Leodis
Veteran
- Location
- Moortown, Leeds
No its fine, sorry if I came across a bit bluntly.
At work they deduct £83.25 before taxed & NI deductions which equals £999 (bike value), I then have £999 deducted from my salary on a monthly basis which means I pay roughly 30% less tax & NI on £999 (83.25 a month) which equals roughly £52 a month after the tax savings.
The last one I used at a previous employer was set up incorrectly, they did what your company does and for the same value used I paid back £78 a month!! I tried to question it with them but since they didnt understand it or more to the point were not bothered they just said to return the voucher which I couldnt as I had ordered a bike.
On Cyclescheme they charge the LBS (local bike shop) or retailer 10% commission on all sales. I am not sure if your business is just doing it themselves or using cyclescheme.
At work they deduct £83.25 before taxed & NI deductions which equals £999 (bike value), I then have £999 deducted from my salary on a monthly basis which means I pay roughly 30% less tax & NI on £999 (83.25 a month) which equals roughly £52 a month after the tax savings.
The last one I used at a previous employer was set up incorrectly, they did what your company does and for the same value used I paid back £78 a month!! I tried to question it with them but since they didnt understand it or more to the point were not bothered they just said to return the voucher which I couldnt as I had ordered a bike.
On Cyclescheme they charge the LBS (local bike shop) or retailer 10% commission on all sales. I am not sure if your business is just doing it themselves or using cyclescheme.