Cycle to work scheme

[woodster0273]

Anyone else heard the rumours that are being banded around regarding the scraping of the Cycle to work scheme? Possibly being announced in the budget.

Hope this isn't true. The scheme gets people onto bikes that may normally struggle to afford one.

 

[Drago]

Scrape it against what?

 

[raleighnut]

With this lot in power nothing would surprise me.

 

[Berk on a Bike]

The rumour is that salary sacrifice of any kind could be scrapped thus including cycle schemes.

 

[Jayaly]

Oh crap. Time to get going, then.

 

[vickster]

You've got until tomorrow potentially...many employers have a specific application window once or twice a year so you'll want to check that

 

[Twizit]

Picked my latest scheme bike up last week

 

[Profpointy]

at the risk of being off-message I would also scrap this scheme and many others of this nature. Basically it is a subsidy for perfectly well off people to buy yet another bike. In any case, by the time, you've covered the admin costs etc, even as 40% taxpayer you're saving little. As a basic rate taxpayer, maybe buying a £400 bike I reckon you'd save just as much by shopping around. The admin overhead for employee, employer, and middle men adds no value.

Same with the even more moronic supposedly green "car scrappage" scheme the last.lot introduced, and probably gas boiler scrappage and all the rest.

All for more cycling of course, but this just a nonsense

 

[raleighnut]

Never worked anywhere that had a cycle to work scheme, and I've always cycled to work.

 

[hatler]

Bizarrely, the scheme helped higher rate taxpayers save more.

If the company offering the scheme subs the administration out (to someone like Cyclescheme) then the saving to the employee is marginal. I reckon it's about a £100 saving on a £1000 bike.

 

[vickster]

Might as well shop around for a reduced bike with interest free credit. Just be disciplined with the payments. No different to c2w

 

[Jayaly]

I set myself the target of commuting for a year and proving to myself that I was in it for the long haul before I spent the money on a decent bike. My year on a £35 ebay special was up last week, just in time for my grand plan to get stymied. I'd been drooling over new bikes for months. Oh well, if it's actually only minimal savings that makes me feel slightly better, since there's no way I can get under the wire if they pull the plug today.

 

[martint235]

Bizarrely, the scheme helped higher rate taxpayers save more.

If the company offering the scheme subs the administration out (to someone like Cyclescheme) then the saving to the employee is marginal. I reckon it's about a £100 saving on a £1000 bike.

Might as well shop around for a reduced bike with interest free credit. Just be disciplined with the payments. No different to c2w

If you're a 40% tax payer and were willing to continue the hire scheme after the first year, then there were some pretty good savings to be made. I saved around £300 on my commuting bike for example.

 

[vickster]

On RRP or a reduced price bike though?

 

[martint235]

On RRP or a reduced price bike though?

on RRP but I doubt I could have got Planet X to reduce the bike by that much by taking interest free credit from them.