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I've just got my application form back from work. I went for a thousand pound voucher and it's come back with £75.76 as my monthly payment which works out at £903 for the year. The website works it out as £69 quid a month which comes in at a far more acceptable £833 for the year.
Is this normal? I appreciate this is all before tax but can the company just charge what they want? Obviously I'll take it up with them on Monday but just wondered if anyone could provide me any ammo before I do.
It might be something to do with VAT.
£833 X1.2 = £999.60
the other way works as well but you add vat to a 'cost' rather than subtracting it from and end price so to speak.
not sure why the difference though. Your employer is administering it though so you will be going by there calcs i reckon.
if it's a 12 month scheme the value is a lot less than you think due the application of HMRC rules at that point.
check the small print
That seems high. I got the £1k voucher a few years ago and I'm sure the monthly payment was around £50 then???
same here, but the 'top line' payment was £70ish. my tax then got taken off and my 'real' payment from my pocket was about £50.