Cycle To Work e-bike spending limit removed.

[AuroraSaab]

Can I ask about the end payment thing? There has been a bit of discussion about the scheme on HotUKDeals this week, with one guy claiming that he ended up with a £150 final payment, meaning he made no saving on the bike cost, and others saying they paid nothing on completion.

Have posters on here had to pay the fee to own the bike at the end or not? There's very little mention of the final fee when you look at some of the onlone calculator sites. Plus, some shops seem to charge a £100 admin fee, others don't?

 

[Shearwater Missile]

Can I ask about the end payment thing? There has been a bit of discussion about the scheme on HotUKDeals this week, with one guy claiming that he ended up with a £150 final payment, meaning he made no saving on the bike cost, and others saying they paid nothing on completion.

Have posters on here had to pay the fee to own the bike at the end or not? There's very little mention of the final fee when you look at some of the onlone calculator sites. Plus, some shops seem to charge a £100 admin fee, others don't?

I paid a final fee of £18 for a bike valued when new was £500. Each year the value of the bike drops like all assets so to speak. So the amount you pay is a percentage of the value of the bike at the final stage,which I believe was 13%. If the bike was over £500 in value I think the percentage was 18% if my memory is correct. You should`nt pay more for the bike as the payment comes out of wages before tax and deductions, so you pay less tax and NI, which is where the savings come from. If I have got that wrong I`am sure somebody will put that right. Anyway that is the way I understood it back in 2010. I am sure that these details are fully explained on the appropriate scheme websites.

 

[Deleted member 26715]

I've just looked for my certificates, looks like I paid £12 on a £400 bike & £43 on an £750 bike, not sure exactly how those numbers come about.

 

[T4tomo]

The rules on final payment have changed a bit over the years. In the early days of the CWC there was no final payment and you also got the VAT saving.

It makes sense to include Ebikes. Arguably people are more likely to use an ebike to actually commute to work than a regular bike, particularly if you don’t have shower facilities at work.

 

[rivers]

i think i paid about £13 with cycle solutions and £1 with green commute initiative

 

[Slick]

My last 2 bikes were completed with no final payment, there should have been but my company seems to have just forgotten about it.

 

[Soltydog]

Looks like the limit is raised for all bikes now, not just Ebikes https://road.cc/content/news/262132...get-bikes-worth-over-ps1000-cycle-work-scheme

 

[Slick]

I wouldn't imagine my employer is registered with the FCA but I could be wrong. Either way, it's been a while since I have treated myself so if they do lift the 1k limit that never really was (apparently) it could be N+1 time again.

 

[Deleted member 26715]

This is the follow-up response I got from Cyclesheme about my query

We have emailed all employers all the information they need in terms of what is going to change and when.

They will get auto enrolled on 16/07/2019. However if they would like to change over sooner, please advise them to email us directly and we will be able to action this.

I presume this has gone to our CFO, I'll ask him to forward me the email tomorrow