Benefits from work

[Charlie1986]

Hi All

What is the benefit of Choose your own device scheme? its only apple offered.

Also is it worth taking the company share scheme?

Thanks Al

[iphonedyou]

Think we're going to need a little more information than that.

[Flooble]

Yes, some context would be really helpful!

[Jasandjules]

I suspect the benefit is you get to choose your own... But frankly I have no idea.

[bitchstewie]

Choose your own typically simply means they give you a list of approved devices you can choose from rather than hurling a computer at you because it's the default company model.

You usually still end up with something specified by the company.

[Charlie1986]

Thanks guys its as it is as I'm only going over the contract now.

Its a choice of a phone,Laptop or tablet. Apple is only compatible so no androids. CYOD is shortened as.

The company share scheme is the first time I've come across it so not really sure how this works all i know its active from 1 month. But i can't find the shares listed under the parent group or the company name.

[elanfan]

Share save is I believe broadly similar in most companies as I think it is governed by tax law.

Mine worked like this:

You were offered shares at market price on a particular day less 20%.

The number of share options you got depended on how many years the scheme as for and how much a month you put into it (up to £250 pm).

On maturity of the scheme you could choose to exercise your option or not. You'd either get your cash back plus a little interest or exercise the right to buy the share. If the share price had increased in the meantime you'd be stooopid not to do this. There could be capital gains tax if you were making a lot out of it but if you held hem I think for 5 years they were tax free.

Summary a win win situation.

Edited by elanfan on Friday 26th February 19:33

[Countdown]

I'm not sure if the CYOD is similar to what our company has. Basically (depending on grade and role) staff get certain equipment provided. This may be mobile phone/laptop/Ipad. You can either ask the company to provide OR you provide your own device and the company gives you the cash equivalent of what it would have to pay. It basically means you can use your own mobile phone rather than having to carry 2 around and the company gives you £15 per month. The cash rate for Ipads and laptops is £25pcm.

[shep1001]

Share scheme can be a licence to print money if its attractive enough. I get a matching number of shares equal to the number purchased each month up to the value of the £250 I pay in. The trick is to hold onto them long enough so there is no tax to pay, I think I would also loose the matching shares contribution for the last 3 years if I decided to leave the company. 25 years in this year and I am seriously thinking of cashing out all my tax free ones

Edited by shep1001 on Tuesday 8th March 10:29

[ozzuk]

Also check which are taxable benefits (at source). The shares I've no idea on (but I'd love to be part of a share scheme), but the device is likely a taxable benefit so weigh up if it is worth it. My BUPA for instance is taxed, costs me a few hundred a year and I never use it.

[edc]

ozzuk said:

Also check which are taxable benefits (at source). The shares I've no idea on (but I'd love to be part of a share scheme), but the device is likely a taxable benefit so weigh up if it is worth it. My BUPA for instance is taxed, costs me a few hundred a year and I never use it.

Pretty much all non-cash benefits are taxable. The ones I can think of which often don't make it to the p11d are things like life assurance, office niceties like free fruit and hot drinks etc.

[Du1point8]

If anything like the NHS scheme... the apple product was available straight away, but once you looked at the final figures... it looks cheap but works out more expensive than buying upfront... however most staff don't look at that.

[Charlie1986]

Du1point8 said:

If anything like the NHS scheme... the apple product was available straight away, but once you looked at the final figures... it looks cheap but works out more expensive than buying upfront... however most staff don't look at that.

This!

I've opted out and as I have an Iphone they will pay me £20 a month instead of taking a new device and paying £45. As for the shares I cant do anything until August.

Thanks for the advice guys 1 day left now in this place then start on Monday at my new place. And after threats of a tribunal I've finally got what they owe me in regards to my bonuses.