Salary Sacrifice for Work-Related Training - University of Ulster
Salary Sacrifice for Work-Related Training - University of Ulster
Salary Sacrifice for Work-Related Training - University of Ulster
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Deduction over 1 month<br />
WORK RELATED TRAINING SAVINGS<br />
EMPLOYEE FINANCIALS Basic Taxpayer<br />
Higher taxpayer<br />
20% tax and 9.4% NI 40% tax and 1% NI<br />
Cost <strong>of</strong> training incl. VAT 495.00 495.00<br />
Duration <strong>of</strong> deductions 1 month 1 month<br />
Monthly deduction 495.00 495.00<br />
Less tax saving -99.00 -198.00<br />
Less NI saving -46.53 -4.95<br />
Total cost after tax & NI<br />
savings<br />
349.47 292.05<br />
Deduction over 2 months<br />
EMPLOYEE FINANCIALS Basic Taxpayer<br />
20% tax and 9.4% NI 40% tax and 1% NI<br />
Cost <strong>of</strong> training incl. VAT 995.00 995.00<br />
Duration <strong>of</strong> deductions 2 months 2 months<br />
Monthly deduction 497.50 497.50<br />
Less tax saving -99.50 -199.00<br />
Less NI saving -46.77 -4.98<br />
Monthly net reduction 351.23 293.52<br />
Total cost after tax & NI<br />
savings<br />
702.46 587.04<br />
Deduction over 3 months<br />
EMPLOYEE FINANCIALS Basic Taxpayer<br />
Higher taxpayer<br />
Higher taxpayer<br />
20% tax and 9.4% NI 40% tax and 1% NI<br />
Cost <strong>of</strong> training incl. VAT 1495.00 1495.00<br />
Duration <strong>of</strong> deductions 3 months 3 months<br />
Monthly deduction 498.33 498.33<br />
Less tax saving -99.67 -199.33<br />
Less NI saving -46.84 -4.98<br />
Monthly net reduction 351.82 294.02<br />
Total cost after tax & NI<br />
savings<br />
1055.46 882.06
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