£
Gi 99 an t T 9. w 0 ist 0 Ex pr es s
Autumn/Winter 2012
This is an example of how savings are made for basic and higher rate tax payers on this bike package hired over a 12 month period. Cost after savings for basic rate tax payer:
Cost after savings for higher rate tax payer:
£679.32
£579.42
20% Tax, 12% NI
40% Tax, 2% NI
Bike package retail price
£999.00
£999.00
Income tax and NI saved
£319.68
£419.58
Monthly hire payments (before tax)
£83.25
£83.25
Monthly hire payments (take home pay)
£56.61
£48.29
32%
42%
20% Tax, 12% NI
40% Tax, 2% NI
Extended use deposit (where offered)
£69.93
£69.93
Total cost after extended use deposit
£749.25
£649.35
Total retail price:
£999.00 Example savings
Percentage saving
End of Hire
Savings will be affected by your personal level of taxation. At the end of the hire period you may be given the option to continue to use the bike by paying a small one off deposit and signing an Extended Use Agreement (EUA) with Cyclescheme. There are no further rental payments during the EUA period. This option will maximise your savings via the scheme (see page 6 for more details).
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