How much more are you paying in car tax this year? Drivers of petrol, diesel, hybrid and electric vehicles could all be hit with hikes from this month
Vehicle Excise Duty bands have risen in-line with the Retail Price Index, affecting both old and new cars
Owners of petrol, diesel and alternative fuel vehicles will likely see annual car tax costs rise by at least £5
Buyers of new cars with internal combustion engines could see VED charges upped by £70 in the first year
Those buying - or who have recently purchased - cars over £40k will also see their annual car tax increase
Octopus Electric Vehicles has revealed a new 100 per cent electric car leasing service for businesses looking to become more environmentally friendly.
The scheme, called Electric Dreams, uses a system known as salary sacrifice which allows staff to pay for a new electric vehicle out of their gross salary, potentially saving them thousands of pounds on national insurance and income tax.
The firm said it is introducing the programme in response to a surge in interest in electric vehicles from businesses.
Huel and Purplebricks are two large firms who have already signed-up, with more than a hundred new enquiries every week according to Octopus, which had Prime Minister Boris Johnson visit its London headquarters late last year.
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Octopus Electric Vehicles launches salary sacrifice EV leasing scheme for businesses
The Tesla Model S is one of the EV models available on the scheme
Participants can save almost £14,500 through the scheme, which offers EV models from Tesla and Jaguar among others, Octopus Electric Vehicles claims
An electric vehicle (EV) version of the popular cycle-to-work scheme is being launched this week by Octopus Electric Vehicles, with participants expected to save an average of £14,445 over three years, the company claims.
Dubbed Electric Dreams, the new leasing service is designed to enable drivers to sacrifice some pre-tax salary in return for a brand new electric car. The savings are made possible by the low Benefit-in-Kind (BiK) tax rate on electric cars in the UK, which first came into force last year and is set at one per cent for the tax year 2021-22, and two per cent for the subsequent three years.
Date: 07 April 2021 Â Â |Â Â Author: Sean Keywood
A new service leasing EVs on a salary sacrifice basis has been launched by Octopus Electric Vehicles.
The Electric Dreams scheme is said to have been designed to be low effort for employers to set up, with zero cost. Octopus says its staff can help employees choose their cars and get set up with chargers and EV energy tariffs, as well as support the business with scheme documents, approvals and payroll.
Businesses of all sizes are eligible, and financing and insurance are provided by Close Brothers and Lloyd Latchford respectively.
Octopus says 15 companies have already signed up, including Huel and Purplebricks.