Cycle to Work Scheme

[beancounter]

I've googled till I'm blue in the face...

...can anyone point me towards a definitive guide to setting up and running a Cycle to Work Scheme (from the point of view of the EMPLOYER)?

Many thanks if you can.

bc

 

[Dayvo]

This possibly!

http://www.bikeforall.net/linkcat.php?cid=150

 

[beancounter]

Thanks for your help Dayvo.

bc

 

[beancounter]

I'm going to be implementing the Cycle to Work scheme where I work.

As I'm responsible for Finance and HR it wasn't too hard to push it through...

bc

 

[mr Mag00]

yh go for it

 

[JamesM]

How did you get on with this?

I'm waiting for my voucher with baited breath!

If anyone else comes across this - a few employer benefits that are missing from this thread as far as I can see:
They pay out less national insurance (Cash benefit)
They sell the bike the the employee at the end of the scheme (Cash benefit)
Research suggests fitter people get sick less (Employee attendance benefit)
It is a perk for staff which they would appreciate (Employee retention benefit)

 

[dellzeqq]

http://www.dft.gov.uk/pgr/sustainable/cycling/cycletoworkschemeimplementat5732?page=1#a1004

bear in mind an independent retailer will be charged something like 10% of the purchase price of the bike by a facilitator - that's probably about 30% of the gross profit.....

9.3 Not Hire Purchase - dealing with what happens to the cycles and cyclists' safety equipment at the end of the hire period

Under a salary sacrifice scheme it is open to employers to sell ex-rental equipment. It is recognised that employers will often wish to do this, because it makes the scheme more attractive to employees. However, in order to obtain the benefit of the tax exemption the employers must not suggest that either the employee or any other person will later have the option to buy the equipment they have hired. Moreover, if the employer states that the employee will or may have this option, then the agreement will fall within the definition of hire purchase in section 189 of the CCA and may not attract the tax benefit. In addition, these agreements will fall outside the scope of the group licence and without the cover of a credit licence the employer may commit a criminal offence. The employer may at a later date exercise a discretion to sell to the employee.
We therefore advise employers that they can indicate in accompanying literature that ex-rental equipment may be sold for a fair market price, but they should make it clear that they cannot commit themselves to doing so, either to the hirer or to his nominee. Any subsequent sale must be pursuant to a separate agreement, entered into after the conclusion of the hire.