Can I get a second bike on Cyclescheme at the end of my first hire period?

[Foyzy]

I bought my hybrid bike through Cyclescheme a few months ago and having really got into cycling now want to get a road bike.

The question is, can I get a second bike through Cyclescheme once my first 12 month period is complete? I would want to keep hold of my hybrid as its perfect for the commute, so what would be the cost implications? Would I need to pay off a certain percentage of the first bike in order to take full ownership and then start a new scheme for the second bike? How do you justify to Cyclescheme after 12 months that you need a second bike for the commute?! Are they usually happy to start a new hire period for a second bike?

Any advice gratefully received!

 

[cloggsy]

Yup, sure can

Once your initial purchase is finalised...

 

[BSRU]

I have bought a bike on the C2W scheme two years in a row, I think there is no limit to how many times you can use the scheme.
To take ownership at the end of the agreement you need to pay a fee based on the value of the bike, for bikes less than £500 the fee is 18% of the cost of the bike, for £500 and over it is 25% of the cost of the bike.
I did not take this option, instead I opted to pay a fee of 7% to hire the bike for another 3 years then after that three years the bike will be mine with nothing extra to pay.

 

[Foyzy]

Thanks very much for the speedy and informative replies. BSRU, if you opted to pay 7% and hire the bike for another three years, yet still got a second bike, does that mean you effectively have two hire schemes running at the same time? If Cyclescheme are OK with that, then great!

 

[BSRU]

Thanks very much for the speedy and informative replies. BSRU, if you opted to pay 7% and hire the bike for another three years, yet still got a second bike, does that mean you effectively have two hire schemes running at the same time? If Cyclescheme are OK with that, then great!

Yes, I have two hire schemes running at the same time with Cyclescheme.

 

[PK99]

So tax avoidance by multiple Bike scheme purchases and getting a bike for the weekend is OK?

I thought the scheme was about encouraging people to commute not subsidising a weekend hobby.

 

[BSRU]

So tax avoidance by multiple Bike scheme purchases and getting a bike for the weekend is OK?

I thought the scheme was about encouraging people to commute not subsidising a weekend hobby.

My C2W bikes are only used to commute to and from work.

 

[400bhp]

So tax avoidance by multiple Bike scheme purchases and getting a bike for the weekend is OK?

I thought the scheme was about encouraging people to commute not subsidising a weekend hobby.

Arguably one is an extension of the other for many

 

[wiggydiggy]

So tax avoidance by multiple Bike scheme purchases and getting a bike for the weekend is OK?

I thought the scheme was about encouraging people to commute not subsidising a weekend hobby.

I bet Jimmy Carr has 150 bikes by now

 

[Foyzy]

Isn’t the government’s drive to get people on bikes about promoting environmentally friendly transport, cutting traffic and encouraging healthier lifestyles? This would apply to bikes used during the week and at weekends.

Fair to say that most people including me would, if they had two bikes, use them both for commuting anyway.

 

[lejogger]

So tax avoidance by multiple Bike scheme purchases and getting a bike for the weekend is OK?

I thought the scheme was about encouraging people to commute not subsidising a weekend hobby.

In the guidance of the Cycle2Work scheme it actually encourages the purchase of 2 bikes on the basis that you might commute different routes on different days and require a different sort of bike for each - i.e. an on road commute and an off road alternative.

I can see your point, and you're technically correct, but IMO anything that gets more people fit and healthy through cycling is a good thing, be it on their commute or otherwise.

 

[lejogger]

The government are still getting their 20% VAT on the salary sacrifice repayments. They're getting Benefit in Kind tax on any repayments below the fair market value as well, so they're not doing as badly out of the scheme as you might think.

 

[wiggydiggy]

The government are still getting their 20% VAT on the salary sacrifice repayments. They're getting Benefit in Kind tax on any repayments below the fair market value as well, so they're not doing as badly out of the scheme as you might think.

If the government did badly at all, it wouldnt exist