Pricing Info

When you take part in an EPCIS scheme, you agree to have your gross monthly salary reduced by a set amount each month and for the 24 Month term of the Scheme. This reduction in salary then helps reimburse your employer the cost of his providing the computer training package to you. Of course, your net or take home pay will only be reduced by the net amount quoted on the relevant web page. You therefore make a saving equivalent to the tax, national insurance, and VAT on the cost of that particular computer training package.

The “Tax Saving” is the amount of Tax you save by having this reduction in salary.

The “NI Saving” is the amount of National Insurance contributions you will save as a result of the reduction.

The “Net Monthly reduction” is the true cost to you, as it is the amount by which your net take-home pay will be reduced.

The “Net Total Cost” is the total cost to you over the duration of the Scheme (in this case 24 Months).

The “Gross Monthly reduction” is the amount by which you agree to have your salary reduced, before Tax.

At the end of the training period, you will be typically offered the option to purchase the computer for its then market value.

Example: Training Package 7*

Customer Pricing	Your salary below £42,475
Gross monthly reductions	£85.00    = The reduction to your gross monthly salary.
Tax savings	£17.00    = The amount of Tax you save per month.
NI savings	£10.20    = The amount of NI you save per month.
Tax and NI Savings	£27.20    = Total Tax Savings per month.
Net Monthly reductions	£57.80    = The true reduction to your take-home monthly pay.
Total Net Amount Payable	£1,387.20    = The Total true cost to you over the period.
Customer Pricing	Your salary above £42,475
Gross monthly reductions	£85.00      = The reduction to your gross monthly salary.
Tax savings	£34.00      = The amount of Tax you save per month.
NI savings	£01.70      = The amount of NI you save per month.
Tax and NI Savings	£35.70      = Total Tax Savings per month.
Net Monthly reductions	£49.30      = The true reduction to your take-home monthly pay
Total Net Amount Payable	£1,183.20    = The Total true cost to you over the period.

 

1.The above calculations are based on tax basic rate band of £42,475 including the tax free allowance when the employee's PAYE code is 810L. 2. NIC top rate band of £42,480. 3. Basic Personal Allowance £8,105. 4. The figures are based on contracted in national insurance contributions. If an individual is contracted out the national insurance savings will be lower if they are earning lower than £42,480. 5. The cost breakdown table is only an approximate guideline. 6. The above table reflects UK Income Tax & National Insurance Rates as at the date of publication. Future tax changes may affect projected savings. 7. The above calculations assume full time working conditions.