C2W - £ impact

[danf1983]

Sorry for the very basic question but i am trying to be 100% certain how much will be taken from my monthly pay - ie how much a month i will be worse off - before pulling the trigger. The numbers are;

Value of bike & accessories - £4,700
Sacrifice Term - 12 months
Total cost of hire through sacrifice - £2,726
Total Savings - £1,974
Total savings % - 42%

Gross salary deduction - £391.67
Net Salary deduction - £227.17

I think my monthly take home pay will reduce by £227.17 for 12 months but i was hoping for some clarification from others who have done this before.

Many thanks in advance.

Dan

[olo tation]

Yes, your assumption looks correct.

Caveat being that the c2w amount being deducted still keeps your taxable pay above the 50k higher rate threshold otherwise it'll be more of a reduction in take home pay and less of a saving.

[jamm13dodger]

You may also see a final payment at the end. I think mine ended up being about £180 on a £2000 bike last time.

[z4RRSchris]

the final payment depends on the scheme.

The best one to use is the GCI scheme.

[numtumfutunch]

Yeah, figures look good but dont use JE James:

https://www.cyclingweekly.com/news/were-actually-s...

A 10% surcharge has excluded them from me buying a £3000 Brompton with accessories, and thats without the 'helpful' jibe that I wont actually be using it on my commute. Fortunately I have another retailer who is very happy to oblige and on the back of their service with the Brompton is now my go to online place for spares and upgrades

Cheers