C2W
- Thread starter BrianD
- Start date
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There are a lot of variables.
If we assume a basic scenario, 12 month rental period, 20% tax, 12% NI and your earnings at a level that no thresholds are breached, your payroll deduction for the loan of the bike will be £83.33 per month and your take-home pay will drop by £56.67 per month or £680 over the 12 months.
If we assume a basic scenario, 12 month rental period, 20% tax, 12% NI and your earnings at a level that no thresholds are breached, your payroll deduction for the loan of the bike will be £83.33 per month and your take-home pay will drop by £56.67 per month or £680 over the 12 months.
defy-one
Guest
Man up! Lol
I persuaded it was better than paying for a gym membership i would never use. Losing over a stone in weight has proved getting a bike was a smart move. We also save a lot on diesel now!!
okeydokey79
Senior Member
our cycle to work scheme for £1000 is £52. a month for 13 payments then 3 options 1=giv bike back(dont think so) 2= pay a final payment of 25%(18% if £500 or below) or 3= defer payment for 1 yr wait till tax code change then just pay the tax on the bike which i have been told would be £54 so 13x52 = £676 plus final payment £54 = £730 for a £1000 bike option 3 it is then 
rodgy-dodge
An Exceptional Member
cyberknight
As long as I breathe, I attack.
Check your companies stance on C2W final payment, my company only charges us the standard tax rate on the 25% value so my £800 bike cost me
12x42 net=504
admin fee=30
final fee = 40
Total=574
12x42 net=504
admin fee=30
final fee = 40
Total=574
cyberknight
As long as I breathe, I attack.
trouble is if you get serious you could end up like this ....
Or if you buy the gear and stick in in the shed ......
Haha class! Already the second picturetrouble is if you get serious you could end up like this ....
Or if you buy the gear and stick in in the shed ......
That would depend on your scheme. It wouldn't go direct to HMRC if you were paying FMV, but it might go to a third party such as CycleScheme, possibly. If it went to your employers, that could be a profit, depending on the details of your company's scheme and the level of monthly payments, for instance.
Your employers should already be making a profit, though, of the NI savings at the very least.