[MikeBennett2350]

Hi Briggo, It is because I lack understanding and was terrible at maths.

But no seriously, I have been told so many different things. I called tusker and they said that 700 would be deducted and then a further 535 from my net so that had me confused at first. I then consulted with a colleague at work who is on the scheme with the same salary as me but a more expensive car and he said that the car would be deducted from my net pay which was also confusing. I then called tusker back and spoke to another sales person and they said ni tax and the car would be deducted from the gross pay. As you can imagine all this information is confusing as everybody has a different theory of what actually is deducted and I would hate to take out a car without preparation on what would my actual income would be with a car. I have researched back and forth on google and can't seem to get any information. I have tried the salary calculator online but I am conflicted as I understand my tax code may change once the money from the car is taken out? I am currently on 1257L but I am sure this may change and I would be paying more income tax and less insurance. I just wish there was a way I could find out what my final salary would be. You say £1,865 but this I don't believe its right as I don't think it takes into account any ni or tax or student loan (plan 1) I am not paying into the pension right now too.

Hi

I think your co-worker has confused you - nothing is deducted from your net (after tax) pay.

Please see my example earlier up the thread. This is exactly what happens. Your tax code (should) not change - mine certainly didn't.

If your payslip is like mine (provided by ADP), You have two columns - Earnings and Deductions.

Under the earnings column you have a line item for your pay (as a positive balance) and you have any salary sacrifice items taken off (-£10) here. For example, I have a line item deduction for tusker (-£900), Cycle scheme (-£80), pension (-£LOADS) and sharescheme (-£LOADS).

You then have a total Earnings amount (gross) - which is your monthly salary pay minus the items above.

You then have a deductions column, where TAX and NI (and probably other stuff) are worked out on your total gross earnings. You now have less earnings (due to the car), so pay less tax and NI.

You then have an amount paid box, where you get shown you get paid worked out from Earnings - Deductions. This is you NET salary.

Tusker say the car costs £900 gross (as above) and around £500 net. They work out the net due to the savings of not paying 20%/40%/45% tax on the £900.

All things being equal, my car costs around £450 a month in my bank account from the original £900 gross estimate. This is found out by comparing my previous months pay in my bank account (when i didnt have the car) to this months pay (when i do have the car).

I have done SS for years (15+ i think) - this is the normal method, and is tax efficient both for you, and the company! (they pay less NI as well!)

Assuming you currently lease a car for the same amount, you are simply moving the payment to before you pay tax.

One thing to note with SS an mortgages - you obviously "appear" to be earning less money per month when you have to show your outgoings - this may be a factor to consider if applying for a mortgage in the near future.

Again - I am not a tax adviser - just my ramblings of what i have done over the past years. DYOR.

Also - get a BEV - much better than a PHEV!!!!!!

Cheers

Mike

 

[Damizhectik]

That was an example into the cost of taking out the car, the point is there is one deduction for the car and then the benefit in kind tax, ultimately costing you for the car 535 taking into account the net result after less tax and NI is deducted from your pay than normal, so in my example it's right.

I have no idea what other benefits or taxable items you are paying so your actual take home pay could/will be different in that case I.e. uni loans etc.

It is NOT going to cost you 700 + 535 per month. That'd make the car VERY expensive.

Okay that is understandable. Thank you so much!

 

[Damizhectik]

Hi

I think your co-worker has confused you - nothing is deducted from your net (after tax) pay.

Please see my example earlier up the thread. This is exactly what happens. Your tax code (should) not change - mine certainly didn't.

If your payslip is like mine (provided by ADP), You have two columns - Earnings and Deductions.

Under the earnings column you have a line item for your pay (as a positive balance) and you have any salary sacrifice items taken off (-£10) here. For example, I have a line item deduction for tusker (-£900), Cycle scheme (-£80), pension (-£LOADS) and sharescheme (-£LOADS).

You then have a total Earnings amount (gross) - which is your monthly salary pay minus the items above.

You then have a deductions column, where TAX and NI (and probably other stuff) are worked out on your total gross earnings. You now have less earnings (due to the car), so pay less tax and NI.

You then have an amount paid box, where you get shown you get paid worked out from Earnings - Deductions. This is you NET salary.

Tusker say the car costs £900 gross (as above) and around £500 net. They work out the net due to the savings of not paying 20%/40%/45% tax on the £900.

All things being equal, my car costs around £450 a month in my bank account from the original £900 gross estimate. This is found out by comparing my previous months pay in my bank account (when i didnt have the car) to this months pay (when i do have the car).

I have done SS for years (15+ i think) - this is the normal method, and is tax efficient both for you, and the company! (they pay less NI as well!)

Assuming you currently lease a car for the same amount, you are simply moving the payment to before you pay tax.

One thing to note with SS an mortgages - you obviously "appear" to be earning less money per month when you have to show your outgoings - this may be a factor to consider if applying for a mortgage in the near future.

Again - I am not a tax adviser - just my ramblings of what i have done over the past years. DYOR.

Also - get a BEV - much better than a PHEV!!!!!!

Cheers

Mike

Hi Mike,

Yes you are absoloutely correct, there has been so much confusion.

I really do appreciate all your help and it definitely is alot more clearer now.

I will definitely have a look around for a BEV

Thank you again

 

[Damizhectik]

Hi, me again. I’m back.

Please help me work out what my rough estimated take home will be (I know nobody will have the official answer but just need an estimate to see if it is worth ss)

I am after the new vauxhall astra PHEV. Can’t find anything that I like more than this car.

tusker has quoted me as below 👇

my salary before tax is 2400 per month and tax code 1257L. I am not opted into the pension but have a student loan plan1 taken from salary every month.

my understanding is tusker will take 736 from my gross salary leaving around 1600-1700

tax and ni will now be deducted from my new gross salary but should be -147 tax and -97 less from my previous salary when I didn’t have the car. I was informed that my tax code will changed to one based around personal allowance. Its looking like over £1000 will leave my salary overall. I just really want to know what my expected take home would be as nobody seems to want to help 🥺

 

[MikeBennett2350]

Hi, me again. I’m back.

Please help me work out what my rough estimated take home will be (I know nobody will have the official answer but just need an estimate to see if it is worth ss)

I am after the new vauxhall astra PHEV. Can’t find anything that I like more than this car.

tusker has quoted me as below 👇


View attachment 162849

my salary before tax is 2400 per month and tax code 1257L. I am not opted into the pension but have a student loan plan1 taken from salary every month.

my understanding is tusker will take 736 from my gross salary leaving around 1600-1700

tax and ni will now be deducted from my new gross salary but should be -147 tax and -97 less from my previous salary when I didn’t have the car. I was informed that my tax code will changed to one based around personal allowance. Its looking like over £1000 will leave my salary overall. I just really want to know what my expected take home would be as nobody seems to want to help 🥺

Hello

All of your post is correct - but where do you get the £1000 leaving your salary overall from?

I would expect to see your current salary paid into your bank account being around £536 less than what you get paid at the moment when you have the car on your drive.

If for example on 28.8k per year, you get £1,920.59 per month net (after tax, in your bank account - no student loans taken into account)

You will then have £ 1,920.59 - 536 = £1384.59 paid into your account (and a car to use on your drive obviously)

I would politely suggest that a little reading on PAYE might be a useful skill, for now and the future!

Wait till you get into the Self Assessment areas - thats where the fun really starts!!!!

As ever, just my ramblings - please do your own research!!

Cheers

Mike

 

[Briggo]

nobody seems to want to help

We've been trying to help but you keep asking the same question.

Basically whatever your net pay is today which will take into account your student loan, deduct 536 from it.

That'll be near as dammit.

 

[Damizhectik]

Ok thx

 

[Damizhectik]

Hello

All of your post is correct - but where do you get the £1000 leaving your salary overall from?

I would expect to see your current salary paid into your bank account being around £536 less than what you get paid at the moment when you have the car on your drive.

If for example on 28.8k per year, you get £1,920.59 per month net (after tax, in your bank account - no student loans taken into account)

You will then have £ 1,920.59 - 536 = £1384.59 paid into your account (and a car to use on your drive obviously)

I would politely suggest that a little reading on PAYE might be a useful skill, for now and the future!

Wait till you get into the Self Assessment areas - thats where the fun really starts!!!!

As ever, just my ramblings - please do your own research!!

Cheers

Mike

Thanks alot

 

[SoulGW]

Stop looking at PHEV’S for goodness sake.

They are rubbish as cars and rubbish on Salary Sacrifice.

BEV only - it’s the only thing that makes any sense at all..

 

[karlak]

Do Tuskers prices change from company to company. So they do better prices if a company has more employees etc.

Recently looked at a few prices and they seemed very poor.

 

[Briggo]

Do Tuskers prices change from company to company. So they do better prices if a company has more employees etc.

Recently looked at a few prices and they seemed very poor.

What cars were you looking at?

 

[karlak]

What cars were you looking at?

Just as a reference point, if someone with Tusker access could see how much a basic spec Tesla Long range is on 12.5k miles. Coming out at over £900 a month at the moment, which seems a lot compared to some lease prices out there. 36 and 48 months are an option.

 

[Briggo]

Just as a reference point, if someone with Tusker access could see how much a basic spec Tesla Long range is on 12.5k miles. Coming out at over £900 a month at the moment, which seems a lot compared to some lease prices out there. 36 and 48 months are an option.

Sure that's not the gross price that you won't actually pay? My MYLR via Lex work salary sacrifice is going to be net £630 or gross just over £1000, that's with paint and the 20" wheels. If the Tusker deal ends up that you are being deducted net £900 then that is very expensive for a salary sacrifice deal.

 

[karlak]

Sure that's not the gross price that you won't actually pay? My MYLR via Lex work salary sacrifice is going to be net £630 or gross just over £1000, that's with paint and the 20" wheels. If the Tusker deal ends up that you are being deducted net £900 then that is very expensive for a salary sacrifice deal.

Yep, I was very disappointed. This is for long range, 12.5k miles a year over 3 years. Standard white and standard wheels etc. Unless I am missing something, this is pricey. it is full maint , insurance etc. but I think most salary sacrifice schemes are.

EDIT: Model 3

• Amount taken from gross salary:
  £1434

• Income Tax saving:
  -£287
• National Insurance saving:
  -£190
• Benefit in Kind:
  +£19
• Effect on net salary:
  £977

48 Months

• Amount taken from gross salary:
  £1324

• Income Tax saving:
  -£265
• National Insurance saving:
  -£175
• Benefit in Kind:
  +£19
• Effect on net salary:
  £903

Scheme isn't live yet and am hoping these figures may improve once it goes live.

 

[Briggo]

Is that for a 3 or Y? For some reason the 3 is a bit more expensive on our work scheme, but not that much!

 

[karlak]

,

 

[Sportaz]

Just as a reference point, if someone with Tusker access could see how much a basic spec Tesla Long range is on 12.5k miles. Coming out at over £900 a month at the moment, which seems a lot compared to some lease prices out there. 36 and 48 months are an option.

Here's what Tusker quoted me today. Horrific. £1336 taken from my gross. Easy to see whose pocket the tax savings are ending up in.

 

[virtual.aj]

Here's what Tusker quoted me today. Horrific. £1336 taken from my gross. Easy to see whose pocket the tax savings are ending up in.
View attachment 166685

The prices on Tusker have gone through the roof recently.

 

[virtual.aj]

Hi

I think your co-worker has confused you - nothing is deducted from your net (after tax) pay.

Please see my example earlier up the thread. This is exactly what happens. Your tax code (should) not change - mine certainly didn't.

If your payslip is like mine (provided by ADP), You have two columns - Earnings and Deductions.

Under the earnings column you have a line item for your pay (as a positive balance) and you have any salary sacrifice items taken off (-£10) here. For example, I have a line item deduction for tusker (-£900), Cycle scheme (-£80), pension (-£LOADS) and sharescheme (-£LOADS).

You then have a total Earnings amount (gross) - which is your monthly salary pay minus the items above.

You then have a deductions column, where TAX and NI (and probably other stuff) are worked out on your total gross earnings. You now have less earnings (due to the car), so pay less tax and NI.

You then have an amount paid box, where you get shown you get paid worked out from Earnings - Deductions. This is you NET salary.

Tusker say the car costs £900 gross (as above) and around £500 net. They work out the net due to the savings of not paying 20%/40%/45% tax on the £900.

All things being equal, my car costs around £450 a month in my bank account from the original £900 gross estimate. This is found out by comparing my previous months pay in my bank account (when i didnt have the car) to this months pay (when i do have the car).

I have done SS for years (15+ i think) - this is the normal method, and is tax efficient both for you, and the company! (they pay less NI as well!)

Assuming you currently lease a car for the same amount, you are simply moving the payment to before you pay tax.

One thing to note with SS an mortgages - you obviously "appear" to be earning less money per month when you have to show your outgoings - this may be a factor to consider if applying for a mortgage in the near future.

Again - I am not a tax adviser - just my ramblings of what i have done over the past years. DYOR.

Also - get a BEV - much better than a PHEV!!!!!!

Cheers

Mike

Great post thank you.

 

[Matt D]

The prices on Tusker have gone through the roof recently.

I ran this through Tusker at my work and was quoted £1129 gross £612 net. Leaselocos cheapest deal was £717 a month excluding maintenance and insurance.
That seems like a healthy margin for Tusker but I am not an accountant

Matt