Autumn/Winter 2011
Example
Package
Add safety equipment for the full bike-to-work experience!
£69 9.9 9
Ma rin T erra Lind a
£34 .49
£59 .99
99 £Po8lar9is S.aprips-hirapeparel.co.uk
Kno ww g Boom w.to day er USB scyc list.c o.uk
Bell www Arella .mad ison.c o.uk
.pola www
Total retail price
£884.46 Example savings 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. 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).
48
Example Cyclescheme savings for basic and higher rate tax payers
Price after savings for basic rate tax payer
£601.43
Price after savings for higher rate tax payer
£512.99
Higher rate
Basic rate
40% Tax, 2% NI
20% Tax, 12% NI Bike package retail price
£884.46
Bike package retail price
£884.46
Income tax & NI saved
£283.03
Income tax & NI saved
£371.47
Gross monthly repayments
£73.71
Gross monthly repayments
£73.71
Net monthly payments
£50.12
Net monthly payments
£42.75
Total cost of bike package
£601.43
Total cost of bike package
£512.99
EUA payment
£57.71
EUA payment
£57.71
Total saving at end of EUA
£225.32
Total saving at end of EUA
£313.76
End of hire
End of hire