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cycle 2 work

Discussion in 'Commuting' started by bazzadigz C+, 12 Mar 2008.

  1. bazzadigz C+

    bazzadigz C+ Senior Member

    Has anybody here completed their Ride to work scheme?

    if so, how much was your "nominal fee"?

    I have been part of the scheme here for about a year now and others who have recieved their end of ownership statements have been told that they have to go and get their bikes valued and then pay this amount!? :biggrin:

    surely this isnt correct? :smile:

    i'll upload the companies official line when I get home later. Many thanks
     
  2. fossyant

    fossyant Ride It Like You Stole It!

    Location:
    South Manchester
    Think you are getting stuffed on that one - it is effectively correct - but what is the maket value? Most just charge a nominal fee. If they are sticking to it like the letter of the law, then it's going to be hardly worthwhile.
     
  3. doyler78

    doyler78 Well-Known Member

    Location:
    Co Down, Ireland
    Yep as fossyant says. Technically the employer is supposed to get 3 quotes to determine a fair market value and then that value must be applied plus VAT of course.

    If your company uses cyclescheme then cyclescheme actually advise employers that 5% is appropriate in their contract with the employer however at the end of the day the responsibility for the correct conduct of the scheme always remains with the employer.

    As a matter of interest how much did your bike cost and what are they saying is the fair market value of the bike?
     
  4. goo_mason

    goo_mason Champion barbed-wire hurdler

    Location:
    Leith, Edinburgh
    My LOC value 2 years ago was £250, and I paid 5% of that at the end of the term to take ownership of the bike.

    Same amount still applies. Only change is that we get a free 15% of the voucher value asked for to spend on cycling accessories at the outset, and it used to only be 10%. :biggrin:
     
  5. fossyant

    fossyant Ride It Like You Stole It!

    Location:
    South Manchester
    Do you need a specific bike shop to get it values - take it to the participating dealer and I bet they will just say the 5% value.....
     
  6. ajc

    ajc Well-Known Member

    I've got my latest bike through cyclescheme, they recently sent me a letter stating I could buy the bike off them for 5% of its value which they say is £50 + £8.75 vat. My employer handed responsibilty to cyclescheme to either dispose of the bike or allow me to buy it. I've not heard of getting the bike valued before, at least not by cyclescheme.
     
  7. historyman

    historyman New Member

  8. ajc

    ajc Well-Known Member

    My understanding from Cyclescheme is that they can't make it a formal commitment because it then becomes a benefit in kind which gets the taxman coming after you for his slice.
     
  9. doyler78

    doyler78 Well-Known Member

    Location:
    Co Down, Ireland
    The only stipulation is that the person valuing the bike must be competent to do so, in other words a LBS.
     
  10. historyman

    historyman New Member

  11. Baggy

    Baggy Cake connoisseur

    Local Bike Shop.
     
  12. doyler78

    doyler78 Well-Known Member

    Location:
    Co Down, Ireland
    Local Bike Shop

    OK Baggy beat me to that one.
     
  13. Mister Paul

    Mister Paul Honky

    Location:
    North Somerset
    Is it a LBS or an LBS?
     
  14. col

    col Veteran

    MMM why did that not surprise me?;)
     
  15. OP
    OP
    bazzadigz C+

    bazzadigz C+ Senior Member

    I paid £600 for the ike but it hasnt been valued yet, its a Dahon Cadenza 2007.

    so if the fair market value is £400, then i'll pay 5%+VAT is that correct (£23.50), if so then i think im seriously being done as my employer i think are trying to say i have to pay for the value of the bike again+VAT.

    If so then i'll sell all my bikes and rent a bike from them every year, run it into the ground & abuse it, then i'll get a new one a year later ;)