Cycle to Work scheme

johnmillie

Well-Known Member
Hi on the cycle to work scheme do you get to keep the bike after the year, i was reading about it and it says you are just hiring the bike from your company
 

vickster

Legendary Member
Yes indeed, you normally have to pay a final nominal fee. For my company (Halfords scheme) it's £20 IIRC
 

Soltydog

Legendary Member
Location
near Hornsea
The payment is made to the company, as it's them you are 'leasing' the bike from. I didn't have to make an additional payment to keep the bike with my employer :wacko:
As a rule tho they say the final payment will not be more than 1 months payment
 

Norm

Guest
So much misinformation, so little time.

Soltydog said:
I didn't have to make an additional payment to keep the bike with my employer :wacko:
And, if you don't declare that on your tax return, you are guilty of tax evasion and liable to significant fines and a period at her majesty's pleasure, together with the distinct possibility that you will never work again.

And you are a tax cheat.

johnmillie said:
So after they year you pay halfords a further £20 my work also use halfords
The purchase price cannot be set in advance and, if you pay anything less than market value, you will be liable to pay tax on the difference.
 

Norm

Guest
The bike is offered for sale. The owner usually makes the first offer to the rider but there must be no agreed sale price at the start of the rental contract. And, if the sales price is below the market value of the bike, then the difference between the sales price and the market value is a taxable benefit which should be declared.
 

Soltydog

Legendary Member
Location
near Hornsea
Norm said:
And, if you don't declare that on your tax return, you are guilty of tax evasion and liable to significant fines and a period at her majesty's pleasure, together with the distinct possibility that you will never work again.

And you are a tax cheat.
I've never filled a tax return in during my working life, so i've told no lies to the taxman :smile: I doubt i'll ever spend time at 'her majesty's pleasure' for the offence, surely it's my employer's fault & i'm sure the union would have a field day with it :laugh:
I wont lose no sleep over being a tax cheat, I pay more than enough tax anyway ;)
 

diabach

Active Member
royal mail cycle2work scheme

sorry yet another question on this subject,,

the limit at present is £500 at royal mail to purchase at halfords.

can i use the voucher at anywhere but halfords and can i exceed the £500 with an additional payment, if not, why not. i can"nt get my head around the fact that it"s your money but can"t buy where you want to,!

has anyone used the scheme in the telford area and used a l.b.s of their choice and purchased above £500 limit..

many thanks dia............
 

Soltydog

Legendary Member
Location
near Hornsea
diabach said:
can i use the voucher at anywhere but halfords and can i exceed the £500 with an additional payment, if not, why not. i can"nt get my head around the fact that it"s your money but can"t buy where you want to,!
I had this last time i used the scheme. The bike I wanted was over a grand & I was willing to stump up the extra, but because the company owns the bike & you just lease it you cant have part ownership ie paying some cash yourself with the scheme :sad: I'm sure there will be some shops willing to bend the rules on this though :rolleyes:
Technically it's not your money you are spending with the voucher, it's your employer's :biggrin:
 
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