Government/ Company Cycle Scheme

[goo_mason]

Hi, Thanks for the replies guys.

I think it will work out pretty good for, i'm using it as an excuse to get a new xc bike im not a big commuter.

Looking at getting a £1200 bike so i can put a £200 deposit down.

With the 0% interest free installment even if it only works out a couple of hundred quid cheaper i think it'l still be the most practical way of buying the bike.

Cheers.

You might find that you aren't allowed to put any money down if you're getting the bike on the scheme... we were told that you're limited to £1000 and you can't make up any excess above that out of your own pocket because of the tax / NI rules & implications.

Best check that with your employer before you end up extremely disappointed and annoyed !

 

[Downward]

Nothing to stop you giving the bike shop £200 to knock the bike down to £1k though. I have seen this done a few times.

 

[skwerl]

Nothing to stop you giving the bike shop £200 to knock the bike down to £1k though. I have seen this done a few times.

This is effectively what I did.

There is a bit of a flaw in the system. As goo_mason says the tax rules mean you can't 'top up' because you'd end up being a part-owner of the bike and it would therefore not be a rental scheme.

The problem is that our scheme advises us to get a voucher as close to but less than, the value of the bike. I think it has to be in £50 increments. So if you're bike is £575 you should request a voucher for £550. That means you have no choice bu to pay the outstanding £25 yourself which puts us back in the situation above.

I can't be arsed raising it with the scheme people but it does seem to be a bit of a problem if you follow the law to the letter (ie like the tax man would)

 

[Bollo]

This all depends on how well your company polices the scheme as the scrutiny from the taxman appears to be minimal. There are all sorts of conditions attached but most are self regulated. For example, I think you are supposed to use the bike for at least half of your business related journeys (I think this is the wording, but it boils down to commutes), but has anyone heard of anywhere this is monitored? I suppose there's always a first time though.

 

[goo_mason]

This all depends on how well your company polices the scheme as the scrutiny from the taxman appears to be minimal. There are all sorts of conditions attached but most are self regulated. For example, I think you are supposed to use the bike for at least half of your business related journeys (I think this is the wording, but it boils down to commutes), but has anyone heard of anywhere this is monitored? I suppose there's always a first time though.

When I first joined the scheme I had visions of security standing in the car-park and ticking you off on their 'Bike2Work' commuter list as you arrived. However, I found out from the guy in HR who organises the scheme that it was all done on trust and there were no checks to see that you're using it to commute for the specified number of journeys per week. Heck - they don;t even monitor if the bike is really for you (I know of a few people who have obtained bikes on the scheme for other family members

On the other hand, you could probably look at it as one more bike, one more cyclist, perhaps one less car and an increase in the health of the user. (In an ideal world of course where they actually use the bike and it doesn't just sit at the back of the garage gathering dust....)

 

[Downward]

When I first joined the scheme I had visions of security standing in the car-park and ticking you off on their 'Bike2Work' commuter list as you arrived. However, I found out from the guy in HR who organises the scheme that it was all done on trust and there were no checks to see that you're using it to commute for the specified number of journeys per week. Heck - they don;t even monitor if the bike is really for you (I know of a few people who have obtained bikes on the scheme for other family members

On the other hand, you could probably look at it as one more bike, one more cyclist, perhaps one less car and an increase in the health of the user. (In an ideal world of course where they actually use the bike and it doesn't just sit at the back of the garage gathering dust....)

Indeed
I know that since July 30 ish people have purchased a bike through but I can't see the 30 extra cycles in the cyclepark !

 

[D-Rider]

This thread has inspired me to check out my employer's cycle to work scheme.

Seems I can only join at the turn of the year and have to get the bike from Halfords. Does look like good savings available though..... maybe next year!

 

[muller]

This thread has inspired me to check out my employer's cycle to work scheme.

Seems I can only join at the turn of the year and have to get the bike from Halfords. Does look like good savings available though..... maybe next year!

Usually it's through Halfords, and they can actually order any bike you want in.

 

[D-Rider]

Usually it's through Halfords, and they can actually order any bike you want in.

Ah - good to know, thanks.

 

[goo_mason]

Ah - good to know, thanks.

Just be careful when you ride the bike away from their shop - both of my Bike2Work bikes (Carrera Vulcan and Giant SCR2) have had bits fall off on the way home or have been put together incorrectly !

Always take a multitool with you if you're cycling it back from Halfords as you'll probably need it before you've done a mile

 

[mr_cellophane]

You don't have to use the bike for the whole journey. Home to station is enough, so there is no practical way anyone can check up.