rh100 said:
Does anyone have any experience of giving the relevant info to their employer for cycle to work?
My manager suggested I email some info to HR at the same time as enquiring if it's available. Does anyone have a good link for employers?
Does it need a minimum amount of takers to make it worth their while, or can it be done individualy?
Also, on about a £500 bike, roughly what are the repayments and over what time?
Many thanks
From the top:
1. Yes, I set one up 3 months ago
2. Best information is in
this document on the DfT site. There's no scheme-specific spin there to make you think that it is hard to administer.
3. There is no minimum. My scheme has had one so far. Guess who that was.
4. That depends entirely on the period you want the repayments to be over. If you are going for £500 over 12 months, you will be reducing your salary by aroud £40 a month. However, as you will also be reducing your tax and NI liability, your actual costs could be around £23 per month (depending on personal tax circumstances)
5. Because you have asked to reduce your salary, your company will have less employer's NI to pay and will be able to reclaim the VAT. On a £500 bike, the company will have savings of around £180 and you'll also be making a payment to keep the bike at the end of the hire period, so the company will make over £200 from the deal.
My advice is NOT to use Cyclescheme or any of the other providers. The administration is a piece of cake. With my bike, it took an hour from choosing my bike to having the cheque drawn up payable to my LBS. And the drive to the office took about 45 minutes of that hour.
If you use a third party like Cyclescheme, you may not get the same discounts when you buy your bike, you will be more restricted in the shops that you use, it will take longer to get the voucher for you to buy the bike and your employer will have more administration than is necessary.
