What alternative to Cycle To Work?

fearny08

My employer finds it far to difficult to introduce the Cycle to Work scheme as it has misinterperated the rules and worried they may end up owning up to 25,000 bikes. They wont back down on this so i therefore am wondering if there is any way around this so i can take advantage of the the tax break, can anyone help?

I could use 0% finance to enable me to replace my worn out commuter (I am skint), but limits my bike choice and still end up paying income tax and VAT. Any ideas?

Many thanks in advance

clairelc

my work simply does a bike loan, in the same way they'd run a season ticket loan for public transport.

you put in for a loan to buy a bike, they write the check out to the company, and then take monthly repayments out of your pre-tax salary. You get an interest free loan, and no tax on amount of the loan.

meanredspider

fearny08 wrote:

My employer finds it far to difficult to introduce the Cycle to Work scheme as it has misinterperated the rules and worried they may end up owning up to 25,000 bikes.

I'm always surprised about this sort of thing. Do they think they've discovered something that '000s of other companies have missed? My organisation tried to blame the taxman for stopping our scheme - it's all just an excuse is my guess.

I'm beginning to understand why some people call the local paper (or national press) about some of these things - just to shame their Co.s into doing something.

SimonAH

My parent company is more than happy to do it for us, but my MD has heard some scare story regarding the taxman and won't bend despite that what he's heard rhymes with abosolute bollocks.

Headhuunter

The only thing I've heard that is discouraging employers from setting up or continuing with the scheme is the new rule that means that if they employ minimum wage workers, they have to have a "pool" of bikes available for them as minimum wage earners can't benefit from bike to work.