Or, possibly, return to them the bike that you are hiring from them. I vaguely remember that being an option when I did the C2W and read the T&Cs - although it was about 8 years ago, so may have changed since, I s'pose.
What happens after you leave on the cycle to work scheme?
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Or, possibly, return to them the bike that you are hiring from them. I vaguely remember that being an option when I did the C2W and read the T&Cs - although it was about 8 years ago, so may have changed since, I s'pose.
LewisLondon
Well-Known Member
- Location
- SW London
[QUOTE 5302629, member: 10119"]Or, possibly, return to them the bike that you are hiring from them. I vaguely remember that being an option when I did the C2W and read the T&Cs - although it was about 8 years ago, so may have changed since, I s'pose.[/QUOTE]
I'd be very surprised if that's an option - what would a company want with a random bike?!
I'd be very surprised if that's an option - what would a company want with a random bike?!
[QUOTE 5302638, member: 45"]They wouldn't. But that's [edit] possibly [/edit] part of the deal.[/QUOTE]
It may depend who is running the scheme you participate in, and it may not even be the case for the scheme at my employers any more - I know that lots of things have changed with C2W over the years.
It may depend who is running the scheme you participate in, and it may not even be the case for the scheme at my employers any more - I know that lots of things have changed with C2W over the years.
Julia9054
Guru
- Location
- Knaresborough
Depends on your scheme. For mine, the full purchase price is split into 12 payments and removed from my salary before tax and NI. There is no final payment and the bike is mine after the 12 months is up.
Julia9054
Guru
- Location
- Knaresborough
[QUOTE 5302661, member: 45"]That's interesting because that's how all schemes work up until the end of the loan period. And I believe that when they hand the bike over HMRC want to make sure that you're not overly benefitting from the tax break, which is why many schemes now continue the loan period (in gesture only) until the residual value of the bike isn't worth bothering about.[/QUOTE]
That's what my scheme actually says. In reality, I have never had to make a final payment and have never been told about any extended loan period.
That's what my scheme actually says. In reality, I have never had to make a final payment and have never been told about any extended loan period.
I like Skol
A Minging Manc...
- Location
- Sunny Ashton-under-Lyne
I'm not the one stuck in a contract with punitive exit clauses that I am unhappy about. Not saying I haven't been tied to such agreements but, having read and taken onboard the T&Cs at inception, I went in knowing the possible pitfalls and accepting that if such situations arose I would just have to take it on the chin and suck it up, as it were.
Just sayin
Just sayin
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I like Skol
A Minging Manc...
- Location
- Sunny Ashton-under-Lyne
My works C2W scheme did charge a final purchase fee. On a £1k bike it was almost equivalent to another (13th) months payment. Still made it a worthwhile exercise, but as i said before, only as good as getting a good end of season discount if it had been available on the bike i wanted.
Julia9054
Guru
- Location
- Knaresborough
Me too. It was a very good deal
- Location
- Glasgow
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Thank you!
The Halfords based scheme, that my employer offers, is a 12 month scheme with no option to extend. Therefore there is a residual value to consider, with 3 options:
1. Hand the bike back.
2. Pay them the residual 25% value if it’s between £500 and £1,000. 17% if below.
3. They gift me the bike and I pay the tax on the gift value. Taken over 12 months, the following year.
They do the third option by just adjusting your tax code by £250. Only recently found that They informed the IR that this had finished but they didn’t change my code. 3 years of back tax pending now.
1. Hand the bike back.
2. Pay them the residual 25% value if it’s between £500 and £1,000. 17% if below.
3. They gift me the bike and I pay the tax on the gift value. Taken over 12 months, the following year.
They do the third option by just adjusting your tax code by £250. Only recently found that They informed the IR that this had finished but they didn’t change my code. 3 years of back tax pending now.
Indeed. I was aiming this more towards @Julia9054 as she thinks there’s no final payment on her 12 month contract.
Slick
Guru
I went with the same scheme but I didn't use the same shop. I did get the same end of season discount as everyone else both years I have done it but there was also the mysterious 10% surcharge for using the voucher. I have yet to be asked for a final payment for either bike and the first bike agreement was completed 7 months ago.
