What Does Our Electric Car Salary Sacrifice Calculator Do?
Before you start our electric car salary sacrifice calculator, here's an explanation of what the electric car salary sacrifice calculator does and the information you'll need to get the most out of it.
If you can't wait to get into the calculations, just click here to get started.
But remember that you will need some details to get the best results from the calculator.
And remember too that our electric car salary sacrifice calculator doesn't just work for electric cars - it also works for petrol, diesel and hybrid cars too!
Before you get started, here are some quick links to to get explanations about Electric Car Salary Sacrifice ...
Employee or Employer?
We've split our Electric Car Salary Sacrifice calculator between employees and employers.
The Employee Electric Car Salary Sacrifice Calculator estimates the net cost of Car Salary Sacrifice to the employee including:
- the adjustment to pay required under Electric Car Salary Sacrifice
- the difference in tax, NIC and pension scheme contributions between 'cash' pay and Electric Car Salary Sacrifice
- the net pay and net delivered value of the employee's pay packet before and after Electric Car Salary Sacrifice
The Employer Electric 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
We've built the Electric Car Salary Sacrifice Calculator to cover lots of different permutations of pay, bonus, overtime and pension benefits, but don't worry if your exact arrangements aren't shown.
Call or email us during normal office hours to talk about the specifics of your arrangements.
What You'll Need
To get started with our Electric Car Salary Sacrifice Calculator here's what you will need for each version ....
Employers:
- A monthly contract hire quote for the car the employee wants, including maintenance and breakdown recovery
- An annual insurance cost for the car
- Your business's tax rate and VAT recovery rate
- A decision on whether or not you will reclaim unrecoverable VAT on contract hire rentals from the employee
- If the car is not electric, whether or not you will reclaim unrecoverable business tax relief on lease rentals from the employee
Don't worry if you haven't got all this yet - you can still estimate the cost impact using values our Electric Car Salary Sacrifice calculator will provide automatically.
Employees:
- Your monthly pay and your tax code - a copy of your last payslip should have the details
- A monthly business contract hire quote for the car you want, including maintenance and breakdown recovery
- An annual insurance cost for the car
Again, if you don't have all the car details then just accept the suggested finance and maintenance values that appear in our Electric Car Salary Sacrifice calculator and use your own insurance premium as a starter.
With either Electric 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.
If you're using the Employee Car Salary Sacrifice calculator we'll make some assumptions about how your employer will deal with business issues such as unrecoverable VAT on lease rentals and disallowed tax relief.
This is because these factors impact on how much you might be recharged by your employer in a Electric Car Salary Sacrifice plan.
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.
How Long Will It Take?
If you have all the information ready then the Electric Car Salary Sacrifice calculations take literally just a minute or two, whether you're an employee or employer.
If you don't have all the details then allow about 5 minutes to work through the stages of the calculator.
So Let's Get Started!
Click on the appropriate button below to get your Electric Car Salary Sacrifice calculation started:
Employer Electric Car Salary Sacrifice Calculator
Work out what it will cost to operate salary sacrifice.
Employee Electric Car Salary Sacrifice Calculator
Choose your car and see the salary sacrifice results.
I'm an Employee