Leasing Model 3 by Salary Sacrifice.

[discoM3]

Interested in this. I know octopus offer it. Does anyone else in the UK for comparison?

Will be getting quotes for early next year the the take drops to 0%.

Quote i had from Octopus for 15k 24mth, SR+:

£0 deposit
£688pm from Gross Salary
Saving £289pm in tax and Nat Ins. = £399pm effectively from Net salary.

 

[discoM3]

Interested in this. I know octopus offer it. Does anyone else in the UK for comparison?

Will be getting quotes for early next year when the BIK tax drops to 0%.

Quote i had from Octopus for 15k 24mth, SR+:

£0 deposit
£688pm from Gross Salary
Saving £289pm in tax and Nat Ins. = £399pm effectively from Net salary.

 

[davidmc]

Be carful with your pension contributions going this route as they will be reduced

 

[discoM3]

True, so for example:

If my employer puts 7% of my salary into a pension.

£688 x 12 x 0.07 = £577.92 less per year will go into my pension.

I will be saving £289pm by paying for the car from gross pay. = £3468pa Net pay saved.

So i will make sure that i put £577.92 per year into my pension. This will be from my gross pay, so only about £350 per year lost from my Net pay.
Still over £3000 per year better off?

I think that's right ?

 

[JSBahia]

I've ordered via works salary sacrifice scheme. Work pension contributions are calculated on salary prior to any sacrifice, so no impact on pension for us - might be worth checking with your employer.

 

[IanB]

Interested in this. I know octopus offer it. Does anyone else in the UK for comparison?

Will be getting quotes for early next year the the take drops to 0%.

Quote i had from Octopus for 15k 24mth, SR+:

£0 deposit
£688pm from Gross Salary
Saving £289pm in tax and Nat Ins. = £399pm effectively from Net salary.

I looked into this but sadly my company wasn’t interested in doing such a scheme

I got a quote from Jordan @ Fleet Evolution, [email protected], at the time it was coming out at £662.88 gross per month for a SR+, £776.19 per month gross for Performance, but this may have been before price changes.

As for pension, it wouldn’t have effected my pension contributions made by my company.

good luck, it really does seem like a good scheme

 

[discoM3]

I looked into this but sadly my company wasn’t interested in doing such a scheme

I got a quote from Jordan @ Fleet Evolution, [email protected], at the time it was coming out at £662.88 gross per month for a SR+, £776.19 per month gross for Performance, but this may have been before price changes.

As for pension, it wouldn’t have effected my pension contributions made by my company.

good luck, it really does seem like a good scheme

Does it cost the company anything or are all costs covered in the employee's payment?

 

[IanB]

Does it cost the company anything or are all costs covered in the employee's payment?

I have attached a couple of PDF's that Jordan sent me, it states no cost to the company, they actually save money due to reduced employer NIC contributions, but I don't know if this is fully true, my HR weren't interested as they said too much work for them

 

[discoM3]

Thanks for the info!

Il have a chat with them.

 

[Dave__]

I placed a salary sacrifice order with NHS Fleet Solutions who go through Leaseplan at the start of October. I think quite a few NHS staff have done the same.

Net cost for me will be in the region of £450 a month for a LR AWD in white/black. This is fully inclusive of all maintenance, servicing, tax, insurance etc - only outlay is the electric and screenwash. Estimated delivery currently showing as early January for me, this is very much a “piece of string” estimate as NHS Fleet don’t pass on Tesla RN numbers so there is no way to track the order.

 

[MacPaul]

With the reduction in monthly lease cost after the new BIK rate in April I am desperately wanting the car to arrive ASAP and hoping it doesn’t arrive too soon before April.

Going insane.

 

[Joelly]

I placed a salary sacrifice order with NHS Fleet Solutions who go through Leaseplan at the start of October. I think quite a few NHS staff have done the same.

Net cost for me will be in the region of £450 a month for a LR AWD in white/black. This is fully inclusive of all maintenance, servicing, tax, insurance etc - only outlay is the electric and screenwash. Estimated delivery currently showing as early January for me, this is very much a “piece of string” estimate as NHS Fleet don’t pass on Tesla RN numbers so there is no way to track the order.

May I ask if you’re a lower, higher or highest rate tax payer? I have a similar scheme at my place of work and wanted to compare costs. I’d also be interested in the mileage allowance on that price and I assume that is post April when 0% BIK is in play.

 

[Joelly]

I looked into this but sadly my company wasn’t interested in doing such a scheme

I got a quote from Jordan @ Fleet Evolution, [email protected], at the time it was coming out at £662.88 gross per month for a SR+, £776.19 per month gross for Performance, but this may have been before price changes.

As for pension, it wouldn’t have effected my pension contributions made by my company.

good luck, it really does seem like a good scheme

I cannot access the documents, but do you know if this covered servicing and tyres and insurance in that price?

thanks

 

[Dave__]

May I ask if you’re a lower, higher or highest rate tax payer? I have a similar scheme at my place of work and wanted to compare costs. I’d also be interested in the mileage allowance on that price and I assume that is post April when 0% BIK is in play.

Yes this is after April when the BIK drops down to 0. However given that it doesn't look like I will be getting the car until January the £350 or so I will have to pay to cover the interim period doesn't seem much, and my employer will be doing it via end of year filing so it will be taken out of my 2020 tax allowance so I won't really notice much.

Mileage allowance on this agreement is 6000 but really, increasing the mileage doesn't include the price by all that much and the excess is only 14p a mile for me so it's a fine line of working out estimated mileage and whether it is cheaper to go with a higher mileage quote or just pay the excess.

I'm a bog standard 20% basic rate tax payer (income less than £50,000)

 

[Rob R]

I've ordered via works salary sacrifice scheme. Work pension contributions are calculated on salary prior to any sacrifice, so no impact on pension for us - might be worth checking with your employer.

Yes, my work salary sacrifice (for AVC, not car) took pension off before salary sacrifice, so pension not prejudiced. (Salary sacrifice AVC cash part paid for my Model 3 when I got it back as lump sum).

 

[WannabeOwner]

Does it cost the company anything or are all costs covered in the employee's payment?

We want to do this, but definitely don't see it as a zero-cost for employer (I'd be very happy to discover a zero-cost middle-man though )

We have no company car scheme - I expect it would be easier to adopt for a company that does.

Our initial "lets do this" raised a number of questions around Employers liability, and what Accounting and Legal costs we would incur in setting up the scheme.

For example: What happens if employee leaves? Are we lumbered with the "company car"? Very happy to do a deal with the employee (i.e. employee to buy the car out of company's contract / transfer elsewhere / etc), in those circumstances ... but that involves set-up cost for legals etc. and HR/payroll cost when it actually happens ... and its only one scenario-to-be-aware of

 

[MacPaul]

Speak to these guys: Tusker. Where the car is the benefit.

They handle all the middleman stuff.

 

[WannabeOwner]

Didn't find Salary Sacrifice on that link, but turned up this alternative (for Tusker)

Tuskerdirect Ltd

 

[ProfessorK]

my HR weren't interested as they said too much work for them

Ah, HR, the department of lazy sociopaths.

 

[MrBadger]

We cant let you buy a Tesla on salary sacrifice - we have your best interests at heart and have a duty of care....