Cycle to Work

Spatulala

Stopped being self employed in April, just been told I can set up a C2W scheme, wondered which is the best scheme, or if they are all the same? For higher rate taxpayers, do the savings still stack up?

Anonymous

Try commuting chat. Some knowledgeable chaps and legal eagles in there

handful

They are all similar, the savings for higher rate tax payers are better obviously because they get more tax relief! There has been a lot of tightening up of the rules, particularly on taxable value of the bike at the end of the scheme and it taxes a bit of creative thinking (read tax dodging ) to get over that, many schemes now operate over a longer period eg 3 years (still pay over 1 year but retain ownership for 3) to reduce the tax burden as without that it probably wouldn't be worth doing. Main pitfalls are over top ups to a more expensive bike are sometimes not allowed and also many retailers (like Planet X) add 10% to the price of their bikes or at least sale prices gain negating the value.

There is loads of info online I would suggest Cyclescheme is one of the best due to it's wide retailer base including loads of LBSs, they have a good explanation of what's involved in setting a scheme up.

passout

I think they all work the same but I've been very happy with the service provided by 'cyclescheme' & their vouchers are very widely accepted - maybe more widely than other schemes.