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

(12%) £7.50

(2%) £1.25

Total Monthly Savings

£20.00

£26.25

Net Monthly Cost

£42.50

£36.25

Total Net Cost over
12 months
£510
£435
Savings over
12 months
£240
£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

(12%) £8.41

(2%) £1.40

Total Monthly Savings

£22.41

£29.42

Net Monthly Cost

£47.63

£40.62

Total Net Cost over
12 months
£571.55
£487.50
Savings over
12 months
£268.92
£353.04

Get Started

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