Example and calculator
NI Savings
To find out how much your business could save in NI contributions, check out the calculator below.
Disclaimer: This calculator is for guidance only. It assumes employees are basic rate taxpayers and there is a 2% takeup rate.
| C2W scheme (basic taxpayer 22% tax, 11% NI) |
C2W scheme (higher taxpayer 40% tax, 1% NI) |
|
| Cost of Bike over 18 months | £ 400† | £ 400† |
| Employee Tax and NI savings | £ 132 | £ 164 |
| Actual cost to employees | £ 268 | £ 236 |
| Net monthly cost to employee | £ 14.89 | £ 13.11 |
| Saving to employer in NI contributions | £ 51.20 | £ 51.20 |
† Based on a £400 cycle and is calculated without a finance package. In this example VAT savings have not been deducted. If the employer could recover VAT and chose to pass on these savings to staff, savings would be even greater.
