Car Scheme Help:
- Choose your desired vehicle
- Choose the options you wish to include
- Go to the “plan tab” and take the Driver Contribution value – This is the additional money you will pay over and above your allowance (if there is any – some cars are the same or less)
- Take the value of the contribution (e.g. £100) and make sure you know what tax band you are in 20% or 40%
- Deduct the 32% or 42% depending on your tax band (32% = 20% Tax Payer, 42% = 40% Tax Payer) in this example if you are in the 20% bracket you physically pay £68 from your take home pay
- Ensure you are checking the P11d/Company Car Tax when checking affordability, as this can be more than current rates. You can find this on the right hand side of the screen under the ‘Plan’ tab on the portal