[Bryans69]

Thinking of maybe setting one up at work, and got a couple of questions

1) Anyone any experience of setting one up? Seem to be loads of companies offering them. Do you even need to use one, or is it easy to direct via accountants /payroll?

2) Do you have to lease the car through the scheme company, or can you find the best lease, then put it through the company offering the scheme (if that makes sense)? The prices offered on the same car seems to vary quite a bit, and don't want to sign up with the 'wrong' company if we go ahead.

I remember when we signed up with the Cycle to Work scheme a few years back, we had to sign up to two different schemes, as different bike shops only accepted certain schemes.....

And no i'm not looking at a Taycan or new Macan

[kzg1969]

Perhaps not the best to comment, but when i had my own ltd company (only 2 directors) then you could lease from anyone as the accountant would do the SalSac (BiK) calculation through the tax return. I hope my memory is holding correct here.

I am guessing you are employee and someone else is director, so not sure how that works. I am full on staff now and they are using Tusker and the deal is very good. A mate's wife is also eligible for Tusker through another company and the prices are noticeably more expensive. Couldnt figure out why.

For info, we are in a ix1 for £360pm including insurances.

[TurboWeasel]

Where I work use Tusker as well, but I'm not touching it with a bargepole because the monthlies on 25K a year are a joke.

[MashinBenzin]

we have Zenith, a PCP is far cheaper on 90% of cars.

[Bryans69]

Originally Posted by kzg1969

Perhaps not the best to comment, but when i had my own ltd company (only 2 directors) then you could lease from anyone as the accountant would do the SalSac (BiK) calculation through the tax return. I hope my memory is holding correct here.

I am guessing you are employee and someone else is director, so not sure how that works. I am full on staff now and they are using Tusker and the deal is very good. A mate's wife is also eligible for Tusker through another company and the prices are noticeably more expensive. Couldnt figure out why.

For info, we are in a ix1 for £360pm including insurances.

Thanks. We are a small ltd company, of which I'm one of the directors. If we decide to go down this route, then just doing via the accountants might make sense.

The more I've looked at schemes, the more the pricing looks all over the place. For one car I've looked at, on two difference schemes, before sacrifice, I'm getting pricing between £360 and £595, for what as far as I can tell is exactly the mileage/ contract length etc. So much for this being a simple exercise

Originally Posted by MashinBenzin

we have Zenith, a PCP is far cheaper on 90% of cars.

I'm assuming you still mean salary sacrifice, just PCP instead of lease, rather than Zenith are so expensive it's cheaper to just PCP with it

[Kendo67]

We have the Tusker scheme at work and around 10% of the workforce have taken up the 48m deals for iX3 / ID4 / Polestar / Renault vehicles so their fully inclusive packages must be worthwhile for some , depending on usage etc.

One thing that we couldn`t get a straight answer about is when does the payment actually get taken off , is it before / after monthly pension contributions ?

Pre pension sees less ££ for the same monthly percentage contributions which may not be an issue for most but still maybe a consideration for some , especially over a 48m contract.

K

[NotGotABimmer23]

Originally Posted by Kendo67

We have the Tusker scheme at work and around 10% of the workforce have taken up the 48m deals for iX3 / ID4 / Polestar / Renault vehicles so their fully inclusive packages must be worthwhile for some , depending on usage etc.

One thing that we couldn`t get a straight answer about is when does the payment actually get taken off , is it before / after monthly pension contributions ?

Pre pension sees less ££ for the same monthly percentage contributions which may not be an issue for most but still maybe a consideration for some , especially over a 48m contract.

K

Surely depends what kind of pension you have. Most defined contribution schemes should be salary sacrifice, so the pension % would be on gross pay and would come off effectively at the same time as the company car scheme.

[Kendo67]

Originally Posted by NotGotABimmer23

so the pension % would be on gross pay and would come off effectively at the same time as the company car scheme.

One deduction surely must come off first , if it is the monthly pension contribution it will come off the full gross amount , if the Tusker payment comes off first then the pension contribution will be based on the gross minus the car contribution ??

FWIW it may no difference to me as i have no interest in the scheme.

K

[MashinBenzin]

Originally Posted by Bryans69

I'm assuming you still mean salary sacrifice, just PCP instead of lease, rather than Zenith are so expensive it's cheaper to just PCP with it

No I do mean that Zenith are so expensive that PCP makes more sense. Although it's difficult to calculate the insurance benefit etc.

A model 3 RWD comes in at around £6-700 net. An MG4 comes in around £400 iirc, when there are 0% PCPs.

But the real comparison is versus other salary sacrifice schemes such as Octopus EV. People in my company are posting these daily and Zenith is, whatever the car, hundreds per month more expensive. Avoid.

[isleaiw1]

Originally Posted by Kendo67

One deduction surely must come off first , if it is the monthly pension contribution it will come off the full gross amount , if the Tusker payment comes off first then the pension contribution will be based on the gross minus the car contribution ??

FWIW it may no difference to me as i have no interest in the scheme.

K

depends if your pension is worked from your reckonable salary or whatever the word is (which can be pre sacrifice) or your actual salary - which will be post...

[Bryans69]

Originally Posted by MashinBenzin

No I do mean that Zenith are so expensive that PCP makes more sense. Although it's difficult to calculate the insurance benefit etc.

A model 3 RWD comes in at around £6-700 net. An MG4 comes in around £400 iirc, when there are 0% PCPs.

But the real comparison is versus other salary sacrifice schemes such as Octopus EV. People in my company are posting these daily and Zenith is, whatever the car, hundreds per month more expensive. Avoid.

Oh wow. And Octopus are about £200 more expensive than another one I was looking at, although they do include insurance by the looks of it

As only looking at one or two cars / staff probably, might be easier to just lease and get the accountant to sort out. It does seem quite difficult to find proper impartial advice though, as pretty much every search result is someone offering a scheme.....

[MashinBenzin]

Originally Posted by Bryans69

Oh wow. And Octopus are about £200 more expensive than another one I was looking at, although they do include insurance by the looks of it

As only looking at one or two cars / staff probably, might be easier to just lease and get the accountant to sort out. It does seem quite difficult to find proper impartial advice though, as pretty much every search result is someone offering a scheme.....

I will try and post some real numbers from zenith over the next day or two. Agree probably easier to lease for limited staff numbers.

[Bryans69]

Originally Posted by MashinBenzin

I will try and post some real numbers from zenith over the next day or two. Agree probably easier to lease for limited staff numbers.

Thanks. No rush as early days, but I thought finding independent advice would be easier, but even sites such as RAC end up pointing you to their own scheme. And information seems to be conflicting, as some companies say it's a business lease, and some a personal. So much for a 5 minute job

[MashinBenzin]

Originally Posted by Bryans69

Thanks. No rush as early days, but I thought finding independent advice would be easier, but even sites such as RAC end up pointing you to their own scheme. And information seems to be conflicting, as some companies say it's a business lease, and some a personal. So much for a 5 minute job

based on 40% tax bracket and what i think are 3 year 10k mile leases:
model 3 rwd £618
Model Y LR £670
MG4 SE standard range £330
BMW iX 40 £787
Taycan RWD £1107
Ariya 160kw/63kwh engage £417
Kia EV9 200 RWD £752
Born 58kwh/204ps £463
ioniq 5 58/125 £485

in every case bar the Model Y , i’ve picked the cheapest model. Includes insurance and maintenance.

[JustChris]

Originally Posted by MashinBenzin

based on 40% tax bracket and what i think are 3 year 10k mile leases:
model 3 rwd £618
Model Y LR £670
MG4 SE standard range £330
BMW iX 40 £787
Taycan RWD £1107
Ariya 160kw/63kwh engage £417
Kia EV9 200 RWD £752
Born 58kwh/204ps £463
ioniq 5 58/125 £485

in every case bar the Model Y , i’ve picked the cheapest model. Includes insurance and maintenance.

Interesting they do seem maybe a little higher than our Octopus EV but I kept tweaking them to 48 months.

My own is:-
MY RWD
48m 15000 MPA is £520
Maintained
Insured
Tyres
Free OHME Home Charger
£100 towards Octopus Electricity

With the fuel costs I'm all in with zero deposit in the car for about £550 a month. Less than the PCP monthly alone on most of my prior cars!

[Bryans69]

Thanks for the info guys.

For reference, thinking, if we go ahead, of an MG 4, as will be a second car runabout.

Need to look at the details, but this crew offering for just over £200 net, excluding insurance, which is ridiculously cheap for a new car....

https://www.myelectriclease.co.uk/sa...pe=car&term=48

[isleaiw1]

Originally Posted by JustChris

Interesting they do seem maybe a little higher than our Octopus EV but I kept tweaking them to 48 months.

My own is:-
MY RWD
48m 15000 MPA is £520
Maintained
Insured
Tyres
Free OHME Home Charger
£100 towards Octopus Electricity

With the fuel costs I'm all in with zero deposit in the car for about £550 a month. Less than the PCP monthly alone on most of my prior cars!

Are those numbers gross cost pre tax relief or post tax relief in both cases?

I'm at £240 a month on the Jag (4 years and 10k miles per year, PCP, no tax breaks) but I may have put in a substantial deposit (in excess of £25k!)

[JustChris]

Originally Posted by isleaiw1

Are those numbers gross cost pre tax relief or post tax relief in both cases?

I'm at £240 a month on the Jag (4 years and 10k miles per year, PCP, no tax breaks) but I may have put in a substantial deposit (in excess of £25k!)

After tax. 👍🏻

[kzg1969]

Originally Posted by Bryans69

Thanks for the info guys.

For reference, thinking, if we go ahead, of an MG 4, as will be a second car runabout.

Need to look at the details, but this crew offering for just over £200 net, excluding insurance, which is ridiculously cheap for a new car....

https://www.myelectriclease.co.uk/sa...pe=car&term=48

That looks a VERY good deal. Also double check there is no upfront deposit?

One thing i noticed with Tusker, some of the good deals you had to move quick - they went through 150 IX1's in 2weeks!

[Grant_7]

Originally Posted by MashinBenzin

based on 40% tax bracket and what i think are 3 year 10k mile leases:
model 3 rwd £618
Model Y LR £670
MG4 SE standard range £330
BMW iX 40 £787
Taycan RWD £1107
Ariya 160kw/63kwh engage £417
Kia EV9 200 RWD £752
Born 58kwh/204ps £463
ioniq 5 58/125 £485

in every case bar the Model Y , i’ve picked the cheapest model. Includes insurance and maintenance.

M3 RWD on my work scheme is £518 all in. Will have a look over the weekend and do a comparison to yours