Cycle to work schemes

sarequads

Ive used "Cycle2work" scheme before but now im trying to set my work up with another scheme. What others operate the same as cycle2work where you use your national insurance number. Im looking at "cycle scheme and it looks like your employer needs to front some cash first. WHat schemes just come off your wage without any initial investment from your employer? thanks

keef66

I thought the whole point was the employer buys the bike then you pay for it monthly via salary sacrifice?

sarequads

keef66 wrote:

I thought the whole point was the employer buys the bike then you pay for it monthly via salary sacrifice?

Yes that is the case for cycle2work but a friend of mine, his work setup a scheme but it required the employer to front cash that they would claim back from the employee. The one I'm currently looking at is talking about (cycle scheme) is "waiting on payment" but im not sure from who.

fenix

Is that not the same thing ???

navt

sarequads wrote:

The one I'm currently looking at is talking about (cycle scheme) is "waiting on payment" but im not sure from who.

From your employer. The scheme operator will invoice your employer (fronts the cash) and in turn issues a voucher (paper or electronic) to you.

The Rookie

Cyclescheme is the biggest and has the largest range of retailers (including some online only like Planet-X).

itboffin

*** Holy threads ALIVE ***

So i'm considering CTW scheme to buy a few parts from Wiggle, but the cycletowork version of wiggle doesn't use my platinum discount so the overall basket value is a lot more, can i just add stuff on the normal wiggle site and ask them to quote so i can get my voucher from work or do i need to use the profit share link Cyclescheme forward you to?

itboffin

Back again with more questions re the scheme.

If you opt for the 4 year duration do you continue to pay the monthly deduction after the original total cost has been paid back?

For example a £3039 bike over 4 years is a pre-tax monthly cost of £253.25 after tax £146.89, times that by 12 months equals the costs of the bike, times that by 48 is a whopping great £12,156 that can't be right?

super_davo

On my scheme, you pay the cost over 1 year, then the scheme still owns the bike for a further 3, when it transfers over to you.

That way the fair market value reduces and you don't need to pay tax on the transfer.

itboffin

super_davo said:

On my scheme, you pay the cost over 1 year, then the scheme still owns the bike for a further 3, when it transfers over to you.

That way the fair market value reduces and you don't need to pay tax on the transfer.

that makes more sense, thanks and which scheme does your company use?

daniel_b

Mine is through cyclesolutions, all going smoothly so far, waiting for my work to approve/process the voucher any day now.

Then I can send it to Balfe's and get my 25% deposit back.

The default setting that you have to choose to opt out of, is for them to extend for a further 4 years, and then there is either no final payment, or a very small one.

What is your limit, if there is one?

itboffin

daniel_b said:

Mine is through cyclesolutions, all going smoothly so far, waiting for my work to approve/process the voucher any day now.

The default setting that you have to choose to opt out of, is for them to extend for a further 4 years, and then there is either no final payment, or a very small one.

What is your limit, if there is one?

no limit and its cyclescheme.co.uk i just cant figure out from their website if they keep taking payments are the initial 12 months is up and the total cost recovered, its not clear at all.

daniel_b

No they definitely will not, it is merely delaying the point at which you wholly own the items, which is to your benefit.
Exactly as @super_davo said above.

Fantastic there is no limit!
I took mine to within £1.02 of the limit

daniel_b

And to add, even though they 'extend' the agreement, you're still able to take out a new one once the 12th payment is made.

itboffin

daniel_b said:

And to add, even though they 'extend' the agreement, you're still able to take out a new one once the 12th payment is made.

this is what i'm hoping for at least i might be able to start paying HMRC a bit less each year, its bloody annoying already let alone the underpayment demands each year because i work for a US company and they pay bonuses in March which messes with my PAYE.

daniel_b

Definitely check with your relevant team and the C2W providers, but that is how it would work in most places.

My limit is currently 3k, trying to get it pushed up to 5, and thinking this time next year to probably be looking at a Dura ace Di2 groupset hopefully.

drhaggis

It's amazing how little £3k buys you today. And when I say today, I mean in 6 months or longer.

daniel_b

drhaggis said:

It's amazing how little £3k buys you today. And when I say today, I mean in 6 months or longer.

Yep, prices are nuts.
I have a feeling the Scott Addict Gravel 30 will be upped in price a decent percentage for 2023, in the current market, £2399 seems about 25% under what you might expect to pay. Imho.

I also hope I'm wrong.

6 months, spot on that man, mine is due (in theory) in May.....

itboffin

fingers cross tomorrow i will be buying for only the second time every a new complete bike and yes £3k does not go far these days.

I hate to admit it but we've turned cycling into the new golf / .

I watched a MTB video earlier and whilst it was cool i could not help but think, so in order to live that image you need a 4-5k plus bike not to mention the kit and then you need to go to those dedicated bike parks (Golf courses) what next cycling "club houses" ....oh wait we have those in the form of coffee shop stops.

hmmmm

but still NEW BIKE! hopefully.

Its just a shame i currently have COVID so cant ride.

daniel_b

to the new bike
to the fact it may be becoming golf in some aspects
to the Covid bit - hope you get over it quickly - going to try and sort out my booster soon, as I think they are in the process of changing it to 3 months after your 2nd one.

Was it the Addict RC 20 you went for, and from which supplier, what due date?

itboffin

No addicts in stock for the foreseeable sadly

daniel_b

Oh balls - what are you going for instead?

itboffin

daniel_b said:

Oh balls - what are you going for instead?

Cannondale Topstone Carbon 5 in purple

Google searched pic so ignore the wonky saddle angle

drhaggis

I may join the boat soon. Went to my LBS to straighten the rear derrailleur hanger and service the hubs (campag zondas). A few hours later was told that the rims were so worn it made no sense to service the hubs. It's no surprise. Using a rim brake road bike for everything in Edinburgh means either disposable wheels or hand built ones.

So now I wonder, do I really want to buy hand built wheels for £350, or should I go brand new bike? Ironically, a carbon frame w/ disc brakes is probably a better fit for commuting around here than a cheap Alu bike from 2016. Which leads us to...

drhaggis said:

It's amazing how little £3k buys you today.

A kinesis R2 (still Alu), which seems sort of sensible all year round, nets me a bike >1 kg heavier (probably closer to 1.5 once you account for pedals), with the same groupset, and for the privilege of spending £1680. What's the point?

A Scott Addict 20 is within c2w budget, but if itboffin can't get one and daniel_b is on the waiting list, the memo is clear.

I'm personally a sucker for TCR's (don't know why), and while advanced pro's are out (they're cheaper in EUR than in GBP, for goodness sake), there's an Advanced Disc 1+ with 105 and the fancier wheels. Is hookless a terrible idea on a bike that would do commuting miles?

It doesn't escape to me that going N+1 would allow me to ride my old bike on crappy weather days, provided I got a cheap front wheel, thus prolonging the life of the newer nicer steed.

itboffin

Deposit paid and bike is in the queue to be build, to my surprise the cycle to work scheme vouchers can take 2-4 weeks to process, er what now .?!?!? how are they processing them by ticker tape and carrier pigeons?

Anyway i should have my new gravel bike by Jan.

I've also foolishly signed up for the Mallorca 312 yet again and our local regular early season sportive the White Horse Challenge, always a testing event so early in the year 10th April.

daniel_b

itboffin said:

daniel_b said:

Oh balls - what are you going for instead?

Cannondale Topstone Carbon 5 in purple

Google searched pic so ignore the wonky saddle angle

Very nice, I was all set on a Topstone when I was looking last year, I had a soft spot for the lefty fork version, mostly because I thought it looked cool really, but the standard fork with that rear pivot is likely more effective and lighter.
Nice colour too.

I suspect as my need list has changed, the Dale likely would not have allowed me to fit full mudguards and or a rack, so probably out of the reckoning as a dual commuter.

drhaggis said:

I may join the boat soon. Went to my LBS to straighten the rear derrailleur hanger and service the hubs (campag zondas). A few hours later was told that the rims were so worn it made no sense to service the hubs. It's no surprise. Using a rim brake road bike for everything in Edinburgh means either disposable wheels or hand built ones.

So now I wonder, do I really want to buy hand built wheels for £350, or should I go brand new bike? Ironically, a carbon frame w/ disc brakes is probably a better fit for commuting around here than a cheap Alu bike from 2016. Which leads us to...

drhaggis said:

It's amazing how little £3k buys you today.

A kinesis R2 (still Alu), which seems sort of sensible all year round, nets me a bike >1 kg heavier (probably closer to 1.5 once you account for pedals), with the same groupset, and for the privilege of spending £1680. What's the point?

A Scott Addict 20 is within c2w budget, but if itboffin can't get one and daniel_b is on the waiting list, the memo is clear.

I'm personally a sucker for TCR's (don't know why), and while advanced pro's are out (they're cheaper in EUR than in GBP, for goodness sake), there's an Advanced Disc 1+ with 105 and the fancier wheels. Is hookless a terrible idea on a bike that would do commuting miles?

It doesn't escape to me that going N+1 would allow me to ride my old bike on crappy weather days, provided I got a cheap front wheel, thus prolonging the life of the newer nicer steed.

Yep sadly reading up online, Scott's are particularly thin on the ground / long waiting list - the small lbs's are getting nothing, the big ones, a handful at most :-(
I count myself very lucky to hopefully have the Gravel 30 within 6 months with a prevailing wind.
I know my LBS (Banjo Cycles) has a raft of Giants coming in, think they are storing them in containers, but I suspect they will fly out of the door, could be worth giving them a shout depending on where you are.

itboffin said:

Deposit paid and bike is in the queue to be build, to my surprise the cycle to work scheme vouchers can take 2-4 weeks to process, er what now .?!?!? how are they processing them by ticker tape and carrier pigeons?

Anyway i should have my new gravel bike by Jan.

I've also foolishly signed up for the Mallorca 312 yet again and our local regular early season sportive the White Horse Challenge, always a testing event so early in the year 10th April.

Great news you are getting it as soon as Jan - 4 months earlier than me!
Yep mine took 3-4 weeks as well, at my place they shut the system down for 1 week in 4, which is when they process the requests, so I literally got my LOC through today, and have sent it straight off to Balfe - had I requested it 5 days earlier, I would have had it within 5 days at most.

Which retailer are you going through, and is the bike secured in some manner, deposit, or they have just agreed to hold it for you?
Sticking with a 54?

Aha spooky, was just alerted to the White Horse challenge ride yesterday, still over 400 spaces currently available, am tempted, but just wondering what the weather will be like April 10th - could be lovely, could be shyte!
I know the roads over to Shrivenham, but not further west, how would you rate them for quality, ie lack of potholes and gravel etc?
Will you tackle it on the CR1, the new Dale, or something else completely?

itboffin

It’s with Epic cycles and yes I’ve paid a 10% refundable deposit, the Cad has specific mudguard mounts and comes covered in rack mounting points in fact it’s the bike used by EF Lachlan Morton

itboffin

https://www.efprocycling.com/wp-content/uploads/2019/06/EF-GBDURO-1-23-1499x900.jpg

daniel_b

Epic have a great reputation I do believe.
Contacted them a while back, but sadly they don't accept vouchers from my companies provider

Be interested to see how the guards would fit/work with the pivoting rear stays, although you probably won't fit any?