Cycle to work above £1000.

chipmonster

Well-Known Member
Hi All

I am setting up the bike scheme at our workplace.

I need to know where we stand if an employee wants a bike for £1500, but pays £500 to the bike shop and puts the £1000 through cycle to work.

Can you do this or not?

Thanks
 

ianrauk

Tattooed Beat Messiah
Norm's your man.. He seem's to know this system inside out.
 
My mate has just bought a bike through C2W. You cant put cash on top of the C2W vouchers because for the first 12 months you are hiring the bike from your work, technically the bike isnt yours until you make that final payment at the end of the 12 month hire period.
 
OP
C

chipmonster

Well-Known Member
Spoke to the tax people today and they say it can be done.:tongue:

However, the company owns the bike and the employee is renting from the company and all rules apply as per the cycle to work scheme. as far the individual is concerned, they are taking the risk as the company owns the bike.

Just curious if anyone has had this situation.
 

yorkshiregoth

Master of all he surveys
Location
Heathrow
It depends on the lbs. I got my current steed from Condor and they allowed me to add to the £1000 from my own pocket, whereas my previous steed was from Bikehut and they refused that option.
 

Howard

Senior Member
Sillyness like this makes C2W look like the complete mess it is right now. It needs to be cleaned up, or scrapped.
 
A colleague also topped his cycle scheme funds up by a few hundred quid to get the bike he really wanted with no trouble.

Howard, I am not sure how that is silly, it has certainly got him using his bike a lot more than he would have. Although I am not sure how that will affect the 'final valuation' issue that keeps cropping up recently, that bit certainly needs clearing up.
 
I bought my current bike through the ride2work scheme wth evans and was able to top it up, but my husband's company use Halfords and he could not top it up - seems hit and miss.
 

Cyclist33

Guest
Location
Warrington
Don't get me wrong, I'd love a £3k bike if I could afford one, but really very, very few people are going to need to spend more than a grand on a bike for commuting to work. Maybe if you lived 40 miles away from the office.
 

Howard

Senior Member
2Loose said:
Howard, I am not sure how that is silly, it has certainly got him using his bike a lot more than he would have.
2Loose said:
Although I am not sure how that will affect the 'final valuation' issue that keeps cropping up recently, that bit certainly needs clearing up.
I think you answered your own question :biggrin:
 

g00se

Veteran
Location
Norwich
Howard said:
I think you answered your own question :biggrin:
I think it's because the govenment scheme is a framework - different scheme providers and individually operated company schemes implement them differently - and the cycle shops can implement their end of the arrangement as they see fit.

It's a bit like saying that employment in general is whacko - different companies offer different contracts/deals/rules/benefits. It's how the company implements the scheme and how rigid or flexible they are with the implementation they use.
 

Soltydog

Legendary Member
Location
near Hornsea
g00se said:
and the cycle shops can implement their end of the arrangement as they see fit.
It's the employer that implements the end of the arrangement, as they own the bike until the final value has been reached & paid ;)
 

skudupnorth

Cycling Skoda lover
Just had a letter regarding my final valuation,basically the bike is mine after an extra months payment which i don't mind as the bike has been a dream.Next scheme is in motion as we speak and i am going for a Langster plus kiddie trailer for my little darlings to be dragged along !
 
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