how they're going to ruin the scheme
Thanks. That makes sence based on the 3-5%, if that's what it is.
What put me off was the cycle scheme FAQ website says:
"Typical savings are between 30% and 50%., but the actual amount you pay depends on your personal tax band, and the way your company runs the scheme."
"usually 12 months"
"The bike and goods remain the property of your employer until the hire period finishes, unless your employer uses finance; in this case the finance company will own the bikes during the hire period. At the end of the hire period you may be given the opportunity to buy the bike for a fair market value payment."
So as I saw it, a fair market value of of a £1000 bike after 12 months would be.... say £600-700. There was no way I was going to have to pay that in after a year just to have saved a bit of tax. Nowhere is the FMV rate suggested or defined on the site.
Also, "you may" be given the opportunity to buy back the bike. What??? Or you may not???? And what then? What if your co. decides to keep it as a "pool bike" and/ or charges a monthly/ weekly rental there after.
Nothing in the wording says they can't do that.
Perhaps wording on the site FAQ's could be a bit clearer as to what the FMV is.