Cycle to Work Scheme

Roddy131

Can any one help me with a situation I have and that is confusing me, my employer has agreed to the scheme but has said I will need to pay for the set up costs such as a legal binding contract and accountant fees, Is this true? Any help with this would be very helpful.

Slow Downcp

It depends on your organisation I guess - the contract though at our place is a two sheet document, and I run the scheme so no need for external accountants to get involved.

coffeecup

Try contacting cyclescheme for advice:

www.cyclescheme.co.uk

I think it's a lot easier than your employer is making out

alfablue

Roddy131 wrote:

Can any one help me with a situation I have and that is confusing me, my employer has agreed to the scheme but has said I will need to pay for the set up costs such as a legal binding contract and accountant fees, Is this true? Any help with this would be very helpful.

Tell him that the forms can be downloaded from the likes of Wiggle and then customised, and he can offset any costs by the NI contributions that they will save (the employers contributions decrease because the salary sacrifice is on gross pay before tax and NI). - up to 12.8% of the cost of the bike. Additionally the employer gets the final fee they charge you to transfer ownership of the bike, typically 5% (they can look at this as interest on the loan if they like), so with this and the NI saving, they could make £178 for themselves for each £1000 bike purchased. The costs reduce per bike the more bikes purchased. Unless the employer has extremely cumbersome payroll systems the admin should be minimal.

Employee chooses bike, signs the agreement form and gives to employer, employer arranges salary sacrifice and issues cheque for bike shop, employee takes cheque to bike shop, employee collects bike. Job Done.

Kieran_Burns

You know I'm going to have to hassle work again about this. It's utterly ridiculous that a company the size of mine won't do the cycle to work scheme.