Cyclescheme

spongtastic
spongtastic Posts: 2,651
edited April 2009 in MTB general
The company I work for has just announced via email that they've joined cyclescheme.

Website says that the fair market value tends to be about 5% of cost at the end of 12 months, but anybody got actual experience of this.

I'm now very tempted to buy a £1k bike for £500, and then only pay another £50.
Visit Clacton during the School holidays - it's like a never ending freak show.

Who are you calling inbred?

Comments

  • weeksy59
    weeksy59 Posts: 2,606
    The company I work for has just announced via email that they've joined cyclescheme.

    Website says that the fair market value tends to be about 5% of cost at the end of 12 months, but anybody got actual experience of this.

    I'm now very tempted to buy a £1k bike for £500, and then only pay another £50.


    Seems about right based upon most peoples experiences.
  • fred1star
    fred1star Posts: 428
    1K on a bike, your probably looking at paying back more like £600, but thats still pretty good value. And yes your usually looking at 5% as FMV...
    09 - Santa Cruz Heckler
    03 - Trek 8500
    95 - P7 (Dead, but I loved it)
    Year dot - Alpine Stars CR300 - Still going strong...
  • projectsome
    projectsome Posts: 4,478
    It's a worthwile scheme. They take around £40 a month and I hardly notice it.
    FARKBOOK TWATTER Happiness is my fucking mood!
  • spongtastic
    spongtastic Posts: 2,651
    my main dilema is now how do I explain ANOTHER bike? :?

    The Fury was 'brought from a bloke at work' to go alongside the Merlin, which I need in the winter when I'm lazy, and to replace the Saracen which was 'supposed to have been sold to another bloke at work, but decided he didn't want it, so I might as well use it'
    The africa bike carts the kids about, and through luck I've just sent a pashley post bike off to be painted metallic orange fleck for trips to the shop.

    If I don't think about it properly I'll be wearing this expression for a while :shock: when the wife finds out.
    Visit Clacton during the School holidays - it's like a never ending freak show.

    Who are you calling inbred?
  • Does anybody actually check if these bikes are actually being ridden to work, as I suspect a great number of them are not!
    I'm only asking as my boss said I couldn't have one as I have a company car and would be ineligible!
  • I dont get checked at all for riding my bike to work and ive now gone through 2 year long C2W schemes.... also re the fair market value, my company just docked me 3% of total last time... will find out soon what this years will be 8)
  • Daz555
    Daz555 Posts: 3,976
    I'm only asking as my boss said I couldn't have one as I have a company car and would be ineligible!
    Nah, you just have to state you will ride it to work - for tax reasons. No-one will ever be able to check whether you actually do so or not.

    A company car does not mean you do not ride to work.
    You only need two tools: WD40 and Duck Tape.
    If it doesn't move and should, use the WD40.
    If it shouldn't move and does, use the tape.
  • Eranu
    Eranu Posts: 712
    My company didn't charge us anything for our bikes at the end of last years scheme, which was a result.
  • Douche
    Douche Posts: 134
    Im on my 2nd year of cycle to work, last year I got a bike for a full 1k, I lost about £42 per month out of my net pay and at the end of the year had a further deduction of £50/5% to buy the bike. This year I got a £500 bike (for my girlfriend!!!) and spent the rest of the money on upgrading my original machine.

    Its a fantastic scheme, I think that in the end Mr Brown will realise how easily exploited the scheme is and remove it,

    In the meantime i recommend it highly and I personally will be getting a new bike and upgrades each year until either a) the scheme ends, b) I run out of room, or c) my missus kills me before either a or b come into effect.
    I found it hard, its was hard to find, oh well whatever nevermind.

    Boardman Mountain Pro
    185 G3 CleanSweep Front
    Cane Creek Grips/Ergo Ends
  • paulfitz
    paulfitz Posts: 103
    Does anybody actually check if these bikes are actually being ridden to work, as I suspect a great number of them are not!
    I'm only asking as my boss said I couldn't have one as I have a company car and would be ineligible!

    I know at least 3 people in my work who "ride" very expensive full suspension beasts along the road from Liverpool to the Wirral, "everyday".

    This would be absolutely fine if it wasn't dangerous because of the fumes built up in the 2 miles or so of tunnel that joins Liverpool and the Wirral, under the River Mersey. Oh yeah, its also illegal to ride in the tunnel.

    So no, nobody checks. Ever.
    <a><img></a>
  • fred1star
    fred1star Posts: 428
    fred1star wrote:
    1K on a bike, your probably looking at paying back more like £600, but thats still pretty good value. And yes your usually looking at 5% as FMV...

    I did say this but this is based on a 20% tax rate payer if your a 40% tax payer firstly lucky you for being paid so much and secondly you will get a 1K bike for £600...

    Also I have a subsidised lease car with my job and this makes no difference to C2W... I have to give an undertaking that I will cycle to work 50% of the time... However this was fine while living 6 miles from work, now I live 26 miles... ops
    09 - Santa Cruz Heckler
    03 - Trek 8500
    95 - P7 (Dead, but I loved it)
    Year dot - Alpine Stars CR300 - Still going strong...
  • We don't have C2W over here on the Isle of Man (we get enough Tax breaks already :P)

    From what I have heard though, no-one ever checks up on how often you actually cycle in to work.

    Even if they did, just drive in with the car in the boot or on a rack and park a couple of miles away. Job's a good'un :wink:
  • MrChuck
    MrChuck Posts: 1,663

    From what I have heard though, no-one ever checks up on how often you actually cycle in to work.

    Even if they did, just drive in with the car in the boot or on a rack and park a couple of miles away. Job's a good'un :wink:

    Or, how about, I don't know, actually riding it to work?
  • Not Royces by any chance are you? We're finally getting ours sorted, should be may when it starts. I'm in a bit of a dilemma as to whether i get a custom specced hardtail with amazing forks (which i will obviously keep on that bike and not swap onto the SX...) or get a trail bike (enduro/pitch etc.).

    I'd prefer the first option, so does anyone know whether shops tend to have a problem with custom speccing bikes with components that blatently wouldn't go together (such as some fox 36's on a hardrock...) :lol:
  • From what I've read as long as you state you ahve a 'qualifying journey' (i.e. ride PART of the way towork) then you can get what you want. There tends to be a £1000 limit as otherwise the company needs to register for a credit licence or something (to prevent the full carbon beauties I guess), but hell, it seems crazy not to and I'm about to sign up too.

    Interestingly, has anyone thought about the possibility of selling the bike after a year and using the difference to put towards another bike to upgrade? Assuming that no-one would neceesarily own up to this on a random forum to a random person :D , but does anyone have a, er, 'friend' who has done this?

    Is there any issue with 'renewing' your CTW scheme each year?
  • Surf-Matt
    Surf-Matt Posts: 5,952
    We got two bikes through the scheme.

    We run a company and work from home - they "office" and "employee" addresses were exactly the same.

    So I'd say they don't check too carefully!