General Chat Thread, salary sacrifice 4 cars scheme in General; CWAC + C E have just launched this for the employess is anybody elses LEA doing it? also does any ...
19th July 2011, 08:53 AM #1
salary sacrifice 4 cars scheme
CWAC + C E have just launched this for the employess is anybody elses LEA doing it? also does any one know how this works out on your salary seems a little confusing to me cant work out my take home ect...
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19th July 2011, 08:56 AM #2
As with all salary sacrifice you sacrifice some of your pre-tax earnings into the scheme to pay for it and therefore you also pay less tax, however if you claim family tax credits this will have an impact on those.
19th July 2011, 09:13 AM #3
Also affects your pension I believe.
19th July 2011, 09:17 AM #4
and I'd assume means you have to buy a vastly over priced brand new car.
19th July 2011, 09:18 AM #5
If you paying into your pension then the cost per month comes down. not by much tho. whats the best way to work out how much this will effect my pay.
Originally Posted by AyatollahPies
19th July 2011, 10:23 AM #6
I believe the pension issue is that your salary is deemed to be what you earn minus what you sacrifice, so your final salary or average salary is less.
22nd July 2011, 11:46 PM #7
- Rep Power
Hi DJ-Jonesy, Some of the advice you've been given on this thread is factually incorrect. The Scheme you're referring to is live and running and has been for over 18 months with several LEA's. If you contact the company that provides the scheme they will be able to answer all your questions and running a quote on the online system will show you exactly what effects each vehicle has on your take home pay. If you don't fancy making a phone call then just hit the Live Help button whilst on the site (inside the password bit). I have two cars on the scheme and the first one is just coming up the the end of three years so have just ordered it's replacement. The cars are NOT "vastly over priced brand new cars" at all, in fact the discounts you'll get on the scheme are in some cases higher than you'll be able to get anywhere else in either the corporate or public sector.
27th July 2011, 12:39 AM #8
If it's anything like the bike to work (salary sacrifice) scheme, it's useless unless a) you buy new and b) intend to stay with the same employer for 3+ years.
It's also a lot of faffing for not many ££s saved imho.
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