Cycle to Work Scheme Question

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united4ever

Über Member
At the end of the term I gather there is some sort of final payment which appears to be a very unclear amount. Can you find out before you apply for the scheme what that amount will be since it kind of makes it barely worthwhile if it is substantial. Who decides that amount? the employer?
 
Not really an answer to your question.

However, bare in mind that you don't save a significant amount using C2W. The saving is the tax relief as the payments are deducted before tax is deducted. So the tax is calculated on a lower amount.

If you're after substantial savings, you will save more buying a "last season" model from a dealer wanting to clear show room space ready for their 2018 bikes.
 
Think it's at the discretion of the employer from what I can gather from what's happened to people who have done the scheme at the shop;someone who has actually used it will hopefully give more info,we only see one side of it here.

Oh and it can take ages to through depending on the employer,we've been waiting for a couple of weeks for two schemes worth just under two grand to go from invoiced to paid.

Plus expect to have an admin charge if it's on a sale bike to cover Cycle Scheme charges otherwise the shop will/may be actually losing money on the deal,infact they may not offer a heavily discounted bike on the deal.
 

NorthernDave

Never used Über Member
Not really an answer to your question.

However, bare in mind that you don't save a significant amount using C2W. The saving is the tax relief as the payments are deducted before tax is deducted. So the tax is calculated on a lower amount.

If you're after substantial savings, you will save more buying a "last season" model from a dealer wanting to clear show room space ready for their 2018 bikes.

The savings are good - a basic rate tax payer using the scheme to buy a £1,000 bike will save £320. That's a good deal in my book.

From the Evans website:
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Or get a C2W certificate and use it to buy last years model, saving even more? Not all shops will do this, but plenty will.
 

Joffey

Big Dosser
Location
Yorkshire
At the end of the term I gather there is some sort of final payment which appears to be a very unclear amount. Can you find out before you apply for the scheme what that amount will be since it kind of makes it barely worthwhile if it is substantial. Who decides that amount? the employer?

Email the provider. It's not much though, I think my payment was a tenner on £400 worth of kit.
 

Slick

Guru
At the end of the term I gather there is some sort of final payment which appears to be a very unclear amount. Can you find out before you apply for the scheme what that amount will be since it kind of makes it barely worthwhile if it is substantial. Who decides that amount? the employer?
It all depends on the exact scheme provider. I struggled with this for a couple of years wonderi g where the saving were until we got a new provider who spelled it out at the start and I bought an end of season bike originally priced at £1650 reduced to £900 but there was a surcharge for using the voucher so by the time I put pedals on it, it was a grand. The 12 monthly payments worked out a £540 so not a bad deal for me. Our scheme is opening up again in the next few weeks, I might do it again this year.:okay:
 

400bhp

Guru
Not really an answer to your question.

However, bare in mind that you don't save a significant amount using C2W. The saving is the tax relief as the payments are deducted before tax is deducted. So the tax is calculated on a lower amount.

If you're after substantial savings, you will save more buying a "last season" model from a dealer wanting to clear show room space ready for their 2018 bikes.
This is simply incorrect. You essentially save tax AND national insurance. Therefore the savings are between about 30-42% depending on if you are a lower or higher rate tax payer.

The ability to buy a bike is often not limited to this years model. Most (if not all) c2w schemes will allow you to buy whatever bike you wish.

I have just this week used my £200 Evans cycle to work voucher to buy clothing and accessories which were discounted in their stores anyway. An example is a castelli Gabba top effectively cost me £50 with Evans discounts AND the tax/NI savings on the c2w voucher. They RRP for about £150.
 
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This is simply incorrect. You essentially save tax AND national insurance. Therefore the savings are between about 30-42% depending on if you are a lower or higher rate tax payer.

The ability to buy a bike is often not limited to this years model. Most (if not all) c2w schemes will allow you to buy whatever bike you wish.

I have just this week used my £200 Evans cycle to work voucher to buy clothing and accessories which were discounted in their stores anyway. An example is a castellated Gabba too effectively cost me £50 with Evans discounts AND the tax/NI savings on the c2w voucher.

So long as the retailer allows it. Obviously some do, but not all.

My point is that you can often find deals that match, or are better with 0% finance also. C2W isn't the be all, end all of cheap cycling.
 

400bhp

Guru
So long as the retailer allows it. Obviously some do, but not all.

My point is that you can often find deals that match, or are better with 0% finance also. C2W isn't the be all, end all of cheap cycling.

That wasn't your point at all, but if you are amending it to the above then fine.

FWIW I had to bide my time with Evans to get the deals. I generally wouldn't shop there if it wasn't for C2W and the fact I get 8-15% discount with them through my work anyway.
 

SuperHans123

Formerly known as snertos999
I have had four from my employer (NHS Wales) and sold them all on at the end. They never asked for any final payment.
 

cyberknight

As long as I breathe, I attack.
it somewhere between 18-25 % i think but as said above its down to the employer , mine charges us £30 then the rest is classed as a benefit so you pay tax on it .
 
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