Another Cycle to Work (end of term) query

FOOKINHILLS1

Hi All,
I commute to work as it is actually quicker for me to cycle to work than to drive.
Being as my commute is no more than 30 minutes and I amble around here and there, I've never seen the need to go buy an expensive bike so the Cycle to Work Scheme has been good for me.
I'm now coming to the end of my 3rd year (x3 bikes) of using it and each time it has been different.
On the end of the first one, it literally came to an end and I heard nothing from employer or Cycle to Work people so had nothing to pay at the end.
On the second one (different employer), I had to pay £65 to keep the bike, but now I am with another employer again so not sure what will happen this time.
The Cycle to Work Scheme runs out December and am already think to go for another for next year.

The amount that you have to pay at the end, would this depend on what kind of scheme the employer has with them as like I have said, the first one that I had, there was nothing to pay at the end but on the second there was.

dhope

It depends on the agreement you've signed up for. Only way for you to find out is read the T&Cs

seajays

Yeah - all depends on the terms of the scheme.

Our employer for example, takes the payments (tax free) from salary over the first twelve months, then you are able to choose after that to either "buy out" the bike at any point, or to continue to "hire" it at no cost for as long as you like whilst you're employed.

If at any time you wish to buy it outright after the initial 12 month period they use the HMRC valuation table to determine what has to be paid:



So effectively you can continue to use it at no charge, until after 5 years it's zero value and becomes yours anyway.

But it will all depend on the specifics of your employer's scheme.