Salary Sacrifice - Car Scheme (Numbers don't add up)

ConfusedTax738

Attached below is a broken down version of my payslip, to the right is the details of the vehicle I am leasing on a salary sacrifice scheme.

Is it just me or do the numbers not add up? Currently the vehicle is costing me £671.60.

Based on my own calculations, it should be costing me approx. £700 minus the student finance saving.

I have contacted my payroll team but they take a while to respond... Can anyone else figure out where I have gone wrong or they have? 

For reference, a £900.61 cost on 20% tax would have a tax saving of £180.12, NI Saving of £72.05, SF saving of £81.05 and an added BIK of £69.49 (20% of £347.43). To an actual cost of £636.88. Which coincidently is also what happens when I change Car BIK L to £347.43, which is where I believe my company has gone wrong.

Grumpy_chap

ConfusedTax738 said:

Attached below is a broken down version of my payslip, to the right is the details of the vehicle I am leasing on a salary sacrifice scheme.

Is it just me or do the numbers not add up? Currently the vehicle is costing me £671.60.

Based on my own calculations, it should be costing me approx. £700 minus the student finance saving.

I have contacted my payroll team but they take a while to respond... Can anyone else figure out where I have gone wrong or they have? 

For reference, a £900.61 cost on 20% tax would have a tax saving of £180.12, NI Saving of £72.05, SF saving of £81.05 and an added BIK of £69.49 (20% of £347.43). To an actual cost of £636.88. Which coincidently is also what happens when I change Car BIK L to £347.43, which is where I believe my company has gone wrong.

What is your current tax code as advised by HMRC?  The company have to use that and not what you think it should be.

ConfusedTax738

Grumpy_chap said:

ConfusedTax738 said:

Attached below is a broken down version of my payslip, to the right is the details of the vehicle I am leasing on a salary sacrifice scheme.

Is it just me or do the numbers not add up? Currently the vehicle is costing me £671.60.

Based on my own calculations, it should be costing me approx. £700 minus the student finance saving.

I have contacted my payroll team but they take a while to respond... Can anyone else figure out where I have gone wrong or they have? 

For reference, a £900.61 cost on 20% tax would have a tax saving of £180.12, NI Saving of £72.05, SF saving of £81.05 and an added BIK of £69.49 (20% of £347.43). To an actual cost of £636.88. Which coincidently is also what happens when I change Car BIK L to £347.43, which is where I believe my company has gone wrong.

What is your current tax code as advised by HMRC?  The company have to use that and not what you think it should be.

The taxcode is 1257L which I believe to be the standard one/one used in my calculations.