Phonescheme: How It Works

Cyclescheme, 08.04.2016

Phonescheme: How It Works

If you or your colleagues are keen to get their hands on the new Samsung S7, Apple SE or other leading brands of smartphones, it is worth signing up for free to Phonescheme, the newest employee benefit in the MySchemes family.

In addition to providing leading brands such as Apple and Samsung, we are the only salary sacrifice provider to offer the new Wileyfox handset.

This budget smartphone has received rave reviews for its performance and recently won a Mobile News Award in the challenger manufacturer category in spite of its low cost. Wileyfox can be obtained for just £8.30 per month via Phonescheme.

In a recent survey of what Cyclescheme customers look for in a phone contract, low total cost of ownership is the most important factor when choosing a mobile phone for an overwhelming 70.4% of employees. This factor is more important than free minutes and data; the phone’s specification; or the network provider’s customer service. And over 75% of employers believe that offering a wide range of benefits helps attract and retain employees.

Phonescheme meets both of these needs by enabling employers to take part in a scheme that offers staff the chance to get a new smartphone at a discounted rate and to spread the cost over a year.

Customers of Phonescheme have the freedom to continue to use their existing SIM card or they can get a new one from any network provider, allowing them to take advantage of market-leading SIM-only or pay-as-you-go deals.

Phonescheme is easy to set up and Grass Roots looks after all the administration. Once the employee has selected a phone, the employer pays for it and recovers the cost from the employee’s gross salary over a 12 month period. The employer will make savings of up to 13.8% in National Insurance on the cost of each phone while employees can save between 22% and 42%on the cost of the phone through Income Tax and National Insurance Savings.

Average savings vary from 22% to 42% based on a participant’s income tax band and which end of hire option they choose.The scheme is fully compliant with HMRC Guidance that allows for the provision of one mobile phone for an employee’s private use, exempt from Income Tax and National Insurance Contributions.

Find out more about Phonescheme at www.phonescheme.co.uk.

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