What Employers need to know?
Co-operative Flexible Benefits provide a fully administered scheme allowing you to manage your scheme in seven easy steps. And what’s more, scheme delivery is cost free for employers.
Co-operative Flexible Benefits Cycle to Work benefit is offered in conjunction with Halfords which meets all relevant tax guidance (including recent HMRC guidance) and legislative criteria – important to know when introducing a scheme with tax implications.
Your local Account Manager will also provide ongoing scheme support, free marketing materials and all the scheme documentation that’s required. We can arrange on-site roadshows to help increase employee awareness.
| Retail value of bike and accessories |
£100 |
£500 |
£1000 |
| Gross monthly reduction** |
£8.33 |
£41.67 |
£83.33 |
| Tax Savings** |
£1.67 |
£8.33 |
£16.67 |
| National Insurance Savings** |
£1.00 |
£5.00 |
£10.00 |
| Net cost per month |
£5.67 |
£28.33 |
£56.67 |
| Total cost over 12 Months |
£68 |
£340.00 |
£680.00 |
| Total savings made |
£32.00 |
£160.00 |
£320.00 |
* Price includes all costs in running the scheme over a 12-month period. Costs included can be used as a guide only, and may vary subject to personal taxation.
**Assumes 20% Tax Rate and assumes 12% Employee NIC Rate.
For more information contact our helpdesk on 0800 458 7929