Soldato
My cycle to work scheme has reached an interesting conclusion to payments.
Basically after entering salary etc estimated cost was £40 net deduction.
Fine, perfect.
Except first payment was minus the £40 (£63 deduction gross and £20 less tax/ni = £40ish). Expected.
But then I had another deduction of £20 so overall £60 net not £40... Basically one side is saying the other side is wrong so to get the £40 deduction I'm having it over 16 months, not 12.
It turns out because I'm low paid it would take me below minimum wage so they took another £20 in deductions meaning in I wouldn't get any tax saving.
Saving about £180 I think but the amount of hassle. Don't think I'll bother again. If I earn more money I get a bigger saving.
Basically after entering salary etc estimated cost was £40 net deduction.
Fine, perfect.
Except first payment was minus the £40 (£63 deduction gross and £20 less tax/ni = £40ish). Expected.
But then I had another deduction of £20 so overall £60 net not £40... Basically one side is saying the other side is wrong so to get the £40 deduction I'm having it over 16 months, not 12.
It turns out because I'm low paid it would take me below minimum wage so they took another £20 in deductions meaning in I wouldn't get any tax saving.
Saving about £180 I think but the amount of hassle. Don't think I'll bother again. If I earn more money I get a bigger saving.
