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HomeAutoHow does wage sacrifice work for a automotive? | elmo Acquire US

How does wage sacrifice work for a automotive? | elmo Acquire US

What’s a wage sacrifice automotive scheme?

A wage sacrifice scheme permits you to pay for one thing utilizing your month-to-month wage earlier than you’ve paid your tax. So, a automotive scheme allows you to save cash by paying much less tax and receiving benefit-in-kind reductions so that you pay as much as 60% lower than you would possibly ordinarily.

Whereas you’ll obtain a brand-new automotive and pay a lot much less, it’s essential to notice that these deductions imply you’ll additionally deliver house much less every month. For that purpose, it’s very important to be sure to can nonetheless afford your different month-to-month funds, corresponding to lease/mortgage, council tax, utilities, cellphone invoice and meals even after these deductions have been made.

For extra data learn our publish on how wage sacrifice works.

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