Cycle to work scheme

From the cyclescheme website:

Spend £1,000 and you could save about:

                                  **£320**

Total cost of bike and accessories: £1000
Net cost of bike and accessories, including finance and admin costs (if applicable): £1000
Income tax saving over hire period: £200
Employee NI saving hire period: £120
Final cost of bike & accessories: £680
Total saving: £320
Gross salary sacrifice, based on 12 month hire period (this should be the figure displayed on your hire agreement): £83.33

                                                                                                              Net  salary sacrifice, based on 12 month hire period:                                         £56.67                                                                                                                   

Percentage saving over RRP: 32%