Who is WeVee good for? Also worth saying that, comparing the Volvo for the lease is correct in principle. 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. 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. 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. No filling. And we include everything that they need to hit the road in their shiny new electric car. The tax year figures in the Salary Sacrifice calculator are 2022/23 tax rates. Limited access. 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. 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. They have a Carbon Standard offsetting project that offsets all their salary sacrifice cars. When you lease a new car, youll usually make an initial payment at the start of the contract. Body type. One of the first questions employers ask when they reach out to us is: what happens if an employee leaves during the lease? 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. How are you going to help us activate employees? It simply means their rental prices cannot match the ones of large leasing companies. I've always bought nearly new cars and run them a long time (as is the FIRE way, Skoda Octavia FTW! All payments are taken from your salary automatically, so you have no extra bills to worry about. Don't forget, as with any investment, that it can fall as well as rise. 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. These benefits are non-cash. A dealer etc will arrange this for you. The BiK rates are calculated based on the cars CO2 emissions. It's quick, easy and free to join. Then just click the "Calculate" button to see the savings. All in one easy monthly payment. If you have all the information ready then the Car Salary Sacrifice calculations take literally just a minute or two, whether you're an employee or employer. The above example relies on the motorist driving 8,000 miles a year for four years and also makes the assumption that the company is eligible to recover VAT - 50 per cent on Finance and 100 per cent on Services. Your initial deposit can be between 1 - 12 months of the monthly lease cost, so youre parting with anywhere from a few hundred to a few thousand pounds at the start of the process. Companies with 1,000+ employees that want to offer combustion cars and possibly a salary sacrifice scheme. We often link to other websites, but we can't be responsible for their content. This calculator generates factual information about the potential effect of . commission. When you lease a car youll put down an upfront deposit, make monthly payments and then either return the car to the leasing company at the end of the contract, or you might have the option to buy the car at the end of the lease. The move instantly made an EV financially much better than a petrol or diesel equivalent, leaving drivers with savings on income tax and national insurance. That helps us fund This Is Money, and keep it free to use. They offer cars via contract hire and salary sacrifice. Without Salary Sacrifice 663.00 per month* With Salary Sacrifice 445.00 per month** Our monthly car lease cost includes: Insurance Servicing and maintenance Tyre replacements Breakdown cover Accident management Zero deposit Optional vehicle charging point *Quote for illustrative purposes only - excluding motor insurance. Most online ads are lesser spec for pushing 35k in some examples, obviously thats more than any buy back price I know. Once you set up the salary sacrifice scheme, employees will have many questions, so its important that someone on their team is responsive and can answer all their questions.. If you take the same car through salary sacrifice, the 80 annual BiK tax would be split across your monthly payments, working out at just 6.67 per month. This has been updated for the current tax year of 2022/23. By comparison, combustion vehicles are subject to a typical BIK tax of 25 to 35 per cent. www.octopusev.com K kyle123 Standard Member Apr 9, 2021 #13 gangzoom said: This is the 'offer' from my employer. Salary Sacrifice 0. 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? We've split our Car Salary Sacrifice calculator between employers and employees. Employees pay Benefit in Kind tax on benefits they get from their employer on top of their salary. Our dedicated team are on hand to support whenever you need it. Employers and employees who want everything bundled together and include a charging solution and home energy tarriff. Theres a lot to think about - from insurance to maintenance, repairs, MOT, breakdown and tax. WeVee is a car leasing company that offers electric cars via corporate leasing, car sharing as well as the salary sacrifice scheme.. Well also replace all four tyres for you based on Fair Wear and Tear within 20,000 miles free of charge so youll have no unexpected garage bills. Inclusive of this is insurance, servicing and maintenance and 'generous' early termination terms for the business should the employee leave. So, it can be a win-win situation. Sony VPL-VW760ES, Seymour AV UF DIY 150" screen, Marantz 8805 processor, Marantz MM8003 amp, Yamaha MXA5000 amp, DIYSG HTM-12 x3 & Volt-6 x10 speakers, DIY UM18-22 subs x2, Panasonic DP-UB9000 Blu-ray player. below). Tusker primarily works with companies with 1,000+ employees. Pay in 10,000 for bonus. That gives the right answer for most people. Love Electric Financial Services Limited is a credit broker and not a lender. We'll then provide a detailed breakdown of the potential savings for both you as an employee, and also for your employer. Electric Car Scheme was started in 2021 with business contract hire leases, and launched a salary sacrifice scheme in January 2022.. There is less of a focus on post-care and helping employees get set up with cars (based on. We'll install your home charger. Oh, and it uses tax rates for England and 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. A quick valuation on Carwow last night though had it at 34-35k. Youll drive the car over a set period, and return it to the leasing company at the end of the agreement. 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. Are investors underestimating the impact of rate rises? With a personal lease, your monthly lease payments depend on the length of your contract, how much deposit you paid upfront, and how many miles you plan to drive each year. For example, Tusker and Octopus EV are leasing companies and set the rentals themselves. New to Salary Sacrifice? Early termination only covers 10% of claims or ten cars - whichever is greatest. Decide who you will open up the scheme to e.g. Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. 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. Or if we enter a period of financial difficulty and need to make some employees redundant? Any prices quoted are subject to changes in law, regulation, tax or duty beyond our reasonable control. Heres How Were Democratising Electric Vehicle Access At Loveelectric.. Sign a simple contract to sign up to our free service. British Airways vs Virgin Atlantic: Premium economy comparison, Video shows 1950s Aston Martin that was owned by the King of Belgium, All electric Rolls Royce Spectre is a treat to drive. 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. The cost of the MOT isn't a problem for most drivers, but the cost of repairs that the MOT uncovers can be hefty. 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. is a credit broker and a vehicle hirer but not a consumer credit lender. 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. The company saves 53.19 on National Insurance meaning it is cost neutral for them. It will rise to 2 per cent over the next three years. The comments below have not been moderated. Personal lease: Monthly cost of lease for Corsa 1.2 SE Edition = 190.04. Get started with loveelectric for free. They are all directly authorised by the Financial Conduct Authority (FCA), apart from the Electric Car Scheme which is an Appointed Representative of a firm that is directly authorised. If you want info on any particular car, check them out from Go Eve's Selection. BiK has historically been very low for electric cars to encourage the uptake of low emissions vehicles as the UK moves towards decarbonising transport. Benefit in Kind tax is calculated based on two things: the cars CO2 emissions and the cars P11D value. Setting up on the scheme is easy. Read this guide to Salary Sacrifice and How Salary Sacrifice can reduce the amount of tax you pay. The employee pays for the car with a portion of their salary before taxes, saving money on tax and getting a brand new EV in return. 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. We do not allow any commercial relationship to affect our editorial independence. The lot. 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. Access 6 hours of super off-peak green energy between 11.30pm to 5.30am. Body type. Salary sacrifice: Monthly cost of MOT, maintenance, servicing and repairs for Corsa-e SE Premium = 0. So their fee comes out of charging double rent for the first 6 months, as well as an additional fee to the employer.. Lots of ad hoc running costs add up over time. This site uses cookies to allow good user experience. It is often a pension contribution. 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. . Our EV experts are on hand to help you find the perfect vehicle to meet your needs. 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. We understand that loveelectric might not be a good fit for everyone and that other salary sacrifice companies might be a better fit at times. * Please note that these can be expressed as a cash amount or percentage of your salary, Annual Employer Contribution (%) 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. 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. Due to the increasing demand for electric vehicles, there are more electric vehicle salary sacrifice schemes that are set up every year. Prepare for peak pothole season! All the set-up is carried out by your employer. *The P11D value that HMRC uses is basically the list price minus the government EV grant, more 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. There are already many similar cycle to work schemes in place where workplaces provide their employees with bikes to get to and from their office. Tusker monthly lease prices may be higher because they are a leasing company and offer lifestyle protection. Just plug in before you go to bed, and in the morning your car is ready to go when you are. 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. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. Rentals themselves post on the cars P11D value electric vehicle salary sacrifice: cost. Free service and set the rentals themselves typical BiK tax of 25 to 35 per cent charging solution and energy. The UK moves towards decarbonising transport they have a Carbon Standard offsetting project that offsets all their salary sacrifice in... Uk moves towards decarbonising transport decarbonising transport most online ads are lesser spec for pushing 35k in some,! To go when you lease a new car, youll usually make initial... From our opinion who want everything bundled together and include a charging solution and home energy tarriff is... 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