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Salary sacrifice cars

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By *an020279 OP   Man
4 weeks ago

Tamworth

Question is, are they worth it for tax/ni savings?

I’m a higher rate tax payer potentially touching 45% tax bracket with bonus. Looking at a vehicle that’s £1500 gross per month.

So many online calculators but I’d rather get opinions from folks who utilise salary sacrifice.

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By *rHotNottsMan
4 weeks ago

Dubai & Nottingham

I think, if you want to drive a brand-new electric vehicle, and are still paying 40 or 45% tax on a chunk of your income after significant pension contributions then it’s a no brainer.

This might not apply to you but for younger people with student debt not only does it keep you out of tax it keeps you out of student loan repayments as well

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By *midnight-Woman
4 weeks ago

...


"Question is, are they worth it for tax/ni savings?

I’m a higher rate tax payer potentially touching 45% tax bracket with bonus. Looking at a vehicle that’s £1500 gross per month.

So many online calculators but I’d rather get opinions from folks who utilise salary sacrifice. "

What car are you looking at ? 1.5k seems a lot monthly for you to be paying?

I opted for an EV ... I can't remember what the cost is, but its a ridiculously small amount

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By *upersonic SamMan
4 weeks ago

wigan

I have one, my annual bonus is all in the 40% tax band. I have a new Tigauin. It costs me 480 a month net but includes everything, tax, service, insurance, tyres, repairs. My old one cost me 250 a month on average but one big breakdown and that could rocket. I like the security of a single payment and I get a chunk back at the end of the tax year when my bonus lands.

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By *enuine MikeMan
4 weeks ago

Guildford

We have a scheme at work run by Octopus but unfortunately all the cars they offer are EV only. So that rules me out sadly.

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By *akeuslaugh1994Man
4 weeks ago

Belfast


"We have a scheme at work run by Octopus but unfortunately all the cars they offer are EV only. So that rules me out sadly.

"

Same, I'll stick with a combustion engine, sometimes better the devil you know and all that.

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By *an020279 OP   Man
4 weeks ago

Tamworth

Thanks for the comments. I’m looking at a Q6. The before tax is 1500 and nett is showing 800.

I’m thinking it’s very wise since it does reduce my taxable income x

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By (user no longer on site)
4 weeks ago


"Thanks for the comments. I’m looking at a Q6. The before tax is 1500 and nett is showing 800.

I’m thinking it’s very wise since it does reduce my taxable income x"

That does seem really quite expensive. £18,000 per annum before tax and costing you £9600, doesn't seem a great deal to me but if you are happy with it then that's all that really matters.

There is so much variation in the schemes that it's quite hard to track what is good. We have a scheme that covers a number of sites for the same company and the rates are different dependant on the site you work at.

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By * RaisinBranCouple
4 weeks ago

Preston


"Thanks for the comments. I’m looking at a Q6. The before tax is 1500 and nett is showing 800.

I’m thinking it’s very wise since it does reduce my taxable income x"

if you have a final salary pension, and you are near to retirement it can reduce your pension.

Choose wisely as I hate mine, and your stuck with it for three years.

They can be really inconvenient and really, really expensive to charge away from home if its full electric.

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By *midnight-Woman
4 weeks ago

...


"Thanks for the comments. I’m looking at a Q6. The before tax is 1500 and nett is showing 800.

I’m thinking it’s very wise since it does reduce my taxable income x

That does seem really quite expensive. £18,000 per annum before tax and costing you £9600, doesn't seem a great deal to me but if you are happy with it then that's all that really matters.

There is so much variation in the schemes that it's quite hard to track what is good. We have a scheme that covers a number of sites for the same company and the rates are different dependant on the site you work at. "

It doesn't sound like a good deal to me either

OP why don't you take a cheaper car and pump the rest into a pension...

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