Cyclescheme - can I spend more than the voucher

[Tollers]

This is a good point actually. I bought my bike for £1250 (£1000 cyclescheme and £250 cash) back in september. In a few months im transferring to our US office so no longer under the UK control at all. What will this mean for my finances?

 

[fossyant]

Tollers...you may have to pay for the remainder of the bike without the tax break.

 

[ttcycle]

Yep, If you leave the company or technically move abroad within the company - you have to pay the outstanding balance without the tax break benefit plus whatever fee they charge for you to have ownership of the bike.

Tollers - there may be room for negotiation around this but highly unlikely as the PAYE scheme and tax rates out in the US will be different.

Really give it some thought as to whether you will be in the organisation for the full term of the 'loan/hire' period as some are 18months as paying it off when you leave means the tax savings do not apply