Help me understand salary sacrifice (for me)
Hi all, so I’m looking to try work out my savings if I opt to join my employers salary sacrifice EV scheme, but finding it incredibly difficult to get my head around the potential savings I can make
My info:
Total Comp: around £115k (£100k salary and rest is bonus and overtime)
Bik: currently I have a mortgage as BiK and my tax code is 883T
Current car: so I currently have an ICE car worth about £30k which I was considering selling, putting a lot of money to one side to pay for the new monthly payments on the EV and ‘freeing up’ the rest of the equity that I have in that car currently…
So say I find a car that is £750pm, but due to salary sacrifice the impact on my take home would be about £500… is this £250 difference the sum of my tax savings?
Is there a reason I shouldn’t?
Apologies as I think I’ve further confused myself whilst typing this out…