š¢ Home & Tech Salary Sacrifice Scheme: FAQ
Our new Home and Tech Scheme allows you to spread the cost of purchases from Currys or IKEA directly from your payslip.
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Q: How does the scheme work?
It operates via a salary sacrifice arrangement. Your company buys a digital voucher for you upfront, and you pay it back in equal instalments directly from your gross (pre-tax) salary over 12 months.
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Q: What are the steps to apply and use the scheme?
1.Submit a Request:On Mintago.
Log into the Mintago platform and request the exact monetary amount (Ā£) you need for your planned purchase at Currys or IKEA.
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2.Await Approval:Internal Admin.
Your request is automatically routed to your hub administrators for internal approval.
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3.Receive Your Voucher:Ready to Shop.
Once approved, you will receive a digital certificate/voucher for that exact amount to spend online or in-store.
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4.Salary Deductions Begin:Over 12 Months.
Your company covers the upfront invoice. The cost is then deducted from your gross salary in 12 equal monthly instalments.
Q: Will I save money on tax?
There are no Income Tax savings with this specific tech scheme. However, you do save money on National Insurance (NI) because the payments are taken before NI is calculated.
Your exact savings depend on your tax band:
Basic-Rate Taxpayers: Save 8% on the total cost.
Higher-Rate Taxpayers: Save 2% on the total cost.
Q: Can you show me a quick example of the math?
Let's say you want to buy a new laptop or furniture totaling Ā£1,000:
You request Ā£1,000 on Mintago.
The company pays the Ā£1,000 upfront so you can get your items immediately.
Over the next year, Ā£1,000 is divided across 12 months and deducted from your gross salary.
Because of the NI savings, the actual take-home pay you "lose" will be less than the face value of the monthly deduction (e.g., a basic-rate taxpayer actually only effectively pays back Ā£920 over the year).