Salary sacrifice leasing
Discussion
WORRALL. said:
Has anyone had a recent quote via a salary sacrifice provider for a BMW IX 40?
We havent signed up to a provider yet but instead have looked for business lease quotes for the IX 40 from BMW directly which are circa £820 exc vat which includes maintenance over 36 months with 10k miles and no initial deposit. If we were to salary sacrifice that then it works out at circa £550/month off the bottom of your pay check but doesnt cover insurance/charger. Interested to see how this compares to the all in one providers?
Yep - I ordered a BMW iX40 2 weeks ago via Tusker SSWe havent signed up to a provider yet but instead have looked for business lease quotes for the IX 40 from BMW directly which are circa £820 exc vat which includes maintenance over 36 months with 10k miles and no initial deposit. If we were to salary sacrifice that then it works out at circa £550/month off the bottom of your pay check but doesnt cover insurance/charger. Interested to see how this compares to the all in one providers?
£700 pm net for 40% tax payer
Includes the following
-> 36 months
-> 36k miles
-> Insurance, tax, maintenance, and tyres
-> £2.8k of options
SWoll said:
Percy. said:
Just checked Octopus through our work SS scheme.
IX40 M Sport
10k Miles
36 Months
Includes insurance and maintenance
4000 'free miles'
Net: £1197
IX40 M Sport
10k Miles
36 Months
Includes insurance and maintenance
4000 'free miles'
Net: £1197
I'm hoping that's the gross figure, but even if it is..
Makes one want to buy a small fleet and lease them out.
I requested access to the SS scheme just to check the figures, I do have interest in going electric but only really for a Porsche Taycan or a Kia EV6 GT.
I do like to compare the Octopus prices to some in here and it doesn't look very good value going with the scheme available through our employer.
I'd expect that we would get a good price considering there is around 2,000 UK staff who have access to this scheme.
I do like to compare the Octopus prices to some in here and it doesn't look very good value going with the scheme available through our employer.
I'd expect that we would get a good price considering there is around 2,000 UK staff who have access to this scheme.
I've finally found what I think is a decent deal on salary sacrifice, but hoping for a sense check.
2024 Volvo XC40 twin engine Ultimate
2 years, 20k miles (only £14 per month more compared to three years and suits me better)
Everything included.
Gross is £911pm, about £420pm net as I've been making larger pension contributions which has dragged me back into that horrible marginal rate, would be about £570pm on regular 40% tax.
Considering the P11d is £62k, that seems like a decent deal?
2024 Volvo XC40 twin engine Ultimate
2 years, 20k miles (only £14 per month more compared to three years and suits me better)
Everything included.
Gross is £911pm, about £420pm net as I've been making larger pension contributions which has dragged me back into that horrible marginal rate, would be about £570pm on regular 40% tax.
Considering the P11d is £62k, that seems like a decent deal?
baconfries said:
I've finally found what I think is a decent deal on salary sacrifice, but hoping for a sense check.
2024 Volvo XC40 twin engine Ultimate
2 years, 20k miles (only £14 per month more compared to three years and suits me better)
Everything included.
Gross is £911pm, about £420pm net as I've been making larger pension contributions which has dragged me back into that horrible marginal rate, would be about £570pm on regular 40% tax.
Considering the P11d is £62k, that seems like a decent deal?
It's the same price on our scheme. I also noticed last week the C40 was cheap too.2024 Volvo XC40 twin engine Ultimate
2 years, 20k miles (only £14 per month more compared to three years and suits me better)
Everything included.
Gross is £911pm, about £420pm net as I've been making larger pension contributions which has dragged me back into that horrible marginal rate, would be about £570pm on regular 40% tax.
Considering the P11d is £62k, that seems like a decent deal?
I have a Polestar 2 which is mostly the same car, based on the same platform, and it's been very good. The only downsides are rear legroom is limited for taller people and there is no rear wiper.
Is this Tesla quote competitive? Model 3 standard RWD
- Gross Salary Sacrifice (GSS) £894.54
- Benefit in Kind (BIK)* £28.62
- Employee Tax saving on GSS -£357.82
- Employee NI saving on GSS -£17.89
- Total Monthly Cost - £547.4
Sc0tchland said:
Is this Tesla quote competitive? Model 3 standard RWD
What I was paying for a m3p - Gross Salary Sacrifice (GSS) £894.54
- Benefit in Kind (BIK)* £28.62
- Employee Tax saving on GSS -£357.82
- Employee NI saving on GSS -£17.89
- Total Monthly Cost - £547.4
Vanden Crash said:
Sc0tchland said:
Is this Tesla quote competitive? Model 3 standard RWD
What I was paying for a m3p - Gross Salary Sacrifice (GSS) £894.54
- Benefit in Kind (BIK)* £28.62
- Employee Tax saving on GSS -£357.82
- Employee NI saving on GSS -£17.89
- Total Monthly Cost - £547.4
Theyve just launched a scheme at my work, I just dont see how it adds any value for for example over 48 months / 15,000 miles...
MG HS:
SS Provider - £718 gross and £537 net
MG Website - £456
Yes the SS includes insurance and maintenance but that just doesn't seem like its worth doing at all?
MG HS:
SS Provider - £718 gross and £537 net
MG Website - £456
Yes the SS includes insurance and maintenance but that just doesn't seem like its worth doing at all?
CheesecakeRunner said:
It doesn’t appear in quotes.
And if your pension contributions drop you below 100k taxable income it doesn’t matter anyway. If they don’t, then the gross value of the salary sacrifice is relevant as a deduction in calculating your taxable income.
Thought that was the case, thanks for confirming.And if your pension contributions drop you below 100k taxable income it doesn’t matter anyway. If they don’t, then the gross value of the salary sacrifice is relevant as a deduction in calculating your taxable income.
Having previously been disillusioned by MYLR quotes coming in far more expensive than they should have done with the lease-gouging, an email on Thursday which offered a MYRWD for £50/month less than usual (net) and with an additional 3,000 miles of supercharging (to go with the 4,000 miles I'd get anyway), I finally decided to pull the trigger. It'll be cheaper than the family wagon on the drive currently and I won't have to worry about any unexpected maintenance for the next 3 years which is nice. It's poverty spec, I couldn't even get it in not-white, but I'm looking forward to the change.
Just wondering if anyone has been involved either in setting up a SS scheme at their work or has access to such info but I would be keen to see how other providers are charging for insurance as part of their schemes.
Ours is competitive, not amazing but competitive - we have access to a public sector framework and so often there is discounts on the car leases that our provider has access to.
Examples (10k mpa, 40% tax earner, no pension impact or saving)
Model 3 Performance - £650 p/m net
Model 3 RWD - £494 p/m net
Leaf Acenta 110kW - £302 p/m net
However as I was part of the setting up process and with access to the framework they use to get their cars (so i can check source pricing for car and maintenance, but not insurance, contingency or their fees) - I can delve into the details more.
As it currently stands we have a fleet policy insurance setup, which was sold to us as being better value and likely to be up to 10% of the leasing costs and is across the board, no driver details are captured as part of the quotes and there are set rules for insurance before an order is confirmed (they check points on license, age etc), but for quotes it's assumed you are within their requirements.
However I have found when checking specific examples after people were saying they thought it was expensive, that on some cars employees are being charged around 15% p/m of the total leasing cost of the car for insurance. For the Model 3 performance, this equates to £150 p/m on insurance and so £1,800 a year (£1,000 total car cost taken from salary). For me personally it would cost £500 a year to insure a new Model 3 Perf so I am querying this with the supplier. Higher end cars and quotes like Taycan's, are into £2k+ a year. When you reduce to a 2yr that cost jumps again as it percentage based.
Just looking to see how others compare as we may look to move back to an individual quote approach rather than a fleet policy to make it more attractive to employees.
Ours is competitive, not amazing but competitive - we have access to a public sector framework and so often there is discounts on the car leases that our provider has access to.
Examples (10k mpa, 40% tax earner, no pension impact or saving)
Model 3 Performance - £650 p/m net
Model 3 RWD - £494 p/m net
Leaf Acenta 110kW - £302 p/m net
However as I was part of the setting up process and with access to the framework they use to get their cars (so i can check source pricing for car and maintenance, but not insurance, contingency or their fees) - I can delve into the details more.
As it currently stands we have a fleet policy insurance setup, which was sold to us as being better value and likely to be up to 10% of the leasing costs and is across the board, no driver details are captured as part of the quotes and there are set rules for insurance before an order is confirmed (they check points on license, age etc), but for quotes it's assumed you are within their requirements.
However I have found when checking specific examples after people were saying they thought it was expensive, that on some cars employees are being charged around 15% p/m of the total leasing cost of the car for insurance. For the Model 3 performance, this equates to £150 p/m on insurance and so £1,800 a year (£1,000 total car cost taken from salary). For me personally it would cost £500 a year to insure a new Model 3 Perf so I am querying this with the supplier. Higher end cars and quotes like Taycan's, are into £2k+ a year. When you reduce to a 2yr that cost jumps again as it percentage based.
Just looking to see how others compare as we may look to move back to an individual quote approach rather than a fleet policy to make it more attractive to employees.
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