Jul 22, 2019. The overall feeling is that of being let-down, and taken for a ride. With EVs currently (April 2021-March 2022) having a 1% BiK rate, the cost to the employee is negligible, even for more expensive cars, like the ever-popular Tesla Model 3 shown here. Salary Sacrifice Driver Enquiries - 0344 243 4355. The salary sacrifice companies are cashing in on it too, making the deal just slightly better than doing the PCH yourself and coining the rest. These are just indicative figures to let you see how it all works. For LeasePlan's best price get a real quote. Tax Calculator. You can also optionally add your capital contribution. Choose your term. Choose your favourite make and model and use our calculator to see how much you can save with a LeasePlan novated lease. And if you're a business, see how Salary Sacrifice can save you, your company and your employees crazy money. This means you'll save 32p (if you're a basic rate taxpayer) or 42p (if you're a higher rate taxpayer) for every £1 you forgo in your wage packet. This has been updated for the current tax year of 2021/22. 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 . Using the 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 * **Rapid charging is based on the maximum charging rate available for this vehicle - from a charge of 10% to 80%. Which brings the effective cost down to £307-£100 = £207 pcm if higher tax payer or £360-£100 = £260 pcm if basic rate tax payer for Tesla Model 3 Standard Range Plus. You can pick up your car when it's ready, or we can even deliver to your door, so you don't have to do anything. Company Car Tax Calculator. Calculate Your Savings. The savings for both employee and employer can be significant. Example of how salary sacrific can work. 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 £ . A salary sacrifice car is a company car. Ioniq 38kWh 2020. A Tesla Model 3 Standard Range Plus costing £40,990 would be cheaper to lease through salary sacrifice than a BMW Model 3 costing £32,320 - £29 a month cheaper for a 20% taxpayer, £71 a month cheaper for a 40% taxpayer, and £95 a month cheaper if you're rich enough to be in the 45% tax bracket. All Tesla cars are exempt from Vehicle Excise Duty including an exemption from the luxury car surcharge from 1 April 2020 until 31 March 2025. (7.5) X (15,000/100) X $1.45 = $1,631.25 Annual Fuel Budget. You'll also get an estimate of how much your spend per fortnight will be and, most importantly, how much you'll save! General Driver Enquiries - 0344 417 6015. For an employee earning a salary it's the smartest way to get a new car. Save by choosing an electric company car and get all the benefits of the Onto package! There was only one truly dominant car during the year that was 2020 - the Tesla Model 3.Having swept up most awards for electric car of the year, car of the year and also becoming the top-selling car of December 2020, it is fair to say that the UK have firmly adopted Tesla's alternative to the BMW 3 series, Mercedes C . 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). In other words, if you earn $120,000 annually and decide to devote $1000 a month to service the debt on your car, you can take out a conventional car loan and make repayments of $1000, or you can have a salary sacrifice car (exactly the same car) and the impact on your take-home pay will be just $704 even after factoring in FBT, thanks to a . Icalculator uk salary sacrifice calculator is updated for the 2022/23 tax year. We are the Salary Sacrifice experts. Salary sacrifice is an employee scheme that enables people to exchange part of their gross (before tax) salary for a non-cash benefit, such as a bike, season ticket or brand-new electric car. Employee A is a 40% taxpayer and wants to lease a Tesla 3 over three years from her companies' salary sacrifice scheme. As it's an electric model and exempt from BIK tax, the total lease comes to £ . Reviews. Updated for tax year 2022-2023. change tax region? Complete the form to get your personalised savings calculation. If a Model 3 is normally £500/m on PCH, be sure it's £700+ on salary sacrifice (unless you're in the NHS, they get epic deals). NHS Fleet Solutions. I already sacrifice a large portion of my salary into a top-up pension scheme, it would just mean instead of 25% sacrifice going into this fund, it would be more like 12.5%, with 12.5% going to the car scheme, ok, I may have to work an extra year or two (always planned to retire at 57) but hey ho, that life. You pay for the car using your gross pay, and your income tax is based on your remaining salary and the BIK value. Tesla does not benefit from offering this service. 23 Nov 2021. Over three years, the monthly benefit-in-kind on this vehicle is £0, £14 and £29. Salary sacrifice is the most affordable way to enjoy a new EV. Email: info@zenith.co.uk. Hi all Advice needed. Pay out of your salary before tax. Good for your image as an attractive employer with great benefits. Give our dedicated Salary Sacrifice team a call on 020 8012 8190 - we've got you covered. the net pay and net delivered value of the employee's pay packet before and after Car Salary Sacrifice. An Tesla Novated Lease takes the burden away from bank loan repayments with incredibly high interest rates, or lump sum payments. Instantly compare with taking a cash allowance instead. Choose an Audi Q7 45 TDI Quattro Vorsprung 231 PS Tiptronic as a company car and the 40% taxpayer will have a benefit-in-kind tax charge of £1,019* per month. Speak to our Business Team. Tesla had some excellent q4 results, but is this stock still a great buy or have investors lost interest? Our average implementation satisfaction score is 99%. If an employee enters into a company car arrangement after 5th April 2017 where the car's CO 2 emissions are over 75g/km and some form of remuneration is foregone, enter the annual amount of the salary sacrifice or the car allowance. Surplus income remains within the public sector. You've got your eye on the Tesla Model 3, and though it's a bit out of your normal budget, you're considering using Salary Sacrifice. The first-year rate ranges from £0 for zero-emission cars and AFVs (alternatively fuelled vehicles) that emit 50g/km or less, to £2,135 for models that emit 255g/km or more. To access these schemes. . So give us a call on 020 8012 8190 or drop us a note and let's get cracking. So, a saving is to be made, of around £150pm - but the gross price has been inflated by nearly £200 in the first place by the leasing company! Just select your Tesla Model X from the list to calculate. First name. From 6th April 2021, both new and existing Tesla cars are eligible for a 1 percent BiK rate for the 2021/22 tax year. Ioniq 38kWh 2020. Model 3 Performance. Pay out of your salary before tax. As a salary sacrifice is a benefit, the employee must pay tax. And we bloody love it. 16% - BiK rate for electric vehicles in 2019 = £7,998.40. *Based on a salary of £65,000 per year. The amount will be deducted before tax and National Insurance contributions are applied, akin to childcare, gym membership or cycle-to-work schemes. You'll save about £100 pcm on fuel & servicing (more or less depending on your annual mileage). Speak to our Business Team Great for Businesses Salary Sacrifice helps every part of your business Complete the form to get your personalised savings calculation. Jul 22, 2019. . In general, home charging provides the cheapest per mile cost and public rapid charging tends to be around double the cost (per charge and per mile). As announced in the 2020 budget, electric cars are the most beneficial to obtain via a salary sacrifice because they attract no BIK in the 2020/21 tax year. It will cost about £7 for a full charge for 200-250 miles. A client wants to provide a car (or an employee has requested it) via an Optional Remuneration Arrangement (salary sacrifice). Make *. You can calculate results based on either a fixed cash value or a certain proportion of your salary. You do need to persuade your employer to offer it, but it costs them nothing. HOW DOES THE SCHEME WORK? In total, they sacrifice £835 each month from gross salary, equating to £498 per month net from their take-home pay. I have come to the conclusion, that the cheapest way into a Tesla 3 LR will be through a salary sacrifice scheme starting in the next year when BIK will be zero for ultra low emission cars. Vehicle Excise Duty. With salary sacrifice cars, employees save on National Insurance and if choosing electric, will also save income tax. Assuming you have been in the 1995 pension scheme (you can find this out from your TRS or 'annual benefit statement') for 24 years, this would equate to 24/80th x £8,253 = £2,476 of pension 'growth'. As a salary sacrifice is a benefit, the employee must pay tax. For example, for a 40 per cent tax rate payer opting for a Tesla Model 3, the typical net cost for an employee is £435 every month with the gross sacrifice from salary coming in at £726 per month. The average petrol or diesel vehicle has a BiK rate of 20 to 37 percent. More information: Salary Sacrifice. Select a specific online salary sacrifice calculator from the list below to calculate your annual gross salary (after salary sacrifice adjustment) and net take home pay after deductions. When a company car is made available for the private use of an employee a 'benefit in kind' (BIK) tax value is calculated in relation to the car. 01844 852000. NIC saved on salary sacrifice: £72. **Rapid charging is based on the maximum charging rate available for this vehicle - from a charge of 10% to 80%. Employer saving over a 36 month term: £2376. *Home charging times based on 0-100% based on a 7.4 kW/h home charger. The Tesla Model 3: Is this the ultimate salary sacrifice electric car? Vehicle Hire - 0344 848 8079. Example of how salary sacrific can work. Tech specs. Click and collect. businesses need to partner with a specialist provider, such as Hippo. Business email address. The Benefit in Kind tax for hybrid vehicles will depend on the cars zero-emission mileage. The Benefit in Kind is 16% for 2019/20 and will reduce significantly in 2020/21, in some case going down to 0%. Just select your Tesla from the list to calculate. Just select your vehicle or enter the P11D value and BIK rate to calculate. As an example, if you were a higher rate taxpayer and chose a Tesla Model 3 over a three-year lease, £570 would be the gross salary sacrifice (the portion of your salary that comes out before you get taxed) and there would be a £27 charge each month for BIK too. Salary sacrifice is a fantastic way for employers to enhance their employee benefits without spending any money. Thanks to The Electric Car Scheme, I saved more than 50% on a Model 3 performance!" Tesla. The monthly cost for a Tesla Model 3 Standard Range Plus with no deposit down over 48 months could be roughly £530, but under salary sacrifice for a higher rate taxpayer it effectively costs 42 . Simply use our novated lease calculator to find your estimated savings and then get a FREE no-obligation quote on a vehicle of your choice. The Electric Car Scheme Limited provides services for the administration of your salary sacrifice employee benefits. 57 subscribers. The gross salary sacrifice in this example is £8,253 -when you give the car back, your salary will go back up by £8,253. Over 75,000 vehicles ordered. Based on these figures, the Tesla Model Y's fuel costs are 5-9 p/mile based on real-world energy usage, the cost depending on the type of charging. And the results do speak for themselves. The same deal from Tesla direct would cost £708pm gross. Finance - 0344 417 6013. A salary sacrifice scheme allows employees to drive a fully electric company car, by forgoing a portion of their gross salary. Accident Management - 0344 848 8080. This means that businesses can offer EVs to employees at a lower cost than petrol or diesel . To access these schemes. Select a brand. In our Novated Lease calculator we use this measurement to calculate each fuel budget; (Litres/100kms) X (Your annual kms travelled/100) X (Average fuel cost per litre) = Fuel budget. £19,538. The saving should be nearer £250pm, as your deal appears to be! 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 . Totally understand that contract needs amending, which has and so the salary in p&l now reflects now lower salary in exchange for the car. eNiro 64kWh 2021. Fleet Solutions offer the leading salary sacrifice lease car scheme for the NHS and other public sector organisations. *Home charging times based on 0-100% based on a 7.4 kW/h home charger. Let your salary drive you further. NIC paid on company car: £6. The Better Your Credit Score, The Better The Terms Of Your Loan. We have been providing salary sacrifice schemes for over 10 years - giving us more experience than anyone else. Choose a new or used car. As the lease is taken before tax, it will be significantly cheaper than any other way of getting one. Automotive Lease Packaging provides Tesla Novated Leasing Not only is an Tesla novated lease the most affordable way to purchase your vehicle, but it is the most sensible and secure step. Essentially, the same as what you'd pay anyway, but with a new, clean car for a cheaper cost. The driver will be taxed on whichever is the higher amount of the car benefit or the sacrificed remuneration. You can also check-out every available electric car or give us a call on 020 8012 8190 and ask about stock that can be delivered now, if you need to get on the road ASAP. Hi I am after some advice regarding the NHS salary sacrifice car scheme, which basically gives people to chance to get a personal lease car with tax savings. Under the new salary sacrifice scheme, the new ID.3 would cost a 20% taxpayer £365 per month compared with £566 for the same vehicle under a personal contract hire lease paid by the employee. Click for map. Finance and running costs bundled into one convenient payment on payday. Why salary sacrifice for cars schemes still remain part of a compelling employee motivation and reward package. It's that easy! Further increasing the attractiveness of getting a new vehicle via a salary sacrifice scheme. The actual amount will depend on which costs the employer wishes to take in to account. Sign up for as little as one week, or as long as two years - our flexible options adapt to your needs, whether it's a quick trip or a long-term eco-friendly transport solution. As payment for your EV lease, insurance and maintenance is taken directly from your salary - pre-tax - you'll pay tax on a lesser portion of your salary. How much could I save? Salary Sacrifice is either offered by the employer or the leasing provider. The money is taken from the employee's salary before tax and National Insurance is worked out. An Tesla Novated Lease takes the burden away from bank loan repayments with incredibly high interest rates, or lump sum payments. The Autopia difference starts right here. £19,538. ServiceCall & Maintenance - 0344 848 8075. The first-year of road tax is included in a car's on-the-road (OTR) price and is based on its carbon dioxide emissions. eNiro 64kWh 2021. Salary Sacrifice is literally designed to help you, your business and your employees save up to half your motoring costs and drive an exceptional car at the same time. In fact, in many cases, it can actually save you money! To explore the benefits for your employees, and your business, in more detail, take a look at our guide - in it you'll discover: How legislation changes from April 2020 have made EVs even more attractive. 8.7 p/mile. Contact Details. Which means paying less tax. Money saved. £7,998.40 - is the effective 'additional' salary that I'm to be taxed on (Total cost of vehicle X BiK rate) £7,620.00 - is the salary im sacrificing (company has to pay £635 a month for the vehicle so £635 X 12) £40,000.00 - My current taxable salary. As the lease is taken before tax, it will be significantly cheaper than any other way of getting one. 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