Cycle to work advice

[Apeman]

I still think Cyclescheme is a con. I purchased a bike for £1000 and paid £66.89 for 13 months and now have been asked for a Market Value price of £250 making the total cost of £1119.57. How is that an incentive for folks to use the system? It was hailed as a way to get a bike and make a good saving to boot. Now HMRC changed the rules and wipes out the savings. Taking out a HP agreement is not the best way to get a bike but at least you know what you are paying and no nasty shocks at the end. I had hoped to pay the market value of 5% because as we know a 1 year old bike can have a serious depreciation and the 5% would have reflected that. Maybe I am bamboozled by the rules of HMRC-----the b&s**r*s!!!

 

[newb]

apeman, you are not really paying 66:89 a month because you are getting a tax relief. In reality you are paying around £40 I think so you do end up with a saving mate. Thats the way I have understood it anyway however I am ready to be corrected.

 

[Norm]

apeman, you are not really paying 66:89 a month because you are getting a tax relief. In reality you are paying around £40 I think so you do end up with a saving mate. Thats the way I have understood it anyway however I am ready to be corrected.

No, you go, newb, you are spot on. Depending on personal tax circumstances, the bike actually cost Apeman between £680 and £780 but his prejudices are hiding these facts and giving him a chance to have an erroneous swipe at the tax man at the same time as being pissed off about something which has saved him 25%-33% of the purchase price.

Some people don't give a damn whether their glass is half full or half empty, they'll just smash it on the floor because no-one wants to pay to refill it for them.

 

[Black knight]

Bumping an old thread here.

Came in to work today to find a nice email from the HR department.


Since my letter we have been in discussions with our taxation experts, Halfords, and other key stakeholders, and have decided that for the schemes which were open at the time of the announcement, we will continue to apply the 5% or £20 minimum payment. Network Rail have agreed to settle the difference centrally with the revenue on behalf of our employees.I have added a table to show the payment you should expect to pay as the transfer of ownership fee at the end of your lease later this year.

Future schemes are currently under review and we will publish further information later in the year. I would like to confirm that you will receive a letter from me later in the year outlining your options, and this email is purely for information only and at this stage you do not need to do anything further

I do hope this is the outcome which you were looking for

Regards
Ian



The table shows £20 payment on anything up to £400. £25 for a £500 bike, £50 for a £1000 bike.

 

[fossyant]

That's good news. I was a pilot for ours, and just finished before the new rules came in. The scheme has been suspended since the summer.

 

[cyberknight]

I want a new bike but i am only allowed 2

If we make enough on our house sale i might convince SWMBO to let me have enough for an allez class bike if she gets similar amount of cash .....