MacB
Lover of things that come in 3's
- Location
- Farnborough, Hampshire
Does anyone one just do this each year? What do you do with all the bikes you accumulate? Could it be cheaper than trying to maintain/upgrade an ageing bike? Just curious....
Cycle to work scheme - Hire period
- Thread starter team.marley
- Start date
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GrumpyGregry
Here for rides.
RichK said:
How does he propose to ride it to work for 50% of the bikes use?
We just wanted to avoid people taking the piss completely. We had visions of someone getting a bike for a partner, splitting up with them and then bitching about having to pay for the bike for 11 months.
If you're on the scheme and don't sometimes ride your pride and joy to the office then BUG member who got the scheme introduced (me) may ask lots of sarky questions of you - it is after all a bike2work scheme not a get a cheap play bike scheme. Our finance people get very hot under the collar about the misuse of the scheme because of the nature of what we do (charity) they are highly risk averse
The scheme has raised a problem for bike users. We're out of town. No way am I riding my £1000 company bike into town when I go to sainsbury's, as if it gets nicked I still have to pay for it, if I lock it up then to comply with my own insurance I have to use a lock which weighs more than the bike. The answer would be to leave a lock in town but town has bugger all cycle rack provision and is strung out along two three roads anyway.
So the BUG are rebuilding an old ridgeback hybrid that some numpty dumped in the bike shed when it's wheel got taco-ed and didn't take away when they left as a 'pool' bike to be shared by BUG members.
During the day 'my' bike lives in my office until I've finished paying for it anyway, then it can go in the shed. Which reminds me I must have a wrd with the head of facilities (me) about getting some sort of cage door put on the front of the shed
GrumpyGregry
Here for rides.
MacBludgeon said:
I had a three year plan....
year one = touring bike; which you may have seen on FNRttC. sorted
year two = starts next month & became a tough choice; was going to be an HT MTB until i looked at the ribble sportive and thought "perfect FNRttC bike" but MTB'ing is my first love, bored with people laughing at my retro MTB's and I want something with brakes that work so MTB won the day, carry on doing FNRttC/long rides/audaxes etc on the tourer and hit the mud at weekends. sorted
year three = sportive bike. carry on using tourer for commutting and slow long stuff, mtb for mtb'ing and the sportive for audax/fnrttc /faster long stuff.
I may have more money than sense but bikes are being paid for out of pay rises so it's not like I've ever had that money and the bike is more of a reward to me for my hard work than a few more quid a month. Besides, it stops me spending money on basses.
Dave Davenport
Guru
- Location
- Hampshire
Could you have a one month hire period, i.e could the whole amount be deducted from one month's pay as long as your tax due for that month was greater than the value?
GrumpyGregry
Here for rides.
in theory iirc so long as the decution doesn't take you below some statutory income threshold for salary sacrifice schemes it could be done over as short a period as you like nd be as big a deduction as you like.
but memory is crap and it is over a year ago since I looked at setting it up and since then hr have taken it off my hands.
but memory is crap and it is over a year ago since I looked at setting it up and since then hr have taken it off my hands.
Flying Dodo
It'll soon be summer
Dave Davenport said:
I think you mean, so long as your take home pay is greater than the amount repaid, then yes, provided though your gross pay is at least equal to the Minimum Wage.
However, why would you want to pay it back so quickly? As an employee, it's in your interest from your personal cash flow point of view to have a longer period.
Dave Davenport
Guru
- Location
- Hampshire
Flying Dodo said:
I did mean tax, i don't need the credit so would rather just pay it in one go.
Flying Dodo
It'll soon be summer
OK - same point applies though - your gross salary after deducting the salary sacrifice (the amount you're repaying) must still be above the National Minimum Wage. There are however 2 scenarios where NMW doesn't apply - if you're a company director without a specific written contract or if you're working in a family business and you live at home.
Iainj837
Guru
- Location
- Glastonbury Somerset
Mine was 18 months I think and I didn't have to purchase, what they said was as long a you continue to use the bike for work I didn't have to pay anything
GrumpyGregry
Here for rides.
you don't have to pay at the end of the period, you can simply stop riding the bike. most large orgs probably could care less.
team.marley
New Member
Has anyone actually had a hire period for under 12 months? Or does anyone know who it is up to when deciding how long the hire period is for?
Many thanks.
Many thanks.
GrumpyGregry
Here for rides.
team.marley said:
employer iirc
ultraviolet
it can't rain all the time....
- Location
- Hythe, Kent, UK
MacBludgeon said:
i do, works for me just fine
Presumabley if you are paying your contribtion in one go, you are expecting the hire period to end immediately?
While you might want to pay back in one go, but your employer may not want to lose their gain from the reduced NI contribution or their ability to declaim the capital allowance. That's going to cost the business.
While you might want to pay back in one go, but your employer may not want to lose their gain from the reduced NI contribution or their ability to declaim the capital allowance. That's going to cost the business.
team.marley
New Member
GrumpyGreg said:
Sorry for not understanding. Who or what is employer iirc?
Many thanks.
