Salary sacrifice car hire calculator. Any prices shown on the website are subject to change.

Salary sacrifice car hire calculator Because of this reduction in salary, there is a subsequent reduction on income tax and national insurance payments. Then just click the "Calculate" button to see the savings. Many leasing companies offer turnkey solutions that can be implemented within 4-6 weeks, including comprehensive maintenance and business insurance plans. These figures are approximate examples and subject to change. More The impact of an electric car salary sacrifice plan on the National Minimum Wage you must pay your employees. Gross cost for a Fiat 500 electric lease is £523 per month. Enter your journey distance, journey frequency and both your home electricity costs and petrol/diesel costs. This reduces the employee’s taxable income, resulting in savings on Income Tax and National Insurance contributions. 99 Total savings per month: £ -243. . Talk to your employer: Get your employer on board with a salary sacrifice scheme. You receive Complete Employer Protection, best prices available on new and used cars, all at no cost to your business. Tusker have been providing salary sacrifice car benefit schemes to UK organisations in both the public and private sector since 2009. The amount is taken before tax and National Insurance, so employees and businesses can save on the contributions they pay. Our salary packaging calculator is designed for eligible employees in Australia and allows you to easily see how much you can save when you salary package with Paywise. Find out more Tesla PCP deal is £450pcm, you get the car, that’s it. However, by opting for a fully electric vehicle the benefit-in-kind tax is currently 2% until tax year 24/25, which means that there is usually an overall net saving with a salary sacrifice car. A salary sacrifice car scheme is an arrangement where an employee agrees to reduce their pre-tax salary in exchange for the use of a vehicle. The payments come straight out of the employee's gross pay, which reduces their monthly salary. Your company car allowance often varies based on seniority and job requirements, with more senior positions typically receiving higher allowances. Car maintenance: Salary sacrifice reduces your “grey fleet” risk and ensures your staff are driving safe, smart and well-maintained cars. It’s not available to everyone, only those people who work for a company that offers it, but for many people it can be a way to save some money. These schemes can unlock many benefits, including attractive tax savings for drivers and their employers. Oct 11, 2024 · Salary sacrifice is commonly used to boost your pension, but you can also give up salary in return for benefits such as bikes, mobile phones and bus passes. Here we summarise the basics: A salary sacrifice car scheme is by far the most cost-effective way to drive an electric car. B. Learn more A recent YouGov survey revealed that 74% of employees desire an electric car salary sacrifice programme in their workplace. Calculate how much you can save on any electric car. Simply enter your gross income and salary sacrifice for a full tax analysis. For the salary sacrifice example, we've based the pricing on a 40 year old living in Dorset - location and age affects the price of insurance. Employer Solutions Provide employees the opportunity to salary sacrifice their vehicle. You can reach Octopus support via telephone (020 3870 3892) from Monday to Friday and via email at [email protected]. The salary sacrifice scheme offered by Love Electric Financial Services Limited is a business to business contract hire agreement, however we may make recommendations for consumer credit products offered by our partners. However, some schemes, like our EV salary sacrifice scheme, do offer used cars. 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; 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 The Electric Car Scheme Limited provides services for the administration of salary sacrifice employee benefits. 50 Monthly Take Home Pay reduced by:£ 292. In addition to their electric car savings through the scheme, employees can now save 20-50% on all their charging through The Charge Scheme app and card. Company Car Tax Calculator 2024-2025 Jan 15, 2025 · Unlike salary sacrifice, the car allowance taxable amount is added to the employee's salary and is subject to income tax and National Insurance contributions. Feb 10, 2025 · Salary Sacrifice February 3, 2025 Essential Pre-MOT Checks to consider Driving a Tusker car may come with the convenience of servicing and maintenance included in your monthly amounts, but that doesn’t mean *Displayed price only available through a Flare Cars Novated Lease. Paying for the lease pre-tax means paying less tax overall, which makes the lease cheaper. We have the expertise to understand an organisation’s needs and create a car benefit solution that is suitable for them today and in the future. See how much you can save with our salary sacrifice calculator. Your employees could be on the road with a ‘ready to drive’ package with typical savings of up to 35%**. uk First up, all the pricing is a guide and is subject to change. 0333 400 2020 Log in Create an Account Plan your next journey on the GRIDSERVE Electric Highway . The Electric Car Scheme Limited provides services for the administration of salary sacrifice employee benefits. See how the scheme can work for your company Once you have chosen your car, your employer will enter into a Contract Hire agreement for that car and will then provide it to you under the salary sacrifice arrangement. Apr 20, 2021 · Car hire/lease schemes. Save 30-60% on any electric car through salary sacrifice. Any prices shown on the website are subject to change. Cupra Born 150kW V1 58kWh 5dr Auto. We’re making EV easy with over 1,500 charging bays at more than 190 locations across the UK. The amount comes before Income Tax and National Insurance, so the employee and company save on the contributions paid. Example One. Tuskerdirect Limited is an appointed representative of Howden UK Brokers Limited (FRN 307663) for insurance mediation activities and Product Partnerships Limited (FRN 626349) for consumer credit activities, which companies are authorised and regulated by the Financial Conduct Authority. Learn how salary sacrifice can optimise your finances Firstly choose a pure electric vehicle or plug-in vehicle; the default shows you new cars that are available to buy now, but you can also select the Used button to find any plug-in car that has been on sale in the UK. For employees, car salary sacrifice schemes are a great perk, allowing you to get behind the wheel of the latest vehicle for a fraction of the cost. Some providers offer a bundled solution, by charging an increased rental to provide early termination/lifestyle protection, but [Leaseco/broker] Aug 20, 2024 · PCP calculator Not sure what you want? What is an electric car salary sacrifice? Illustrations are based on personal contract hire, 9 month upfront fee, 48 Discover the Electric Car Salary Sacrifice Scheme and save on EV leasing. Mar 11, 2024 · Porsche Taycan Salary Sacrifice. The monthly net cost is what the car will effectively cost each month, which is calculated using the gross salary sacrifice, the income tax and National Insurance Contributions you save on the sacrifice, and the BiK tax that you will have to pay on the company car. Drive a new electric car with tax-efficient payments, reduced costs, and hassle-free setup. Jun 30, 2020 · Contract Hire is essentially business leasing between the employer and Tusker, whereby the employer provides the car as a benefit of employment and agrees the payments for the car. Novated Lease Calculator In the market for a new vehicle Fleet Solutions offer the leading salary sacrifice lease car scheme for the NHS and other public sector organisations Surplus income remains within the public sector Over 120,000 vehicles ordered Dec 12, 2023 · Most companies use the notional salary to calculate pensions, which is based on the employee's salary before any salary sacrifice contributions such as a car or childcare. So, if your salary was £30,000 before a car salary sacrifice (or any other salary sacrifice), your employer will use £30,000 as a reference when calculating other benefits like pension contributions. High Personal Tax Rate. The amount of tax you’ll pay on your company car will depend on a number of factors. In the scheme, employees sacrifice some of their salary for a leased car. Salary Sacrifice and partial retirement Whilst most arrangements will cause a reduction to pensionable pay (excluding the permitted 2 schemes in Scotland) this will not count towards the reduction required to be made to pensionable pay in The Salary Sacrifice calculator, calaulcate your adjusted Gross Pay after salary Sacrifice. All thanks to loveelectric’s electric car salary sacrifice benefit. The Taxman will figure out the company car tax avoided and tax you anyway. Employees make savings on their tax and personal benefits when they switch to an electric car under our salary sacrifice scheme. Jul 24, 2017 · The Car Benefit Scheme, which enables employees to exchange part of their salary for a brand new car, complete with insurance, road tax, breakdown cover, servicing and tyres, is now available to over 300,000 employees of the NHS in the UK. We've pre-filled some sample data. Through The Electric Car Scheme, employees can save between 20-50% on any electric car, with both employers and employees protected if the car needs to be returned early Jan 12, 2024 · Any prices shown on the website are subject to change. Explore the benefits today! Discover how our Salary Sacrifice Car Leasing Calculator Works. Weekly costs are estimates only based on the following assumptions: 1) Gross Annual Salary of 85,000, 2) 60-month lease term, 3)a residual value of 28. The figures in our salary sacrifice car scheme calculator are based on a standard driver profile: Aberdeen (Scotland) and Stoke-on-Trent (England) postcodes, a 24-month lease, 8,000 miles per annum, and a 1991 birth year. top of page. Salary Sacrifice is essentially a contract hire agreement, so ownership of the vehicle passes back to the finance provider at the end of the contract. Car Allowance. With a salary sacrifice car scheme, you sacrifice a regular amount of your salary – taken before you pay National Insurance and Income Tax. or. Unlike leasing, salary sacrifice comes with a host of benefits that make the car more affordable for you on a monthly basis. Knowledge Hub. For pure electric cars, drivers pay only 2% company car tax until 2025. Salary Sacrificing Buying a new or used car with your pre-tax income is a popular method of salary sacrificing. Salary sacrifice options vary, as employers must choose to opt into a scheme. Change the numbers to suit you. Dec 4, 2024 · Salary sacrifice is a simple and cost-effective way to finance the car you want. The employee agrees the amount for the car and deductions are made from their salary in exchange for the car. Enquire Now What is salary sacrifice for electric vehicles? At its core, salary sacrifice is very simple, you give up (sacrifice) some of your pre-tax salary, and in return, you get a benefit such as a car. £243 a month. A car leasing salary sacrifice scheme gives your people the chance to drive a brand-new, fully maintained, and insured car for a fixed monthly amount taken from their pre-tax salary With no deposits or credit checks required, employees can save on a range of inclusive driving packages as part of our salary sacrifice scheme, Payroll Pay Sep 30, 2024 · This example of leasing a car via salary sacrifice demonstrates how a salary sacrifice scheme can work. The Electric Car Scheme Holdings Limited is a member of the BVRLA (10608) is authorised and regulated by the FCA under FRN 968270, is an Appointed Representative of Marshall Management Services Ltd under FRN 667174, and is a credit Enable workers to maximise their salary - Our green salary sacrifice car scheme enables you to take care of your workers efficiently, helping them to boost their budget all while giving them the opportunity to drive a brand new EV. Join our 5* rated salary sacrifice scheme to help your team on their personal journey to Net Zero. A salary sacrifice car scheme exists in many companies and is the perfect way for employers to attract and retain employees. Car allowance can work hand in hand with salary sacrifice, as it can help you save even more money on your car. Login. Aug 21, 2020 · A. Next select your comparison vehicle, this can be another plug-in vehicle or a petrol / diesel / hybrid car. A salary sacrifice programme offers significantly lower monthly costs than Personal Contract Purchase (PCP) or other car purchase methods, as the VAT-efficient deductions are made from your gross (i. At the end of the salary sacrifice scheme, you simply hand the vehicle back and either opt out of salary sacrifice or enter into a new agreement. The salary sacrifice calculator aims to illustrate how such schemes work from both the employee's and employer's perspective by calculating to a neutral impact on the employer. The car is classed as a “company car” for tax purposes and will be treated as a “benefit in kind”. 72 Savings on Tax:£ -165. 00 Salary Sacrifice February 3, 2025 Essential Pre-MOT Checks to consider Driving a Tusker car may come with the convenience of servicing and maintenance included in your monthly amounts, but that doesn’t mean Feb 24, 2025 · Octopus EV Salary Sacrifice customer support. 88 Savings on NI:£ -10. Estimate savings and tax benefits with our Salary Sacrifice Calculator. Compare costs, benefits, and tax implications to make the best choice in 2025. Yet, it’s equally important to offer a competitive benefits Jun 20, 2023 · What is Salary Sacrifice? Like car leasing, with a salary sacrifice car scheme, you pay a set amount of money each month in exchange for a brand-new car. 0330 174 6768 enquiries@salsac. Aug 20, 2024 · PCP calculator Not sure what you want? What is an electric car salary sacrifice? Illustrations are based on personal contract hire, 9 month upfront fee, 48 Jan 14, 2025 · No matter where you are in your salary sacrifice car journey, here’s how you can take the next step: If your employer doesn’t yet offer a salary sacrifice car scheme. Jan 23, 2025 · Through electric car salary sacrifice schemes, employees can achieve savings between 20-50% on an electric vehicle compared to a standard lease. Reasons it worked for me are : Partner just passed her test ,automatic only, so needed to change cars and all the cars on the salary sacrifice were EVs hence automatic. May 28, 2024 · Most salary sacrifice schemes focus on brand-new cars. While there is no option to purchase the vehicle, you are free to take another salary sacrifice car and benefit from the latest technology on offer. Nov 18, 2024 · Leasing (personal contract hire) and salary sacrifice are two options that can both help reduce the cost of a new vehicle. They simply lease an EV from us and the employees pay for it from their pre tax salary - saving them money and making owning an EV more affordable. 38 Monthly Car Tax Liability:£ 0. 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. As your salary is lower – because some of it is paying for the car each month - you save income tax and National Insurance Contributions. One of the most common concerns regarding salary sacrifice is how the employer should fund the costs associated with the early termination of the contract hire lease that underpins the salary sacrifice. Depreciation Calculators. 40 per month - That is a huge saving! This is just one example, we can quote any EV on salary sacrifice and you can start saving today. Jun 12, 2014 · For cars with CO2 emissions of no more than 75g/km, you should always use the earnings charge under the normal benefit in kind rules. At a Glance: Salary Sacrifice vs. 100% of the output tax declared on lease cars provided to employees under salary sacrifice schemes (where 100% of the VAT has been claimed and output tax declared) going back four years. Jan 30, 2025 · Thom Groot, CEO of leading salary sacrifice provider, The Electric Car Scheme, explains how the savings work: “A driver in the 20% tax bracket using salary sacrifice for an electric car will save 20% on the cost of the lease through the scheme as a result of income tax savings, and a further 8% through National Insurance savings,” he said. 54 P11D: £36,420 Select Salary Sacrifice Calculator for 2024/25 Tax Year. Dec 17, 2024 · A Guide to Salary Sacrifice Car Schemes In today’s economic climate, controlling your business’s costs is more crucial than ever. Salary sacrifice car scheme examples: a list. May 28, 2024 · Salary sacrifice is a way of getting access to a brand-new car through your gross salary and saving up to 40%. Employees in higher tax brackets can achieve significant tax savings through salary sacrifice, meaning they will save more money Dec 17, 2024 · Discover the differences between salary sacrifice and car leasing. For finding out everything there is to know about company cars. FAQs. Novated Lease Deals Check out our novated lease showroom for our latest vehicle offers. What Happens at the End of the Agreement? Same as with a standard lease agreement. There are loads of different ways to buy or lease a new car, but one you might not have heard of is a salary sacrifice. Octopus EV Salary Sacrifice options. Company Cars vs. If you have a company car or salary sacrifice car, you will have to pay tax on the Benefit in Kind. For Pure electric cars, drivers benefit from attractive company car tax rates in comparison to petrol and diesel cars. The Electric Car Scheme Holdings Limited is a member of the BVRLA (10608) is authorised and regulated by the FCA under FRN 968270, is an Appointed Representative of Marshall Management Services Ltd under FRN 667174, and is a credit Whether choosing a fully electric or plug-in hybrid car, salary sacrifice is an increasingly popular way for employees to lease an alternatively-fuelled vehicle. Electric car salary sacrifice schemes are great for both employers looking to recruit and retain the best talent, as well as employees who can take advantage of the huge financial benefits. Jan 16, 2024 · Yes - definitely! Car allowance can actually enhance a salary sacrifice offer. Tax-free voucher limit. Oct 18, 2024 · Here are 10 scenarios comparing salary sacrifice and Business Contract Hire (BCH), providing clarity on when one option may be more suitable than the other. Salary sacrifice can affect an employee’s entitlement to Salary sacrifice is an employee benefit that allows staff to lease a hybrid or electric car through the business using their pre-tax salary. Higher-rate tax. What is a salary sacrifice car scheme? Just like the Cycle to Work and Childcare Voucher schemes, employees can sacrifice a fixed amount of their salary each month in exchange for a brand new car. Jul 29, 2024 · Written by Graham King Updated: 29 July 2024. Salary sacrifice was a popular choice to avoid paying company car tax but this loophole is now more or less closed (electric cars escape until 2021). Salary sacrifice means trading in a portion of your pre-taxed annual salary in return for goods or services - in this case a brand new electric car. That’s both an ethical consideration and good for company morale. All of the examples, both electric and petrol cars, are based on a 4 year, 5,000 mile agreement. The Charge Scheme is another market-leading proposition from The Electric Car Scheme to make EV charging more affordable through salary sacrifice. Jun 12, 2024 · Employer Solutions Provide employees the opportunity to salary sacrifice their vehicle. Save 20-50% on any electric car through salary sacrifice. EV Chargers. Feb 10, 2023 · Figures correct as of February 2023. To use the Journey Cost Calculator, select an EV from the list and choose a petrol or diesel car you’d like to use to compare electric car costs. This means car allowances are taxable. Whether your employer provides a company car, a car allowance or a salary sacrifice scheme, we weigh up the different options in this expert guide. To pay for this, employees sacrifice part of their salary each month in exchange for a brand-new car. Tusker Salary Sacrifice is £930pcm from gross income. Novated Lease Calculator In the market for a new vehicle With a salary sacrifice scheme, you can lease a car with no initial, upfront costs on monthly payments and no further obligations at the end of the leasing term. Most NHS organisations offer salary sacrifice arrangements for car leasing. £124 a month (if you have joined the scheme on or after 6 April 2011). Check with your employer to see whether any salary sacrifice schemes are on offer. co. pre-tax) salary, before income tax and National Insurance charges, which essentially halves your motoring costs. Salary sacrifice saves 20-50% on the cost of any electric car by paying from gross salary before tax. Simon is 40 years old, earns £40,000 per annum and lives in Aberdeen. Insurance, road tax, MOT, servicing, maintenance and repairs and breakdown assistance are often included within the monthly deductions. Benefits of car salary sacrifice for an employee. Dec 13, 2024 · Employer Solutions Provide employees the opportunity to salary sacrifice their vehicle. These factors include how much you earn annually, the CO2 emission bracket of the vehicle and the P11D value of the vehicle. e. Monthly Rental: £651. Simply speaking, yes when you look at the salary sacrifice from net income deductions (approx £500pcm) it’s reasonable value. At The Electric Car Scheme, for instance, the average savings of £350-£500 per month for employees who use the scheme. He has a clean driving licence. See how the scheme can work for your company. Yes, a salary sacrifice car is subject to benefit-in-kind tax, based on the list price and emissions of the vehicle. Early termination protection To find out how much you can save through HMRC's Salary Sacrifice scheme, just enter your salary in £/y, then the car cost per month and the P11D * (see below). Tusker are an award winning car benefit company providing comprehensive car schemes to UK drivers through salary sacrifice or contract hire. The amount of savings and the benefits you could salary package depends on your industry and employer. Here's a great example of how someone in the 40% tax bracket, using both perks together, could save a hefty amount of dosh: Feb 4, 2025 · Salary sacrifice schemes offer an accessible solution, allowing employees to lease an electric car through their employer while making payments from their pre-tax salary. You may also need to check on the impact of Electric Car Salary Sacrifice on employee pension scheme contributions and their pension benefit entitlements too. Electric car salary sacrifice allows you to save up to 60% on any electric car of your choice; you agree to deduct a portion of your pre-tax salary each month to cover the cost. At loveelectric, we’re specialists in setting up electric car salary sacrifice schemes. Nov 1, 2024 · How does car salary sacrifice work? A car salary sacrifice scheme works similarly to cycle-to-work schemes. An inclusive salary sacrifice car scheme with Tusker. All of your payments are taken from your salary automatically, so you have no extra bills to worry about. You get the car, insurance, maintenance, and breakdown cover. 50% of the remaining COS VAT on lease cars (where the Blocking order has been applied) going back to October 2012. Car Depreciation Calculator; Cost Per Hire Calculator; See full list on drivesmart. For employees and employers. Oct 26, 2020 · Monthly Gross Salary Sacrifice:£ 535. News. 13% of the vehicle purchase price payable at the end of term, 4) Weekly salary payments, 5) lease quotes include like for like running costs for Fuel, Maintenance, Tyres Salary Sacrifice Calculator Get Started Vehicle Make Choose Vehicle Model Choose Lease Term (months) Choose 36 Select Tax Rate Basic Rate Taxpayer Save up to 60% on an EV, reduce carbon emissions and attract the best talent. uk. Better option: salary sacrifice. Novated Lease Calculator In the market for a new vehicle Sep 20, 2020 · The salary sacrifice scheme available from Tusker is often the cheapest way to drive an electric car, thanks to the reductions to Benefit in Kind, the National Insurance and tax savings available when using the scheme. The Electric Car Scheme is the trading style of The Electric Car Scheme Limited (company number 12646157, ICO number ZB030706, VAT number 439430195) and The Electric Car Scheme Holdings Limited (company number 13295877, ICO number ZB252629). I've only been driving for 2 years and partner now around 2 months so insurance was very high, looking £150-£200 a month combined. Our nearly new option gives you the chance to have an EV that’s less than 18 months old, alongside all our other salary sacrifice benefits, like the free home charger and maintenance package. A salary sacrifice arrangement is between the employer and employee. EV Salary Sacrifice Calculator. You can scroll down for an in-depth look at salary sacrifice schemes vs company cars and car allowance. Our salary sacrifice scheme comes with all the benefits of a company vehicle, for one monthly payment taken directly from their monthly salary. 79 Savings on Pension:£ -66. A final salary pension could be impacted and if you were in your final three years of employment before retiring, there could be more of an impact so it would be worth With salary sacrifice cars, employees save on National Insurance and if choosing electric will also save income tax. The salary calculator for 2025/26 Tax Calculations Childcare Vouchers; Level of tax you pay. Basic-rate tax. The payment is taken before income tax and National Insurance, resulting in significant savings. In fact, depending on the vehicle in question, both options can help you save around 30% compared to PCP offers. Perfect for employees and businesses. Read on to find out how you can take advantage. We work as a broker, allowing us to get the best rates on the market, and we’re also a full-service provider, which means we help you set up the scheme, answer employees’ questions and take care of payroll and all the admin required. Octopus offer a full-service Salary Sacrifice package. Bring up the idea of a salary sacrifice car scheme with your HR team or manager. Over 5,500 employers are giving their employees the ultimate benefit with our electric car salary sacrifice scheme. When you look at a Porsche Taycan on our salary sacrifice scheme, your estimated salary reduction on a gross annual salary of £120,000 is £625. Oct 16, 2022 · This notional salary is your pay rate before any salary sacrifice arrangements. This scheme allows staff to hire/lease a brand-new car of their choice on a pre-agreed lease period. Take the example of a MINI. wnbzc ezxaca nim uzmvv aiujl tveut ywvqc decr moocp utaa ftrme jxu lodbxa rfdg ovjoe