Cubist
Still wavin'
- Location
- Ovver 'thill
I'd just get one to piss Marinyork off nowadays.......
C2W A bit perplexed
- Thread starter Chris-H
- Start date
Page may contain affiliate links. Please see terms for details.
carolonabike
Senior Member
- Location
- Boldon
The best way to deal with the IR valuation is at the end of the year (assuming your employer gives you the chance to buy the bike) is to to ask your employer to fill in a P11d and treat the bike as a taxable benefit. So instead of paying an additional 25%, you pay tax on the residual value, on a £1000 bike that would be 20% of £250 = £50 (assuming you're not a higher rate taxpayer). This will be collected through an adjustment of your PAYE code so you don't actually have to part with the cash.
This only works if your employer actually takes ownership of the bike at the end of the year, some schemes like Cyclscheme have it written into the contract that the bike passes to them unless the employer opts out in which case that wouldn't work.
The other option is do what I've done, which is to not bother buying the bike but continue to use it. This only works if you trust your employer and you're intending to stay for a decent spell. Edited to add, again this only works if your employer owns the bike.
This only works if your employer actually takes ownership of the bike at the end of the year, some schemes like Cyclscheme have it written into the contract that the bike passes to them unless the employer opts out in which case that wouldn't work.
The other option is do what I've done, which is to not bother buying the bike but continue to use it. This only works if you trust your employer and you're intending to stay for a decent spell. Edited to add, again this only works if your employer owns the bike.
Exactly why our company ditched starting the scheme (twice) - people go into these things with full enthusiasm only to be put of by the complexities.
The government could have made this far clearer and easier.
Leaway2
Lycrist
- Location
- Manchester (Sale)
I can't help feeling that Cycle to work, keeps the price of bikes High. On the TV prog "the cycle show" , people walking into shops with £1000 cheques.
Sour grapes perhaps from a person who's company will not join the scheme.
Sour grapes perhaps from a person who's company will not join the scheme.
Leodis
Veteran
- Location
- Moortown, Leeds
I joined my previous employers CS, it is a total farce these days unless you are happy loaning the bike for 4 years and then you might save a couple of hundred on a bike which is by then pretty low in value.
£60 on a £1k? Its more like £78 on 20% tax rate, they advertise it been £57 on CS website but I got charged a lot more and when I questioned with the previous HR they said I could send the voucher back if I wasnt happy!! I had spent a load on cycle kit already.
£60 on a £1k? Its more like £78 on 20% tax rate, they advertise it been £57 on CS website but I got charged a lot more and when I questioned with the previous HR they said I could send the voucher back if I wasnt happy!! I had spent a load on cycle kit already.
biggs682
Itching to get back on my bike's
- Location
- Northamptonshire
2 people have taken up the ctw , 2 weeks later bikes are sitting unused at there homes , good value for lazy people
Stromtrooper
Regular
I took up my companies C2W. Ends up I will be paying around £340 for a £500 bike plus I got £40-50 worth of accessories thrown in, so I was happy. Did mean that the MTB could stopped being used my work hack and get me back on the trails again.
