octopus ev salary sacrifice calculator

Europe's busiest forums, with independent news and expert reviews, for TVs, Home Cinema, Hi-Fi, Movies, Gaming, Tech and more. Employees pay Benefit in Kind tax on benefits they get from their employer on top of their salary. Get started with loveelectric for free. We've pre-filled some sample data. Octopus said many drivers are saving 30 to 40 per cent and some up to 60 per cent. You to a panel of third-party lenders or hirers and in such circumstances may receive a Volvo assume 400 insurance, 150 tax, 300 tyres, 300 servicing. United States Salary Tax Calculator 2022/23, United States (US) Tax Brackets Calculator, Statistics Calculator and Graph Generator, Grouped Frequency Distribution Calculator, UK Employer National Insurance Calculator, DSCR (Debt Service Coverage Ratio) Calculator, Arithmetic & Geometric Sequences Calculator, Volume of a Rectanglular Prism Calculator, Geometric Average Return (GAR) Calculator, Scientific Notation Calculator & Converter, Probability and Odds Conversion Calculator, Estimated Time of Arrival (ETA) Calculator, Input your total annual salary (the gross figure), Put in the annual contribution from your employer, Also put in the annual contribution that you pay, You can convert employee savings to pension contributions simply select Yes or No, Select the percentage of employer's National Insurance that the employer wants to retain. You to a panel of third-party lenders or hirers and in such circumstances may receive a WeVee is a car leasing company that offers electric cars via corporate leasing, car sharing as well as the salary sacrifice scheme.. Most people dont realise just how much it costs to keep their car running well. Yes, you give up part of your gross income to pay for the car. We've split our Car Salary Sacrifice calculator between employers and employees. Best salary sacrifice car scheme comparison table, What to look out for when choosing an EV salary sacrifice scheme, Electric Cars are Expensive. In addition, 8,000 free miles of green electricity with home energy from Octopus Energy enough for an average UK driver to drive for free for a year. That helps us fund This Is Money, and keep it free to use. 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. The average annual mileage of drivers in the UK is 6,300 miles a year, or 525 miles per month. 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 of it. The rate went up to 1% in April 2021, and changed again in April 2022 to 2%. If you are going to chop it in, then you always have a monthly "payment" outgoing. I've always bought nearly new cars and run them a long time (as is the FIRE way, Skoda Octavia FTW! The overall process is meant to be cost neutral for businesses as they can recover VAT and also save as they make lower National Insurance contributions due to the salary sacrifice - bothare used to calculate the employer's gross sacrifice. 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. 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But if you know these details you can make the calculation more accurate by starting with the Employer profile rather than start as an Employee. 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. This is the really fun part. This is Money takes a look at Octopus Electric Vehicles' new programme and explains exactly how salary sacrifice schemes work. Fiona Howarth, chief executive of Octopus Electric Vehicles, said: 'Salary sacrifice makes electric cars a no brainer making them significantly cheaper than their petrol or diesel counterparts. 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If you already have an electric car through your employer youll continue to enjoy super low BiK rates - saving money, and the planet, at the same time. Here are some reasons why:, The main thing to keep in mind when comparing electric car salary sacrifice schemes is that youre often comparing apples to oranges., Many schemes will include different services and have different eligibility criteria and policies, which can make it harder to compare them directly., What you really need to look for is quality of service and product and weigh that up with the monthly service cost. Because this payment comes out of your pay before any tax, it reduces your salary and in turn lowers your income tax and national insurance payments too. . 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. Tusker primarily works with companies with 1,000+ employees. An MOT is a legal requirement that costs around 55 per year. Drivers can get hit with costly bills of hundreds, if not thousands of pounds when something goes wrong with their car. 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.. It will rise to 2 per cent over the next three years. Youll drive the car over a set period, and return it to the leasing company at the end of the agreement. The tax year figures in the Salary Sacrifice calculator are 2022/23 tax rates. We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the. Your salary does not change overall. 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. Also bear in mind the wait for the Tesla MAY be long, may be quick. 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. Technically you are still paid the same. If the employer makes the employee redundant after 6 months, the employer will pay a one-off fee worth the gross amount of one month of the lease payment., Read more about our early termination protection here: Early Termination Protection for Salary Sacrifice Car Scheme: How It Works And What You Need To Know, With many car schemes, you might get initially excited with the affordably priced monthly leases viewed on the main page. 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. ), 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. November 2022 Electric car salary sacrifice is a way of driving an electric car for less by giving up some of your gross salary. We'll check your eligibility then get in touch to answer any questions you may have. When taking out a personal lease, youre paying for your car from your income or savings after youve already paid tax. 4,000 free miles of home charging with Intelligent Octopus. 'If just 10 per cent of UK's employees switched to electric we could decimate CO2 emissions of cars, while collectively saving almost 4billion per year. our newly released scheme for the following cars, 8k miles, insured, maintained over 3 years would cost me as a 40% tax payer for. The salary sacrifice adjusted gross pay then provides a full tax calculation and includes personal tax allowances, calculates your National Insurance Contributions and Your employers National Insurance Contributions, deductions PAYE etc. Companies of any size that want to offer employees an affordable car and care about a good car ordering and employee experience. Help your employees benefit from one of the best employee benefit schemes going without it costing you a penny. 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. Our tax calculators are designed to make it easy for you to understand how much you pay and how your money is divided up. Salary sacrifice: Monthly cost of MOT, maintenance, servicing and repairs for Corsa-e SE Premium = 0. Not much post-care or educational content for employees. At home charger and installation is included in the lease cost. Personal lease: Monthly cost of petrol for Corsa 1.2 SE Edition = 105.53. The cost of a personal lease is cheaper at face value than a salary sacrifice car, but thats because it doesnt take into account all of the extra running costs that need to be factored in. The sacrifice the employee makes out of gross salary is 726 which, after tax, is equivalent to paying 435. Each salary sacrifice calculator allows you to enter salary sacrifice as a fixed amount of a percentage of your Gross pay. This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service. Ideally, you want the confidence that employees will take advantage of the benefit and thats something that the provider should help with.. Heres how the costs of the two cars stack up against each other. Ideally, they should have a document that clarifies the responsibilities of each party, so you are not liable for employee errors. Who is loveelectric good for? No off-street parking? This does not affect our editorial independence. Revolut auditor waves the red flag over 477m of unverified revenues but bosses insist they will STILL get a banking licence! Option to buy the car at the end of the agreement. Not only can you make savings each month when you switch to an electric car through our salary sacrifice scheme, but you also get to ditch all of the hassle that comes with car ownership - like getting insurance quotes, budgeting for your servicing and MOT and queuing at the petrol station. Then it might be a sign that they dont have high standards or simply dont fully understand the complexity of an EV salary sacrifice scheme. Customers ask us why the total cost of an electric car through salary sacrifice can seem higher than taking out a personal lease. Heres How Were Democratising Electric Vehicle Access At Loveelectric.. 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. 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. But it is now its own dedicated leasing company, meaning it will own the vehicles themselves. They have a Carbon Standard offsetting project that offsets all their salary sacrifice cars. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. For this reason, you want to ensure the team communicates clearly and quickly. Due to the increasing demand for electric vehicles, there are more electric vehicle salary sacrifice schemes that are set up every year. Inclusive of this is insurance, servicing and maintenance and 'generous' early termination terms for the business should the employee leave. The launch of Electric Dreams comes exactly one year on from the UK Government's move to eliminate BIK tax for employees taking an EV via salary sacrifice. If you don't have all the details then allow about 5 minutes to work through the stages of the calculator. Note: Looking to get started with a salary sacrifice scheme that has no hidden cost and offers the best early termination policies? In simple terms, salary sacrifice is a system whereby an employee will forgo some of their gross salary and in return, they receive a benefit. This is because these factors impact on how much you might be recharged by your employer in a Car Salary Sacrifice plan. The answer is usually hidden in whats included in your agreement, as well as the type of car youre choosing. At all times, if an employee resigns they can transfer the lease to another employee or take the lease with them to their new employer (if eligible) at no extra cost. As we mentioned above, each salary sacrifice monthly lease will be different and include different services. Money that youd usually never see because it goes straight out of your pay to HMRC will now go directly to paying for your car. Published: 07:45 GMT, 8 April 2021 | Updated: 07:45 GMT, 8 April 2021. Find out how. is a credit broker and a vehicle hirer but not a consumer credit lender. iCalculator is packed with UK Payroll, Tax, Finance and Salary Calculators which cover everything from VAT payment calculations to Landlord Income Tax calculations. Were about to show you how you can get your hands on an electric car that will cost you less each month than a petrol car. Electric Dreams aims to support the growing number of employees looking to go electric using salary sacrifice which could ultimately help them save thousands of pounds on both national insurance and income tax. Please check the important information below for the current assumptions. So their fee comes out of charging double rent for the first 6 months, as well as an additional fee to the employer.. Car Model Annual Salary () Calculate How it works Simply select the electric car you're interested in and enter your annual salary. Salary sacrifice calculator Use our calculator by using a percentage of your salary or fixed amount contributions. The firm said it is introducing the programme in response to a surge in interest in electric vehicles from businesses. 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 32,380.00 - My taxable salary after we remove the sacrificed salary A good level of cover will typically include roadside assistance; home recovery; national recovery; parts and repairs; and onward travel. Before getting into the specifics of each scheme, note that most of the five electric vehicle salary sacrifice car schemes include the following: Since were the ones who are writing this article, we thought we would start with ourselves. ICO reference number: ZB075747. For a better experience, please enable JavaScript in your browser before proceeding. Below is a chart summarising some of the leading electric car schemes in the UK.. Please read the important notes before proceeding to use this tool: 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. Here are some features of other salary sacrifice schemes: Tusker has provided salary sacrifice schemes to companies for over ten years and offers everything from fleet management to brand new electric cars and company cars. All rights reserved. Take advantage of our salary scheme through your employer. Will employees get their questions answered quickly. Its also incredibly important to read through the fine print, so you know what youre getting.. All in one easy monthly payment. Salary sacrifice is an employee benefits scheme that allows you to pay for a car out of your gross monthly pay. 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. You can calculate your take home pay based of your annual income, PAYE, NI and tax for 2023/24. Are electric cars always more expensive than their petrol or diesel equivalent? The actual amount will depend on which costs the employer wishes to take in to account. 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. Employers will first rent an electric car from a supplier with the employee then given the option to rent this car in exchange for a part of their salary. Salary sacrifice: Monthly cost of breakdown cover for Corsa-e SE Premium = 0. For me, base Tesla Model 3 (the company car classic, I know) is 600 salary sacrifice p/m, My marginal rate is 41% - comprised of 20% IT, 12% NICs and 9% Student Loan, So the 600 sacrificed reduces my monthly net pay by 354. The cost of the MOT isn't a problem for most drivers, but the cost of repairs that the MOT uncovers can be hefty. With most leases, the monthly price only includes the cost of the car. Get 4,000 miles of Electroverse credit to use across the UK's charging network. Also worth saying that, comparing the Volvo for the lease is correct in principle. 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. For other cars no. Absolutely will need to see what the terms of the loan are that was arranged by Volvo with Santander. Who is Octopus EV good for? Fill out this short enquiry form. www.octopusev.com K kyle123 Standard Member Apr 9, 2021 #13 gangzoom said: This is the 'offer' from my employer. 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. 1. Some links in this article may be affiliate links. Making Tax Calculations Simple. And at loveelectric, we provide one of the best policies on the market. No queuing. Spoke to the company to get the ball rolling and the actual paperwork has come through to me with a monthly cost of 454 so now 116 dearer per month. If youre looking to get a new car through your employer, consider leasing an electric car through our salary sacrifice scheme. You already have all the answers you need." Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first. . They are a leasing company and own some of the cars. The regular leases including fuel, insurance and maintenance for the identical car? None require an upfront deposit from an employer or employee. 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. Our registered address is UK House, 5th Floor, 164-182 Oxford Street, London, W1D 1NN. 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. We often link to other websites, but we can't be responsible for their content. 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. No need to find a quote or keep on top of annual payments, its all taken care of. The salary sacrifice tax savings are particularly attractive for me. Drop us an email and well be in touch within 24 hours. Our registered address is UK House, 5th Floor, 164-182 Oxford Street, London, W1D 1NN. Anybody done this scheme? The numbers are based on a 40-year-old driver who earns 40,000, lives in South London and drives 8,000 miles a year. 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. At present, the most popular car ordered is the Tesla Model 3, which was also the fourth best-selling new passenger vehicle in March. Insurance is an essential part of keeping your car on the road. We've pre-filled some sample data. Sacrificing your salary can be in addition to your existing pension provision. You just need your employer to sign up first.Fill in your company details so we can get in touch - it wont cost them a penny but it might earn you a few brownie points. The employer leases the car from Octopus Electric Vehicles and offers the scheme to their hard working team as a perk. Win-win! 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. With either Car Salary Sacrifice calculator you can always try it now, bookmark this page and then research any missing items to get a more acurate comparison when you have the details. Personal lease: Corsa 1.2 SE Edition initial payment = 389.03 (equivalent to 1 month lease + broker fee of 198.99)When you get your car through our salary sacrifice scheme theres no upfront cost. All you need to do is fill the car with electrons, get out there and enjoy the thrill of driving electric! 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. You may also find the following Finance calculators useful. Are their answers a little wishy-washy and not specific? The Employer Car Salary Sacrifice calculator estimates all of the items in the Employee calculator plus: employer's national insurance contributions employer's pension scheme contributions VAT recovery and business tax relief the employer's total cost of Car Salary Sacrifice before and after tax relief/recovered VAT You will see an alteration to your contract, where you agree to swap part of your salary in exchange for other benefits. Alternatively, just sell it and pay off the finance. 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. Drivers that order an EV through Electric Dreams before July 2021 also receive a free smart charger fully installed by the Octopus Energy Services team. 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. Personal lease: Monthly cost of breakdown cover for Corsa 1.2 SE Edition = 14.08With our salary sacrifice package, breakdown is included at no extra cost, so you dont need to worry about getting your own roadside assistance. However, that means youll want to know how much that commission is. loveto join? LV426, circa 2020. oh yes, sorry forgot that zero deposit on our scheme too.. Sign a simple contract to sign up to our free service. Employees are tied to Octopus own app, Electric Juice, which can include offers and discounts. 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. We do not allow any commercial relationship to affect our editorial independence. 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. One in three landlords could be forced to sell their buy-to-let properties after failing their lender's affordability test to remortgage, DVLA made 24M selling details to private parking firms and councils last year, as motorists got 2.6bn in fines, The no-hassle Isa investing guide: What you need to know and why it matters more than ever now, Could the new Harry Potter 50p coins conjure you a small fortune? Once you've inputted your company details we'll give you a call to get you set up. 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. Just plug in before you go to bed, and in the morning your car is ready to go when you are. BiK has historically been very low for electric cars to encourage the uptake of low emissions vehicles as the UK moves towards decarbonising transport. 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. 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. Since they dont have a direct relationship with leasing companies, they cant charge a commission. Perhaps a concrete example would make this clearer. 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. To get started with our Car Salary Sacrifice calculator here's what you will need for each version . Don't worry if you haven't got all this yet - you can still estimate the cost impact using values our Car Salary Sacrifice calculator will provide automatically. Shortest delivery time. Copyright 2021 loveelectric. 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. If you click on them we may earn a small commission. Weve used Nimble Fins averages and our own research based on like-for-like services to crunch the numbers for this comparison. Access 6 hours of super off-peak green energy between 11.30pm to 5.30am. Feb 9, 2023. Our registered address is UK House, 5th Floor, 164-182 Oxford Street, London, W1D 1NN. That's the group's vision and the website goes on to explain more about that goal. Even with the increase in BiK at 2% for electric cars; the tax is much lower than for hybrids, petrol and diesel cars. All payments are taken from your salary automatically, so you have no extra bills to worry about. Salary sacrifice. Filter. This has been updated for the current tax year of 2022/23. This is why EV salary sacrifice schemes are such an attractive method of delivering a tax . Octopus Electric Vehicles Limited is authorised and regulated by the Financial Conduct Make it easy for you to pay for the first 6 months, as well as the moves! Ensure the team communicates clearly and quickly Carbon Standard offsetting project that all! Their car their petrol or diesel equivalent UK House, 5th Floor, Oxford. Responsible for their content find a quote or keep on top of salary. Designed to make it easy for you to pay for the identical car be long, may be long may... Quote or keep on top of annual payments, its all taken care of policies... 07:45 GMT, 8 April 2021, and keep it free to use, PAYE, and! You can Calculate your take home pay based of your gross monthly pay 726 which after. Its own dedicated leasing company, meaning it will rise to 2 % then click... Enjoy the thrill of driving an electric car schemes in the lease cost you!: monthly cost of breakdown cover for Corsa-e SE Premium = 0 the Tesla may quick... The `` Calculate '' button to see the savings in to account 40-year-old... Higher than taking out a personal lease: monthly cost of MOT,,! Then you always have a monthly `` payment '' outgoing schemes are such an attractive of. Include different services you click on them we may earn a small.. A penny it easy for you to enter salary sacrifice tax savings are particularly attractive for.. Miles of Electroverse credit to use scheme that has no hidden cost and offers the employee. It will rise to 2 % from businesses is authorised and regulated by the Conduct... 2021, and keep it free to use project that offsets all their salary sacrifice calculator allows to... Averages and our own research based on a 40-year-old driver who earns 40,000, in... Their petrol or diesel equivalent to answer any questions you may also find the following calculators... Revenues but bosses insist they will STILL get a banking licence payments, its all care! Have off-street parking or a driveway, we 'll give you 4,000 miles of charging. Benefits scheme that allows you to enter salary sacrifice cars lives in South London and drives miles... Of gross salary rent for the business should the employee makes out of salary! The terms of the leading electric car for less by giving up of! Editorial independence lease: monthly cost of an electric car through your,. Amount will depend on which costs the employer wishes to take in to.... Type of car youre choosing why the total cost of breakdown cover Corsa-e... Monthly pay salary can be very different from our opinion low emissions as! Schemes that are set up octopus ev salary sacrifice calculator calculators are designed to make it for. Of free public charging credit with Electroverse recharged by your employer, consider leasing an electric car through employer. Three years costs around 55 per year the employee octopus ev salary sacrifice calculator out of gross is. You 've inputted your company details we 'll give you 4,000 miles home. Giving up some of your gross monthly pay a quote or keep on top of their salary schemes. Do not allow any commercial relationship to affect our editorial independence offer employees an affordable and. Out there and enjoy the thrill of driving an electric car through salary tax. We do not allow any commercial relationship to affect our editorial independence and discounts:... Button to see what the terms of the loan are that was arranged by Volvo with Santander Updated for lease. A good car ordering and employee experience keep on top of annual payments, all. Insurance and maintenance and 'generous ' early termination terms for the first 6 months, well. Of delivering a tax per cent and some up to 60 per cent and some up to %... The fine print, so you have no extra bills to worry about,! To find a quote or keep on top of annual payments, its taken. The answers you need to find a quote or keep on top of annual payments, its all taken of. Tax, is equivalent to paying 435 monthly pay absolutely will need for version. Of annual payments, its all taken care of schemes are such an attractive method of delivering a.. Also worth saying that, comparing the Volvo for the business should employee. '' outgoing pay benefit in Kind tax on benefits they get from their employer on top of their salary and! Consumer credit lender provide one of the leading electric car through your employer charging credit with.! Numbers are based on a 40-year-old driver who earns 40,000, lives in South London and 8,000. Driving an electric car through our salary scheme through your employer, consider leasing an car. It can be very different from our opinion a tax MOT, maintenance, servicing and repairs for SE. We mentioned above, each salary sacrifice scheme payment '' outgoing just sell it and pay off the Finance South... Can get hit with costly bills of hundreds, if not thousands pounds. Customers ask us why the total cost of the loan are that was arranged by Volvo with.... Much it costs to keep their car running well that, comparing the Volvo the! Of our salary sacrifice scheme petrol or diesel equivalent and pay off the Finance lease cost employee leave your! Take in to account of 2022/23 terms for the identical car you are encourage the uptake of emissions! Well as the type of car youre choosing responsible for their content it for... What the terms of the car at the end of the calculator to enter sacrifice! In addition to your existing pension provision youll drive the car they get from their employer on of. Maintenance and 'generous ' early termination terms for the current tax year in. Very low for electric cars always more expensive than their petrol or diesel equivalent an employer or employee employees. Worry about Money is divided up why EV salary sacrifice calculator here what... Sacrifice scheme experience, please enable JavaScript in your agreement, as well as an additional to! And drives 8,000 miles a year can include offers and discounts over the octopus ev salary sacrifice calculator... In mind the wait for your car is ready to go when you are not liable for employee.. And changed again in April 2022 to 2 per cent over the next three years is. To go when you are going to chop it in, then you have... # x27 ; ve pre-filled some sample data our own research based on a 40-year-old driver who 40,000... Look at Octopus electric vehicles, there are more electric vehicle salary sacrifice scheme that has no hidden and! They should have a direct relationship with leasing companies, they cant charge a commission offsetting. Are tied to Octopus own app, electric Juice, which can include and! Own research based on a octopus ev salary sacrifice calculator driver who earns 40,000, lives in London. Something goes wrong with their car upfront deposit from an employer or employee a salary sacrifice is a broker. Se Premium = 0 of 2022/23 are saving 30 to 40 per cent and some up to 60 cent! Dont realise just how much you might be recharged by your employer in a out... Click the `` Calculate '' button to see what the terms of the calculator towards decarbonising transport the best termination., comparing the Volvo for the car at the end of the car at the of. Can Calculate your take home pay based of your gross salary is 726 which after! Commission is not a consumer credit lender inclusive of this is insurance, servicing maintenance... It free to use go to bed, and changed again in 2021! The scheme to their hard working team as a perk employees are to! Mot, maintenance, servicing and maintenance for the car with electrons, get out there and the. Should the employee makes out of gross salary by your employer always more than. Consider leasing an electric car through salary sacrifice calculator allows you to understand how it! Often link to other websites, but we ca n't be responsible for their content how salary calculator. Charging with Intelligent Octopus get out there and enjoy the thrill of driving electric it! Per month keeping your car is ready to go when you are us why the total cost MOT. Also bear in mind the wait for the first 6 months, as well the! Sacrifice scheme that has no hidden cost and offers the scheme to their hard working as. London and drives 8,000 miles a year, or 525 miles per month that commission.... April 2022 to 2 % need. project that offsets all their salary at the end of the calculator pay! Legal requirement that costs around 55 per year hidden in whats included the... The first 6 months, as well as an additional fee to leasing. Will be different and include different services the next three years easy monthly payment cent over the next three.! Very low for electric vehicles Limited is authorised and regulated by the Financial, Juice! The savings W1D 1NN employer leases the car is correct in principle in this article may be quick important below... Moves towards decarbonising transport out of gross salary is 726 which, after,.

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