Cycle Scheme

Lone Wolf

Member
Did anyone else get their bike under the Cycle to Work Scheme ? I have just had my application approved, and am getting my Pashley Clubman Urban S2C with it. What do people think of the scheme ?
 

paul2015

Regular
Nearly, but decided I'd rather own my bike than the company so coughed up instead
 

vickster

Legendary Member
I've used it in the past. Make sure the bike is fully insured for full value as you are still responsible for payments should anything happen
 

cyberknight

As long as I breathe, I attack.
I've used it in the past. Make sure the bike is fully insured for full value as you are still responsible for payments should anything happen
+1
Bloke had work had his stolen and had to keep paying for it .
2 of mine have been C2W as its the only way i could convince swmbo i could have another bike .
 

3narf

For whom the bell dings
Location
Tetbury
Are you allowed to do it more than once, then?

I'm getting a new bike as soon as I can, I wouldn't be able to afford one otherwise.

I will insure it, though!
 

screenman

Legendary Member
Do not buy something you cannot afford, many people make this very stressful mistake.
 

Pale Rider

Legendary Member
Do not buy something you cannot afford, many people make this very stressful mistake.
Wise words.

The Bike to Work scheme is a credit agreement, albeit one which is usually on good terms.

Like any loan agreement, it's fine if you can genuinely afford the payments, but shouldn't be used to buy something you cannot otherwise afford.
 

shouldbeinbed

Rollin' along
Location
Manchester way
You're paying for use of somebody else's property in installments but it is not your bike even when you complete all installments. Your employer will no doubt offer you the option to buy it from them, so look at the end options. HMRC got wise to significantly lower than full market value buy out agreements, you could find yourself paying out a chunk of money to take ownership of the bike or it remaining your employers for a year or more longer while it depreciates to a point where you can buy it for a peppercorn price.

Factor that in to your costs and how long it may be before you get to really own the bike.
 

Milkfloat

An Peanut
Location
Midlands
I am doing it, as above really look into what it will or will not cost you, don't just look at the headline figure. For me I saved just over 30% off the alreadily discounted by 38% price. That includes the 'fee' paid to the shop for buying a discounted bike via cycle scheme and the lump sum I pay at the end of the agreement. I am a higher rate tax payer so my savings are more than most. My planned next buy would not be covered under the scheme as it will come from Germany.
 

jowwy

The bearded Powerhouse
Ask your employers to give you the bike as a gift in kind on your p11d at the end of the scheme.........you just pay tax then on the gift
 

martint235

Dog on a bike
Location
Welling
I've used it twice. I bought my first bike off my employer at the end of the first year primarily so I could get another bike.

When the year ends for this one I'll probably just pay the small deposit to keep it for another 3 years. I have no qualms about someone else owning it during that time as I will have saved a chunk of tax.
 
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