Savings
Both your company and your employees can make great savings by running the Bike scheme. Your company will save money by running a scheme. Typically take up is around 5% with average order values of around £750. 13.8% of this amount can be saved by the company through employers NI savings.
Take a look at the examples below to see how much your company and your employees could save:
Company savings
500 employees |
|---|
| Expected take up 25 |
| Average Order Value £750 |
| Total Order Value £18,750 |
Employer NI Saving (13.8%)£2,587 |
1000 employees |
|---|
| Expected take up 50 |
| Average Order Value £750 |
| Total Order Value £37,500 |
Employer NI Saving (13.8%)£5,175 |
Employee Savings
Company Funded Scheme |
||
|---|---|---|
| No finance cost | Basic rate tax payer |
Higher rate tax payer |
| Order value | £750.00 |
£750.00 |
| LoC value (no finance) |
£750.00 |
£750.00 |
| Length of Scheme (months) |
12 |
12 |
| Gross Monthly Amount | £62.50 |
£62.50 |
| Tax Saving | (20%) £12.50 |
(40%) £25.00 |
| National Insurance Savings | (8%) £5 |
(2%) £1.25 |
| Total Monthly Savings | £17.50 |
£26.25 |
| Net Monthly Cost | £45.00 |
£36.25 |
Total Net Cost over |
£540 |
£435 |
Savings over |
£210 |
£315 |
Third Party Funded Scheme |
||
|---|---|---|
| Assumes finance cost of £93.39 per £1,000 |
Basic rate tax payer |
Higher rate tax payer |
| Order value | £750.00 |
£750.00 |
| LoC value (inc finance) |
£840.51 |
£840.51 |
| Length of Scheme (months) |
12 |
12 |
| Gross Monthly Amount | £70.04 |
£70.04 |
| Tax Saving | (20%) £14.01 |
(40%) £28.02 |
| National Insurance Savings | (8%) £5.61 |
(2%) £1.40 |
| Total Monthly Savings | £19.62 |
£29.42 |
| Net Monthly Cost | £50.42 |
£40.62 |
Total Net Cost over |
£605.04 |
£487.50 |
Savings over |
£235.44 |
£353.04 |
Address
Caboodle Technology Limited
Suite 24 and 25
Edwin Foden Business Centre
Moss Lane
Sandbach
CW11 3AE
