Salary sacrifice leasing
Discussion
t955daytona said:
Durhamlandy1 said:
Can I ask about SS and higher earner's additional benefit. I understand that between 100k and 125k of earnings for every £2 over 100k £1 is lost from personal allowance until the point that 12.5k allowance is fully eroded at 125k (or there abouts).
When the personal allowance is lost you pay 20% on the 12.5k so 2.5k to pay in additional tax at 125k.
So if quoted a car that is net 500/mnth upto 100k, (tusker not providing a net sum for sums above 100k), at 125k is the sum as easy as the net amount of 500 /mnth less (2500/12) 208 so the actual net 'cost' of car could be said to be 292/mnth? Or have I got it wrong?
My understanding is the easiest way to work out the Net cost is take 62% from the monthly gross reduction (quoted on the tusker quote summary) and then add the BIK. This gives you the actual effect on take home pay.When the personal allowance is lost you pay 20% on the 12.5k so 2.5k to pay in additional tax at 125k.
So if quoted a car that is net 500/mnth upto 100k, (tusker not providing a net sum for sums above 100k), at 125k is the sum as easy as the net amount of 500 /mnth less (2500/12) 208 so the actual net 'cost' of car could be said to be 292/mnth? Or have I got it wrong?
Edited by Durhamlandy1 on Thursday 15th February 22:32
they typically show the NET amount at 40 and 45 percent.
BUT it is a higher rate in the 100-125 rate, equivalent of 62 per cent, so use that.
£1,000 gross is equiv of £380 and then the BIK to add to that.
I also assumed the cost of insurance and took that off as well to get the 'hire cost' of the car.
So this is where I am landing just accepted a new role with a company that I know use Tusker, and smack bang in that 60% bracket, couldn't figure out whether it was a sliding scale or not.
One thing I have seen with all the calculators, its like this 60% bracket doesn't exist, its secret, a dirty little tax theft secret.
Alas, I am about to swap 2 days on the train into London a week to a commute to the outskirts by car probably twice a week, so with the tax above and the cost saving on fuel, it will probably make sense.
One thing I have seen with all the calculators, its like this 60% bracket doesn't exist, its secret, a dirty little tax theft secret.
Alas, I am about to swap 2 days on the train into London a week to a commute to the outskirts by car probably twice a week, so with the tax above and the cost saving on fuel, it will probably make sense.
Bryans69 said:
New to this thread, apologies if this has been covered somewhere before, but not time to go through all 68 pages.
Has anyone done a personal / business lease, then SS without going through one of the many (expensive it seems) schemes?
We are a small business, just looking at one or two cars possibly, don't need the 'extras' that some seem to charge, so I don't see why we can't lease direct from any lease company at a better rate, then just do the adjustments on PAYE, like we do with pension. Am I missing something? Unfortunately, most info online seems to be from companies offering schemes, which doesn't help.
It's worth checking out Drive Electric - they offer a salary sacrifice scheme that compares very well to Octopus and Tusker, and you can tailor the scheme to take only the bits you need, things like early termination insurance can be dropped.Has anyone done a personal / business lease, then SS without going through one of the many (expensive it seems) schemes?
We are a small business, just looking at one or two cars possibly, don't need the 'extras' that some seem to charge, so I don't see why we can't lease direct from any lease company at a better rate, then just do the adjustments on PAYE, like we do with pension. Am I missing something? Unfortunately, most info online seems to be from companies offering schemes, which doesn't help.
https://www.drive-electric.co.uk/business/services...
I’m going for the cheapest reasonable car.
Nissan Leaf, £260 all inclusive. Maint/Tyres/Insurance. 3 years/30k miles.
Not the best. But seems to fit the bill. Will sell the 10 year old diesel!
Assuming that the diesel would die in that time & be worthless (£5k now)
£136 a month
Insurance say £40 a month
- diesel
Call it £50 a month..
Man maths!
Wife has a Phev for cheap local & petrol for longer trips.
EDF tariff, 8p kwh 0000-0500
Nissan Leaf, £260 all inclusive. Maint/Tyres/Insurance. 3 years/30k miles.
Not the best. But seems to fit the bill. Will sell the 10 year old diesel!
Assuming that the diesel would die in that time & be worthless (£5k now)
£136 a month
Insurance say £40 a month
- diesel
Call it £50 a month..
Man maths!
Wife has a Phev for cheap local & petrol for longer trips.
EDF tariff, 8p kwh 0000-0500
Edited by James6112 on Tuesday 20th February 22:45
So, I got access to our portal this morning. A large employer and it is with Zenith 40% tax payer.
Very underwhelmed with the cost of cars on there. I am aware of the state of the electric car market and the lack of residuals will inevitably hit the costs of the lease market.
But it does seem incredibly steep. Very ordinary cars like the ID.3 and Model 3 are north of £500 a month NET.
Do company portals fluctuate in price in a similar manner to personal leases? i.e if cars drop on lease loco there is a chance they will drop on a sal sac portal too?
I am in no rush and I know you should buy the deal not the car, but I think I may have missed the boat on the £500/600 iX's and the various EQ's.
Anyone seeing anything of interest?
Very underwhelmed with the cost of cars on there. I am aware of the state of the electric car market and the lack of residuals will inevitably hit the costs of the lease market.
But it does seem incredibly steep. Very ordinary cars like the ID.3 and Model 3 are north of £500 a month NET.
Do company portals fluctuate in price in a similar manner to personal leases? i.e if cars drop on lease loco there is a chance they will drop on a sal sac portal too?
I am in no rush and I know you should buy the deal not the car, but I think I may have missed the boat on the £500/600 iX's and the various EQ's.
Anyone seeing anything of interest?
patch5674 said:
So, I got access to our portal this morning. A large employer and it is with Zenith 40% tax payer.
Very underwhelmed with the cost of cars on there. I am aware of the state of the electric car market and the lack of residuals will inevitably hit the costs of the lease market.
But it does seem incredibly steep. Very ordinary cars like the ID.3 and Model 3 are north of £500 a month NET.
Do company portals fluctuate in price in a similar manner to personal leases? i.e if cars drop on lease loco there is a chance they will drop on a sal sac portal too?
I am in no rush and I know you should buy the deal not the car, but I think I may have missed the boat on the £500/600 iX's and the various EQ's.
Anyone seeing anything of interest?
I'm with Novuna and share your disappointment. Over the last 20 months i've been searching every couple of weeks and only found one "bargain". this was a Volvo C40 at £678 gross for 36/10k. Needless to say i ordered one and have been enjoying it for nearly a year now.Very underwhelmed with the cost of cars on there. I am aware of the state of the electric car market and the lack of residuals will inevitably hit the costs of the lease market.
But it does seem incredibly steep. Very ordinary cars like the ID.3 and Model 3 are north of £500 a month NET.
Do company portals fluctuate in price in a similar manner to personal leases? i.e if cars drop on lease loco there is a chance they will drop on a sal sac portal too?
I am in no rush and I know you should buy the deal not the car, but I think I may have missed the boat on the £500/600 iX's and the various EQ's.
Anyone seeing anything of interest?
I still keep a keen eye out to see and have seen zero bargains since then. The EQs were very short lived and not available on every platform (and not Novuna) and I've never seen the iX deal either but then...urgh.
Thankfully i have mine until Apr 26 so in no rush. I have noticed the Ioniq 5 has reduced in price recently and about £700 gross on my scheme. Nothing else mind you
patch5674 said:
So, I got access to our portal this morning. A large employer and it is with Zenith 40% tax payer.
Very underwhelmed with the cost of cars on there. I am aware of the state of the electric car market and the lack of residuals will inevitably hit the costs of the lease market.
But it does seem incredibly steep. Very ordinary cars like the ID.3 and Model 3 are north of £500 a month NET.
Do company portals fluctuate in price in a similar manner to personal leases? i.e if cars drop on lease loco there is a chance they will drop on a sal sac portal too?
I am in no rush and I know you should buy the deal not the car, but I think I may have missed the boat on the £500/600 iX's and the various EQ's.
Anyone seeing anything of interest?
Not sure how your portal works but if your spec'ing the car from scratch it will cost more. I saved about £260 a month by taking a stock car when they came in. Only choice I had was the colour. happy with that to be honest. That was with Tusker.Very underwhelmed with the cost of cars on there. I am aware of the state of the electric car market and the lack of residuals will inevitably hit the costs of the lease market.
But it does seem incredibly steep. Very ordinary cars like the ID.3 and Model 3 are north of £500 a month NET.
Do company portals fluctuate in price in a similar manner to personal leases? i.e if cars drop on lease loco there is a chance they will drop on a sal sac portal too?
I am in no rush and I know you should buy the deal not the car, but I think I may have missed the boat on the £500/600 iX's and the various EQ's.
Anyone seeing anything of interest?
I had our new Mercedes EQB delivered this week. Really happy with it considering I'd never seen, sat in or driven one. The man maths stacked up to get into something new when I'd scraped through winter in a damp, frosted up 2005 seat leon usually with a dead battery when I had to pick up my daughter from after school club.
Went for the 350 and it does haul its self around quickly for a 7 seater bus. Not particularly engaging though, after the initial punch its effortlessly cruising along and there's not much to do, no gears to change which is something that has taken a bit of time to get used to.
Waiting to see the first pay cheque to make sure its not a scam
Went for the 350 and it does haul its self around quickly for a 7 seater bus. Not particularly engaging though, after the initial punch its effortlessly cruising along and there's not much to do, no gears to change which is something that has taken a bit of time to get used to.
Waiting to see the first pay cheque to make sure its not a scam
patch5674 said:
So, I got access to our portal this morning. A large employer and it is with Zenith 40% tax payer.
Very underwhelmed with the cost of cars on there. I am aware of the state of the electric car market and the lack of residuals will inevitably hit the costs of the lease market.
But it does seem incredibly steep. Very ordinary cars like the ID.3 and Model 3 are north of £500 a month NET.
Do company portals fluctuate in price in a similar manner to personal leases? i.e if cars drop on lease loco there is a chance they will drop on a sal sac portal too?
I am in no rush and I know you should buy the deal not the car, but I think I may have missed the boat on the £500/600 iX's and the various EQ's.
Anyone seeing anything of interest?
They definitely fluctuate on ours. 18 months ago a Taycan was £650 net and now is a few kid shy of £1400. Assume it’s a mix of available deals, residuals and insurance costs (as they need to price it to cover all qualifying employees).Very underwhelmed with the cost of cars on there. I am aware of the state of the electric car market and the lack of residuals will inevitably hit the costs of the lease market.
But it does seem incredibly steep. Very ordinary cars like the ID.3 and Model 3 are north of £500 a month NET.
Do company portals fluctuate in price in a similar manner to personal leases? i.e if cars drop on lease loco there is a chance they will drop on a sal sac portal too?
I am in no rush and I know you should buy the deal not the car, but I think I may have missed the boat on the £500/600 iX's and the various EQ's.
Anyone seeing anything of interest?
After a test drive I wasn’t interested 18 months ago and I’m not interested now. Only decent deals are Tesla Model Y and the MG hot hatch.
I wanted a Fiat 500e or electric Mini (for Mrs S rather than me) but PCP or PCH are massively cheaper. I guess the only exception would be if you were young and insurance ran into thousands per year - which was the main reason I had company cars in my 20s. The year I ordered my first one the company car tax was less than half of my best insurance quote.
Do these numbers stack up? Still think our SS scheme is a bit of a scam
Nissan Ariya 160kW Engage:
Leaseloco private 1+35 £427/mo
SS scheme 1+35 £653/mo (with tyres/maintenance, no insurance)
Yes, at 50% effective tax it’s cheaper. But the price is inflated in the first place.. similar margins on other cars
Nissan Ariya 160kW Engage:
Leaseloco private 1+35 £427/mo
SS scheme 1+35 £653/mo (with tyres/maintenance, no insurance)
Yes, at 50% effective tax it’s cheaper. But the price is inflated in the first place.. similar margins on other cars
Gassing Station | EV and Alternative Fuels | Top of Page | What's New | My Stuff