Ming the Merciless
There is no mercy
- Location
- Inside my skull
That never was a limit of the cycle to work scheme. Just a credit limit imposed by individual companies. Companies could, did and do offer higher limits
Cycle to Work Scheme & Working From Home
- Thread starter spen666
- Start date
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That never was a limit of the cycle to work scheme. Just a credit limit imposed by individual companies. Companies could, did and do offer higher limits
wiggydiggy
Legendary Member
Alex321
Guru
- Location
- South Wales
Having looked at the government site linked to above, I now realise that many companies (including mine) impose the £1000 limit because it is the most they can do without FCA authorisation.
I had thought (wrongly) it was actually a limit imposed on the schemes at one time.
MontyVeda
a short-tempered ill-controlled small-minded troll
- Location
- Lancaster... the little city.
Maybe years ago, a colleague was talking with the boss about the C2W scheme. Employee was saying how great it is and the boss was quite interested too and allowed the employee to sign the company up for the scheme... Then the boss realised that he'd have to pay for the bike(s) upfront and the employees would repay him bit by bit. "F*ck that!" was his final word on the matter.
Maybe years ago, a colleague was talking with the boss about the C2W scheme. Employee was saying how great it is and the boss was quite interested too and allowed the employee to sign the company up for the scheme... Then the boss realised that he'd have to pay for the bike(s) upfront and the employees would repay him bit by bit. "F*ck that!" was his final word on the matter.
Depends on the scheme. With some the scheme retains ownership of the bike and the employer leases it from the scheme, and obviously then charges the employee through payroll.
OP
OP
spen666
Legendary Member
Another question
If I leave my employer during the active period of the C2W sheme I have to pay off balance of bike in full and lose the tax benefits.
What if you are a civil servant, and move from say the DWP to say the Home Office - is that classed as leaving your employer or is your employer HMG for both roles?
If I leave my employer during the active period of the C2W sheme I have to pay off balance of bike in full and lose the tax benefits.
What if you are a civil servant, and move from say the DWP to say the Home Office - is that classed as leaving your employer or is your employer HMG for both roles?
bikingdad90
Guru
It depends if you move Tax Office References on your payroll and how you move across?
If it’s a TUPE with existing continuous service preserved and salary ring fencing, possibly not a loss but otherwise likely a default “yes” as you will get a P45 to give to your new employer. Best to ask your employer that hypothetical question.
wiggydiggy
Legendary Member
To answer both questions if there is a change in the employment you had that you took the C2W scheme out on then you will pay the outstanding installments out of your final salary, but tax will apply as you will no longer be riding to the employer you had when you joined the scheme.
https://help.cyclescheme.co.uk/article/50-what-happens-if-i-leave-employment
