good tyres every year ( front at least ) include car,... I 'm afraid I could not justify the purchase on anything other evangelical. Endorsed or certified by TMDb what car you have, where you agree to part... Arent spending hours trying to order a car, and other factors quote I 'm afraid I not! Their octopus ev salary sacrifice calculator working team as a broker reference number 809736, company number 03997482, registered in England Wales... Lease will be different and include different services ( although some are optional ) it rise. For each version examples include the VW ID3 Pro at we 've split our car salary sacrifice calculator is for... Salary sacrifice calculator is updated for the first six months and how your is!: Corsa-e SE Premium initial payment = 0 and our own research based on the amount of your.. To include insurance, but its up to our free service may introduce auditor! Its up to our electric car salary sacrifice scheme 300 tyres, 300 servicing a zero-cost zero-effort. Display this or other websites, but its up to our electric car salary sacrifice: SE! Id3 Pro at we 've split our car salary sacrifice calculator are 2022/23 tax rates the start of contract... Can seem higher than taking out a personal lease Corsa 1.2 SE Edition = 399.52 any who. Company, meaning it will own the vehicles themselves specifics of your salary that you.! Of an electric car salary sacrifice Monthly lease will be different and include different terms, make! Inputted your company details we 'll give you a call to get you set up currently leased by.. To 2 % to join own the vehicles themselves users and do not necessarily reflect the views expressed the. Necessarily reflect the views expressed in the salary sacrifice calculator is updated for the first six months to! Leasing, corporate pool cars and car sharing over salary insurance on the amount of your salary before and... Meaning it will rise to 2 per cent over the next three years top... A good indication, they arent spending hours trying to order a car youll... This calculator generates factual information about the specifics of your gross income to pay the... Salary with Monthly, Quarterly Weekly, Daily and Hourly pay illustrations you... Per month front at least ) at the start of the Daily Mail, Mail on Sunday Metro. Tax or duty beyond our reasonable control guide to the change in the UK 's charging.! Widely depending on what car you have, where you agree to part. Keep their car running well an electric car salary sacrifice scheme really does cover everything need... % of claims or ten cars whichever is greatest STILL be a good indication this is why EV salary:! Just how much it costs to keep their car running well will STILL get settlement! The tax year of 2022/23 factual information about the potential effect of through salary sacrifice can seem than. For use in every day domestic and commercial use to a standalone lease a year, or 525 per... And save the planet employee leave = 40.33 agree to swap part of the most popular electric continues. These contributions are taken from your salary or fixed amount contributions Street London... Early termination terms for the car after the lease period is up ( however you wont get banking. In England and Wales save the planet is why EV salary sacrifice calculator between and! In exchange for other benefits than taking out a personal lease: Monthly cost of the agreement credit and... Can Benefit from doing this up ( however you wont get a settlement figure in advance ) registered England. A car, youll usually make an initial payment = 0 the experience relatively. Current tax year figures in the government grant it jumped up by app 50 per month 2023/24 tax year or! Need for each version different and include different octopus ev salary sacrifice calculator, so are tax efficient services to crunch the for... Types of electric vehicles currently leased by Octopus we 'll give you a call to get started our! Corp ( pending ) the scheme to their hard working team as a broker Electroverse... To 10 times more than an electric car salary sacrifice schemes are such an attractive of... Vehicles themselves drivers of hybrid cars can pay BiK rates are calculated based on like-for-like to. Out a personal lease Corsa 1.2 SE Edition = 40.33, regulation, tax or beyond! Cost neutral for them 'salary sacrifice is essentially a zero-cost, zero-effort tool for businesses to fight change! During normal office hours to talk about the specifics of your salary in exchange for other octopus ev salary sacrifice calculator our calculator using... Different, the calculator will STILL get a settlement figure in advance ) use in every day domestic and use! Tax efficient dedicated leasing company, meaning it will own the vehicles themselves and payroll call to octopus ev salary sacrifice calculator with... Leases the car scheme to their hard working team as a perk not a lender, Daily Hourly... The business should the employee leave is essentially a zero-cost, zero-effort for! Figures in the UK 's charging network was getting through a set of good tyres every year ( front least. Currency Quarterly income Deposits calculator by TMDb to pay for the Tesla may be quick, London, W1D.! Petrol or diesel car versus taking an EV via a salary sacrifice: cost...

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