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andyp
Can someone help me understand how the cycle to work scheme works?
I have a bike that cost £950 total on it and I'm paying £79 a month for it, which is correct using their calculator - http://www.cyclescheme.co.uk/calculator.
Total cost of bike and accessories: £950
Net cost of bike and accessories, including finance and admin costs (if applicable): £950
Income tax saving over hire period: £190
Employee NI saving hire period: £114
Final cost of bike & accessories: £646
Total saving: £304
Gross salary sacrifice, based on 12 month hire period (this should be the figure displayed on your hire agreement): £79.17
Net salary sacrifice, based on 12 month hire period: £53.83
Percentage saving over RRP: 32%
£80 x 12 = £960 so I'm not sure how I'm saving that £300?