jonny jeez
Legendary Member
- Location
- Chislehurst, Kent, UK
Sorry if this is a regular question, but put simply.
"Does it work"?
Jonny
"Does it work"?
Jonny
Yes, that's right. I know some guys whose wages were hovering just under the higher threshold, and went out and spent to the limit as they knew that there was a good chance that as they were in a job where they could earn virtually unlimited overtime, they would make a huge saving. Only trouble was their department overspent and had its budget cut. No overtime meant they only saved 20%.gaz said:So basically the saving you make depends on how much tax you pay.
g00se said:Most seem to have you pay it off over 12 months - but the bike is being leased to you over 36 months. Once the 36 months is over you pay a nominal fee to purchase the bike off of your employer - after three years,
g00se said:Works really well - watch out for the small print though. If you leave before its all paid off, you will have to pay the remainder back in one go AFTER tax. Similarly, if it's stolen, you have to pay the remainder back too - so make sure it's properly insured.
Most seem to have you pay it off over 12 months - but the bike is being leased to you over 36 months. Once the 36 months is over you pay a nominal fee to purchase the bike off of your employer - after three years, that's about 5-10% of the purchase price. However, if you have to buy it off of them early (see above) then that final value might be a lot higher.
So make sure you're planning to stay at your company, otherwise you could end up loosing most of the savings.
BUT one good thing is you can add accessories to the price too - so don't forget to add pumps, helmets, lights etc - and get the same savings on those too.