Leaving Cyclescheme Early

sarajoy

I realise this might vary firm-to-firm, and I should look at the agreement I signed, however I don't have it to hand and am wondering what people faced upon leaving.

I will likely leave this company with 2-3 months to go on the payments. I'm guessing I will have to pay off the last few without the tax benefit for a start, then it's possible I may have to pay them the savings made so far on it :?

What have other people had to do?

Clever Pun

you pay what's due on the bike.. inc tax so basically you lose the nice tax free savings

if they let you keep it... and chances are they will

Rich158

I can pay the balance of mine at any time, but, as Cleverpun says I'd lose the tax savings.

iirc they could also charge a nominal amount for the bike at the end of the hire period as well, although this has never been an issue with my employer.

Clever Pun

yeah I didn't have to pay any of the remaining £150... which was nice

I'm trying to get a bike through the missus's c2w scheme, she's not that enamored by the idea

DrWorm

Clever Pun wrote:

I'm trying to get a bike through the missus's c2w scheme, she's not that enamored by the idea

You can undserstand why though. If she won't be using it to commute to work then she is basically committing tax evasion/fraud for you.

symo

New job then sara. Muchos energy engineering work around at mo.

sarajoy

Aye symo, there's a fairly big thread about teaching I started - quite happy to jump off the electronics ship, tbh..!