Does anyone salary sacrifice for their car?

[Sats]

Looking at getting a new motor through work and there's a salary sacrifice scheme - does anyone else's work do this or are you already doing it? Are there any pitfalls? Is it worth it?

 

[Deleted Member 1156]

We have a scheme but it isn't as competitive as taking out a private lease which is what I've done. Best do your sums first to see how your company scheme stacks up.

 

[Blue in Munich]

I don't actually do it but I think my firm offers it and, if I remember correctly, it is taken off your gross salary before tax so there could be a benefit there.

 

[fundy]

As BIM implies its simply a tax maths calculation, for some it works out a decent option for others less so

 

[Fade and Die]

Don’t do it, the Tax can be horrific! Privately lease would be my advice.

 

[PIng]

It can also affect your pension since it reduces your pensionable pay.

 

[Sats]

Thanks guys - I've noticed on our internal internet page that it's currently not taking new applications - believe there is discussion with the HMRC regarding the tax issues. I'm going to look at the sums first and see what's what.

 

[Blue in Munich]

It can also affect your pension since it reduces your pensionable pay.

Knew there had to be a way the taxman got his own back.