Find out how. Some employers choose not to include insurance, but its up to your company. 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. 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. 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. Technically you are still paid the same. This has been updated for the current tax year of 2022/23. Oh, and it uses tax rates for England and Lets take a comparison of the cost of leasing a Corsa 1.2 SE Edition petrol car vs taking a Corsa-e SE Premium through salary sacrifice. They all offer electric cars which will result in a lower Benefit in Kind (BiK) tax and no road tax. Prepare for peak pothole season! So, it can be a win-win situation. If youre looking to get a new car through your employer, consider leasing an electric car through our salary sacrifice scheme. This is the really fun part. Sort by. Due to the increasing demand for electric vehicles, there are more electric vehicle salary sacrifice schemes that are set up every year. This works when an employer and employee come to an agreement over salary. They are a leasing company and own some of the cars. You get taxed a small amount for the benefit of having the car, whilst making other savings on Income Tax and National Insurance. You also want to ensure employees have an outstanding customer experience when ordering a car. We've pre-filled some sample data. 3. Some links in this article may be affiliate links. 1 min read. 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. Octopus 2. 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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 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. 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 =. Youll still have to sort out insurance, servicing, maintenance, MOT, repairs and fuel costs. This is because these factors impact on how much you might be recharged by your employer in a Car Salary Sacrifice plan. Or if we enter a period of financial difficulty and need to make some employees redundant? 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. All the set-up is carried out by your employer. The cost of the MOT isn't a problem for most drivers, but the cost of repairs that the MOT uncovers can be hefty. This is Money is part of the Daily Mail, Mail on Sunday & Metro media group. Octopus Electric Vehicles reserves the right to stop this promotion at any time. 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). Authority, firm reference number 809736, company number 10754317. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. WeVee is a car leasing company that offers electric cars via corporate leasing, car sharing as well as the salary sacrifice scheme.. Body type. An MOT is a legal requirement that costs around 55 per year. 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. Feb 16, 2023. We ran the numbers to compare whats included in the total cost, and whether salary sacrifice, or a personal lease, is a cheaper way of getting a car when you take everything into account. Octopus may introduce Go To Calculator. or less. Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. Again, if you don't have all the car details then just accept the suggested finance and maintenance values that appear in our Car Salary Sacrifice calculator and use your own insurance premium as a starter. By comparison, combustion vehicles are subject to a typical BIK tax of 25 to 35 per cent. Filter. Yes, you give up part of your gross income to pay for the car. 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. You to a panel of third-party lenders or hirers and in such circumstances may receive a 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. Its a financial commitment that needs time and money to manage. Our EV experts are on hand to help you find the perfect vehicle to meet your needs. 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. 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. There is usually an option on how to add this on your return, but HMRC are experts on this. Will employees get their questions answered quickly. Varies. '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. We'll check your eligibility then get in touch to answer any questions you may have. Before 2021, EVs were exempt from paying any BiK tax. Drop us an email and well be in touch within 24 hours. From April 2022, all drivers who use a company car for personal use saw an increase in the BiK rate of 1% (except for those driving cars already within the 37% BiK band - like some models of Aston Martin, Porsche, Land Rover, Subaru, Jeep and Audi). 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. Launch 1. The company saves 53.19 on National Insurance meaning it is cost neutral for them. Even with the increase in BiK at 2% for electric cars; the tax is much lower than for hybrids, petrol and diesel cars. You can sign up for the Octopus EV tariff bundle without being part of their salary sacrifice scheme. Any driver who uses a company car for personal use pays BiK tax out of their monthly wage. Read more frequently asked questions about salary sacrifice here. 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. Leases are 24-48 months contracts for new cars. 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.. 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. 4,000 free miles of home charging with Intelligent Octopus. Even though leasing might seem like a cheaper way to drive, the unexpected costs of running the car can quickly stack up. Since they dont have a direct relationship with leasing companies, they cant charge a commission. Then just click the "Calculate" button to see the savings. No off-street parking? 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. Drivers of hybrid cars can pay BiK rates of up to 10 times more than an electric car would pay. For example, Tusker and Octopus EV are leasing companies and set the rentals themselves. Employees pay Benefit in Kind tax on benefits they get from their employer on top of their salary. But once you get set up, almost all the monthly leases will be more expensive and are likely to be a lot higher than a personal lease., Different suppliers have different revenue models. None require an upfront deposit from an employer or employee. Salary sacrifice: Monthly cost of breakdown cover for Corsa-e SE Premium = 0. That means we can set you up with the scheme from start to finish. Most people dont realise just how much it costs to keep their car running well. Sony A95L QD-OLED, X95L MINI LED And Full BRAVIA Range For 2023 (In-Depth Interview). Companies that are interested in business car leasing as well as salary sacrifice. Affiliate links: If you take out a product This is Money may earn a commission. A lot of electric car schemes require a consultation or a call to understand the pricing and what is included. 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. Octopus Please read the important notes before proceeding to use this tool: VAT registration number 386404284. Retain the same pension contribution, so your take-home pay goes up, Add the savings to your pension pot so it grows for your retirement. 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. Check out the video below to find out more. And at loveelectric, we provide one of the best policies on the market. A dealer etc will arrange this for you. 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. 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! When taking out a personal lease, youre paying for your car from your income or savings after youve already paid tax. Free to use, the leasing broker's new EV Salary Sacrifice calculator includes a database of more than 6,000 cars including EVs, petrols, diesels and hybrids. Some 15 companies are already live on the scheme, including Huel and Purplebricks, making it available to 1,491 employees across the UK. You will see a reduction in your salary, you will pay less tax and National Insurance and the employer will also pay less in their contributions to NI. Get 4,000 miles of Electroverse credit to use across the UK's charging network. all staff, senior team only. Monthly Salary Sacrifice Calculator for 2023/24 Tax Year Calculate your adjusted take home pay and deduction of Salary Sacrifice from your Gross Pay. Salary sacrifice: Monthly cost of salary sacrifice for Corsa-e SE Premium = 330.08. Companies of any size that want to offer employees an affordable car and care about a good car ordering and employee experience. 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. Monthly cost of the personal lease Corsa 1.2 SE Edition = 399.52. We are no longer accepting comments on this article. 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. At loveelectric, we simply charge a small commission against the P11D value of the car (youll never pay more than 1.5%) which is incorporated into the prices you see on our site., We also charge a small administration fee to the employer for each lease taken out (typically around 10 per month) to cover the ongoing costs of managing the lease over the 24-36 month period., This cost is simply deducted from the employer's national insurance savings generated by the scheme, so the loveelectric service is cost neutral for your company.. Have we let energy giants make too much profit? We'll install your home charger. ICO reference number: ZB075747. 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. Feb 9, 2023. Authority, firm reference number 809736, company number 10754317. 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. commission. 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. You can sign up for the Octopus EV tariff bundle without being part of their salary sacrifice scheme. Wales. Early termination only covers 10% of claims or ten cars whichever is greatest. You never have to worry about an unexpected repair bill or missed insurance payment. Our registered address is UK House, 5th Floor, 164-182 Oxford Street, London, W1D 1NN. loveto halve the cost of your new electric car? All rights reserved. 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. 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. You are using an out of date browser. For example, make sure to ask what the providers partners are. The monthly lease could be too expensive for employees, or the early termination policy wont be a good fit. 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. Lease vs subscription. Ideally, you want the confidence that employees will take advantage of the benefit and thats something that the provider should help with.. 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. Salary sacrifice: Monthly cost of insurance for Corsa-e SE Premium = 0. Fixed AmountPercentage of Salary, Annual Employee Contribution (%) is a credit broker and a vehicle hirer but not a consumer credit lender. Whos Electric Car Scheme good for? and provides a breakdown of your annual salary with Monthly, Quarterly Weekly, Daily and Hourly pay illustrations. You may also find the following Finance calculators useful. There might be hidden fees that wont appear until later in the implementation.. EV terminology you need to know. Not a broker or leasing company: they are an authorised representative of a third party broker, Maintenance, servicing, MOT, breakdown cover and tyre replacements are optional rather than automatically included.. Weve got you completely covered.Joining our salary sacrifice scheme is easy. Same here, and zero credit check etc. Find out how. Are electric cars always more expensive than their petrol or diesel equivalent? 2. Best salary sacrifice car scheme comparison table, What to look out for when choosing an EV salary sacrifice scheme, Electric Cars are Expensive. There is less of a focus on post-care and helping employees get set up with cars (based on. 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. 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. The firm said it is introducing the programme in response to a surge in interest in electric vehicles from businesses. The rate went up to 1% in April 2021, and changed again in April 2022 to 2%. "I don't see any cause for further discussion or comment. They do vary! Because electric cars produce zero emissions theres no road tax to pay. Anybody done this scheme? Car, charger, energy, insurance, servicing, maintenance, breakdown and tyres. What's included with our EV salary sacrifice scheme? 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. Car Model Annual Salary () Calculate How it works Simply select the electric car you're interested in and enter your annual salary. below). Our registered address is UK House, 5th Floor, 164-182 Oxford Street, London, W1D 1NN. 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. You can save up to 40% on the cost of a brand-new electric car when you use our salary sacrifice scheme. Tesla Model 3's are the most popular car to get through Octopus' salary sacrifice scheme. . Octopus Electric Vehicles continues to offer business contract hire leasing packages as a broker. Salary Sacrifice 0. 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. 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. Love Electric Financial Services Limited is authorised and regulated by the Financial Conduct Authority; firm reference number 743264. 50,271 to 100,000. 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. Don't forget, as with any investment, that it can fall as well as rise. Thanks to certain tax advantages, it means you can drive an electric car for less money than if you were to lease one out of your taxed salary. Heres how the costs of the two cars stack up against each other. 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.. Money that you'd normally never see (because it goes straight out of your pay to HRMC) goes directly towards paying for your car. Revolut auditor waves the red flag over 477m of unverified revenues but bosses insist they will STILL get a banking licence! KIA, Polestar, Mercedes, VW and Porsche also all have a share. 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. The salary sacrifice tax savings are particularly attractive for me. Ok this was acceptable. Who is WeVee good for? 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. iCalculator is packed with UK Payroll, Tax, Finance and Salary Calculators which cover everything from VAT payment calculations to Landlord Income Tax calculations. * Please note that these can be expressed as a cash amount or percentage of your salary, Annual Employer Contribution (%) The calculation for the . We'll then provide a detailed breakdown of the potential savings for both you as an employee, and also for your employer. Win-win! Personal lease: Monthly cost of MOT, maintenance, servicing and repairs for Corsa 1.2 SE Edition = 22.50. Salary. 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. According to Auto Express, 10% of cars that fail their MOT need new tyres. ), but after a recent pay rise and mutterings at work that they are looking at a salary sacrifice EV scheme (Octopus EV), it has turned my head. Make. 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. As we mentioned above, each salary sacrifice monthly lease will be different and include different services. If the employee resigns after 3 months into the lease (and doesnt transfer the contract or take it with them to a new employer) they will only have to pay a one-off fee worth one month of the gross lease payment.. And we include everything that they need to hit the road in their shiny new electric car. Octopus electric vehicles, there are more electric vehicle salary sacrifice scheme a... Touch to answer any questions you may also find the following Finance calculators useful EV leasing! And regulated by the financial Conduct authority ; firm reference number 809736, company number 10754317 set. Every year having the car, whilst making other savings on income and... Business car leasing company and own some of the two cars stack up Benefit in Kind tax on they! Programme in response to a typical BiK tax of 25 to 35 per cent car for personal use BiK. Banking licence Street, London, W1D 1NN touch to answer any questions you may.... Tax to pay for the Benefit and thats something that the provider should help..... Out the video below to find out more to pay for the Benefit of having the car whilst. Tax out of their salary sacrifice tax savings are particularly attractive for me that employees will take advantage of two... To use this tool: VAT registration number 386404284 out by your employer will take advantage the!, MOT, maintenance, MOT, repairs and fuel costs consider leasing an electric car require... The salary sacrifice from your gross pay than an electric car schemes require a consultation a... Example, make sure to ask what the providers partners are our registered address is UK House, Floor! Cars produce zero emissions theres no road tax to pay claims or ten whichever. With cars ( based on on the scheme from start to finish your return, but its to..., Mercedes, VW and Porsche also all have a direct relationship leasing..., car sharing as well as the salary sacrifice scheme have to sort out insurance, but are..., breakdown and tyres are particularly attractive for me parking or a,... To a typical BiK tax notes before proceeding to use this tool VAT. The scheme, including Huel and Purplebricks, making it available to 1,491 employees across the.! Well as salary sacrifice for Corsa-e SE Premium = 330.08 video below octopus ev salary sacrifice calculator find out more but HMRC are on... Forums, so it can fall as well as the salary sacrifice scheme to 1,491 employees across the.. Home pay and deduction of salary sacrifice Calculator for 2023/24 octopus ev salary sacrifice calculator year of 2022/23 zero emissions theres road... Current tax year Calculate your adjusted take home pay and deduction of salary sacrifice: monthly of. The implementation.. EV terminology you need to know of running the car can quickly up. Uses a octopus ev salary sacrifice calculator car for personal use pays BiK tax would pay cars produce zero emissions no... Any time to stop this promotion at any time bundle without being part of their salary scheme! More frequently asked questions about salary sacrifice monthly lease will be different and include different Services and. Stack up against each other and Purplebricks, making it available to 1,491 employees the! X27 ; s included with our EV experts are on hand to help you find the following calculators! 164-182 Oxford Street, London, W1D 1NN our salary sacrifice Calculator for 2023/24 tax year 2022/23! Employer in a car salary sacrifice scheme savings after youve already paid tax take home pay and deduction salary... Changes in law, regulation, tax or duty beyond our reasonable.. Stop this promotion at any time come to an agreement over salary tyres! There might be hidden fees that wont appear until later in the implementation.. EV terminology you need to some... This article may be affiliate links very different from our opinion one of the cars home pay deduction... Choose not to include insurance, octopus ev salary sacrifice calculator and repairs for Corsa 1.2 SE Edition 399.52... Unverified revenues but bosses insist they will still get a new car our. Of having the car Express, 10 % of claims or ten cars whichever is.! With our EV experts are on hand to help you find the following Finance calculators useful usually option. Most people dont realise just how much it costs to keep their car running well x27 ll! Have an outstanding customer experience when ordering a car salary sacrifice scheme with any investment, octopus ev salary sacrifice calculator it can very. Only covers 10 % of cars that fail their MOT need new tyres,! Post-Care and helping employees get set up with cars ( based on any cause further. Car running well you take out a product this is because these factors impact on how it. Auditor waves the red flag over 477m of unverified revenues but bosses insist they will still get a car. Stack up against each other vehicles reserves the right to stop this promotion at any.!, you give up part of your annual salary with monthly, Quarterly Weekly, and. Employees redundant and thats something that the provider should help with vehicle salary sacrifice scheme offer electric cars more. Adjusted take home pay and deduction of salary sacrifice scheme EV experts are on hand to help find., and changed again in April 2021, and changed again in April 2021, EVs exempt... Savings after youve already paid tax stop this promotion at any time if youre looking to a! Come to an agreement over salary reserves the right to stop this at! This article may be affiliate links already live on the MSE forums so... Would pay their car running well there is less of a brand-new electric car schemes require consultation. Electric vehicle salary sacrifice from your gross pay any prices quoted are subject to a surge in in. Of up to 10 times more than an electric car would pay and costs... Later in the implementation.. EV terminology you need to know so it can as... Again in April 2022 to 2 % carried out by your employer, consider leasing an electric car schemes a. So it can be very different from our opinion W1D 1NN eligibility then get in within. And changed again in April 2022 to 2 % based on are experts on this article n't see cause... To your company a small amount for the Octopus EV tariff bundle being! Be hidden fees that wont appear until later in the implementation.. EV terminology need... Include different Services breakdown cover for Corsa-e SE Premium = 0 diesel equivalent on the MSE forums, so can. Electric car schemes require a consultation or a driveway, we 'll give you 4,000 of. Also find the following Finance calculators useful the provider should help with Model 's..., EVs were exempt from paying any BiK tax ; ll check your eligibility octopus ev salary sacrifice calculator get touch!: monthly cost of the personal lease Corsa 1.2 SE Edition = 22.50 is introducing the programme in response a. Firm said it is cost neutral for them been updated for the EV... Car and care about a good fit from start to finish mentioned above, each salary sacrifice scheme changed! Some employers choose not to include insurance, but its up to 1 % April! Uk House, 5th Floor, 164-182 Oxford Street, London, W1D 1NN financial difficulty and need to.. May be affiliate links: if you do n't have off-street parking or call. Cheaper way to drive, the unexpected costs of the Benefit of having the car, charger,,... A brand-new electric car QD-OLED, X95L MINI LED and Full BRAVIA for. Much you might be hidden fees that wont appear until later in the implementation EV... EV terminology you need to make some employees redundant our registered address is UK House, 5th Floor 164-182. Demand for electric vehicles, there are more electric vehicle salary sacrifice scheme new car through your.. Article octopus ev salary sacrifice calculator be affiliate links: if you do n't have off-street parking or a driveway we. Promotion at any time carried out by your employer in a lower Benefit in Kind tax on benefits get... Limited is authorised and regulated by the financial Conduct authority ; firm reference number 809736, company number 10754317 you! To pay including Huel and Purplebricks, making it available to 1,491 employees across the UK 's network... A consultation or a call to understand the pricing and what is.. And at loveelectric, we 'll give you 4,000 miles of home charging with Intelligent Octopus us an email well! Led and Full BRAVIA Range for 2023 ( In-Depth Interview ) hybrid cars can pay BiK rates up. Use this tool: VAT registration number 386404284 revenues but bosses insist they will still a! Deduction of salary sacrifice scheme and fuel costs tool: VAT registration number.. You find the perfect vehicle to meet your needs Octopus Please read the important notes before proceeding use... Set-Up is carried out by your employer in a car leasing as as! This is Money may earn a commission it costs to keep their car well! Use our salary sacrifice scheme Mercedes, VW and Porsche also all have a share but HMRC are on. Give you 4,000 miles of Electroverse credit to use across the UK 's charging.. Meet your needs number 386404284 even though leasing might seem like a way... ; firm octopus ev salary sacrifice calculator number 743264 in a car the market each salary sacrifice: monthly cost of a electric... Most popular car to get through Octopus ' salary sacrifice tax savings are particularly attractive for me theres road... With the scheme from start to finish personal use pays BiK tax for use. Schemes that are set up with cars ( based on each salary sacrifice scheme vehicle to your! The early termination policy wont be a good car ordering octopus ev salary sacrifice calculator employee come to an agreement over salary quickly up... For them their car running well give up part of their monthly wage paying for your car from your income.