Buying Advise - Cycle to Work Scheme... ?

crusty jim
crusty jim Posts: 173
edited August 2008 in MTB buying advice
I've read up on this and seems like a good plan, other than having to buy the bike at a fair market price at the end of the hire period.

How does this work ?

Just wondering who decides the price and how it has to be paid ?

Cheers.. :D

Comments

  • dnp340
    dnp340 Posts: 2
    Seems a good deal if you need a bike.

    The question I have is that I have £1000 +/- 200 to spend at Evans cycles with my voucher,
    my options seem to be a Stumpjumper comp or maybe the top spec hardrock.

    I'd prefer a hard tail rather than full suspension.

    I have been away from cycling for a while and would therefore really appreciate and advice or feedback.

    Many thanks for your time.
  • dnp340
    dnp340 Posts: 2
    Seems a good deal if you need a bike.

    The question I have is that I have £1000 +/- 200 to spend at Evans cycles with my voucher,
    my options seem to be a Stumpjumper comp or maybe the top spec hardrock.

    I'd prefer a hard tail rather than full suspension.

    I have been away from cycling for a while and would therefore really appreciate and advice or feedback.

    Many thanks for your time.
  • Snow-Junkie
    Snow-Junkie Posts: 13
    ordered my bike about a month ago and my voucher still hasnt arrived ( think its through the fault of my council and not cyclescheme)
    What people seem to be doing is paying for their bike on their card and getting it debited back when it arrives to save the wait while the summer lasts!
    t
  • GibboGT
    GibboGT Posts: 287
    have a read here

    Got mine through evans, all depends on if your company is signed up yet and or willing to sign up, you can go evans, or halfords and they do their own paperwork or you can use the cycle scheme and go to any willing bike shop (lbs then have to give 10% to the cycle scheme so many wont offer you a sale price).

    As for the fair market value, depends on the company. The government recommend 5% + vat at the end.

    I know that some companies will charge this others wont, technically if they don't charge you anything it is a perk and so illegal, but its not checked up on so its entirely dependant on you boss and admin I guess.

    The vat saving with buying the bike is also down to your company if they pass it on. They are allowed to keep it if they want to cover admin cost and the fact that they are kinda lending you money. Again I don't think most companies do.

    Standard, you save 17.5% by your company claiming vat back, then you save approx another 25.5% through paying your company back before NI and tax. In total 43% more if you are in a higher tax bracket.
  • jammieeeee
    jammieeeee Posts: 389
    i think the final value just makes all your payments up to a figure about 60% of list price. nothing excessive.
  • crusty jim
    crusty jim Posts: 173
    Thanks,

    My employer is already signed up, as is my LBS..

    I can apparently just buy a frame too, which would suit me better..

    Think I will go and have a chat with my LBS tomorrow..

    :lol:
  • edthedead
    edthedead Posts: 23
    My co charge the 5% at the end of the lease period - pretty good - I had to buy at Halfords, which worked out well for me, got a good deal and the staff at my local one seem good :lol: I think you have got lucky being able to buy from your LBS!

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