Salary sacrifice leasing
Discussion
I’m just waiting on our Accountant (Employers) to confirm figures for what the Lotus Eletre SS will look like.
Am I right in thinking (need to check policy) that depending on the type of pension, a ‘notional’ or ‘reference’ salary can be used to calculate contributions? So potentially no impact on this.
Does the same work for bonuses or is that more at the discretion of the employer? I currently get a 10% bonus, but if sacrifices salary is used this would mean a circa £1k reduction in bonus.
Am I right in thinking (need to check policy) that depending on the type of pension, a ‘notional’ or ‘reference’ salary can be used to calculate contributions? So potentially no impact on this.
Does the same work for bonuses or is that more at the discretion of the employer? I currently get a 10% bonus, but if sacrifices salary is used this would mean a circa £1k reduction in bonus.
SWoll said:
Basil Brush said:
CarWow are advertising the Eletre R on personal lease for £634 pm with £5712 up front, so £793 a month as a comparison.
£28k over 3 years seems ridiculously cheap for a car that lists at £125k, even if it is for only 5k miles per year. I have heard they have a lot of cars in stock sat around at dealers though so imagine it would be one of those you'd have to take, certainly hasn't been a sales success in the UK.Edited by SWoll on Friday 21st June 22:41
essayer said:
Drove an R today, the Eletre is a superb car, beautiful inside and out. Some immense deals out there, get on them quick!
The S or the R though? The R has preposterous performance and options like the chassis dynamic pack that realistically you'll never get to use to anywhere near their potential on the road, and the S is still plenty quick has more range, and comes with options like the KEF reference Hi-Fi that are a £3k option on the R as standard.2.7 to 60 and a <11 second 1/4 mile is hard to resist though.
And for anyone who is going for the R, advice appears to be to ditch the P Zero Corsa's as they're awful in the wet or cold and opt for the standard P-Zero's. Less absolute grip in the dry but also a lot less likely to stick you in a hedge on a wet road in January. You'll also get better efficiency apparently due to lower rolling resistance.
The company I work for have recently signed up to Tusker which will go live for staff on 1st August. Annoyingly we can’t access the site until that date and therefore I have no idea on what the prices will be.
Could anyone who uses Tusker give me an idea on what the
Cost for the Kia EV6 GT and Hyundai Ionic 5 N would be?
Thanks.
Could anyone who uses Tusker give me an idea on what the
Cost for the Kia EV6 GT and Hyundai Ionic 5 N would be?
Thanks.
SWoll said:
And for anyone who is going for the R, advice appears to be to ditch the P Zero Corsa's as they're awful in the wet or cold and opt for the standard P-Zero's. Less absolute grip in the dry but also a lot less likely to stick you in a hedge on a wet road in January. You'll also get better efficiency apparently due to lower rolling resistance.
Given that most (all?) sal sacrifice schemes include tyres, it seems like you’d have to enjoy burning money to want to do this. Plus you probably fall foul of Ts&Cs if you did. Thekernal69 said:
The company I work for have recently signed up to Tusker which will go live for staff on 1st August. Annoyingly we can’t access the site until that date and therefore I have no idea on what the prices will be.
Could anyone who uses Tusker give me an idea on what the
Cost for the Kia EV6 GT and Hyundai Ionic 5 N would be?
Thanks.
I don't see the Ionic 5 N listed , but this was my quote for a 36 month/10k miles arrangement for a GT with metallic based on Scottish tax rates as an individual.Could anyone who uses Tusker give me an idea on what the
Cost for the Kia EV6 GT and Hyundai Ionic 5 N would be?
Thanks.
Pistonheadsdicoverer said:
I hate Tusker. Mine comes at £762 with a gross reduction of, wait for it, £1232. God knows how they calculate that..
Be interesting to know their reasoning.What’s the employers contribution for in some of the above quotes - them giving back employers NI and / or pension contributions?
Sheepshanks said:
Be interesting to know their reasoning.
What’s the employers contribution for in some of the above quotes - them giving back employers NI and / or pension contributions?
I just assumed it was a % discount that the employer puts in as an extra perk. What’s the employers contribution for in some of the above quotes - them giving back employers NI and / or pension contributions?
Now I write that it seems unlikely knowing how stingy they are.
OutInTheShed said:
What stops a new government from saying salary sacrifice doesn't work any more?
It is a mental policy. He's a few hundred a month towards that shiny new Porsche you've always wanted. It would make a little more sense if you could only do it on cars produced in the UK.
Sheepshanks said:
Be interesting to know their reasoning.
What’s the employers contribution for in some of the above quotes - them giving back employers NI and / or pension contributions?
No employee contribution on mine.What’s the employers contribution for in some of the above quotes - them giving back employers NI and / or pension contributions?
Monthly gross reduction:£1232
Income Tax saving:-£455
National Insurance saving:-£36
Benefit in Kind:+£21
Effect on take home pay:£762
ChocolateFrog said:
OutInTheShed said:
What stops a new government from saying salary sacrifice doesn't work any more?
It is a mental policy. He's a few hundred a month towards that shiny new Porsche you've always wanted. It would make a little more sense if you could only do it on cars produced in the UK.
. It’s already a bone of contention that lower paid employees can’t take advantage if it brings them below minimum wage.Having said that, it’s particularly mental when you realise that the gross prices usually looks like a complete rip-off, and the tax that’s being avoided is still being paid, but instead of going to the Government it’s going to Tusker’s profits.
The firm my daughter works for has been talking about introducing SS for a few months - it’s a pseudo public sector outfit so they have a version of a final salary pension. The main reason they’re looking at SS is it’ll save the firm considerable amounts (several hundred per month for senior staff) in employers pension contributions and employers NI as they intend to keep those savings for themselves.
The is for the reply back with the prices for the GT and Ionic 5 N. Never used a Salary sacrifice scheme before so will be interesting to see how it all works with Tusker. The range of prices people seem to get given can vary significantly based on what I have read on the forum. So I will definitely be getting onto from the 1st August to see the price I get given for those 2 cars in particular.
riskyj said:
That’s keen pricing. Arval are absolutely astronomical for just about everything at the moment.
I struggle to see how they can possibly be making any money at those prices though? Taking the example of the EV6 GT above, once you take off their costs they're likely at around <£800 a month per car. Looking at AT that car is dumping £20-25k in value in it's first year and 10-15k miles (£60-65k > £40k) and that's retail prices with a discount from list. Another £10-15k over the next 2 years is surely guarateed, so their margins must be wafer thin?
Even Tuskers pricing looks tight?
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