www.cyclescheme.co.uk

sneakyd
sneakyd Posts: 6
edited May 2007 in MTB buying advice
Our company is in the process of setting up a bike to work scheme through www.cyclescheme.co.uk

I'm trying to find out if anyone here has used them and what kind of savings did they have?

Also, does anyone have the correct wording so employees can claim the VAT back.

Comments

  • nknowlton
    nknowlton Posts: 55
    My company (council) is just going through scheme now, we are using Halfords, although they can source any bike, I think I'm right in saying a œ500 bike will end up costing œ285. Best place to check is Evans website and look for tab ride to work, describes it beautifully.
  • DSA244
    DSA244 Posts: 66
    I bought a bike through this scheme with Evans.

    Your right, you get the VAT off and you also get tax relief. The total % saving depends on your income so as above go to the Evans websit an use the calculator there for how much you would save. Personally I saved over 50% on the voucher price. The more you earn the better the savings due to the tax relief system.

    The max amount you can get on the voucher is œ1000 but if you want to buy a more expensive bike you can pay the extra in cash but don't get any savings on this extra. I bought a Stumpy for œ1500, therefore I handed over œ500 of my hard earned cash and the œ1000 voucher.

    It works out over the year for paying back the voucher I am giving œ60 a month, however, I get œ20 per month back in tax relief therefore œ40 per month worse off. This means I only pay œ480 of the œ1000 back interest free.

    There is a small issue of your company owns the bike and not you, so they therefore sell you the bike for a nominal fee after 1 year. This is up to them, it cound be a quid or as much as say 10% of the voucher value.
  • Marky Mark.
    Marky Mark. Posts: 646
    Sorry sneakyd gonna hijack your thread for 5 mins.

    DSA244, whereabouts in Horsham are you? Would of mailed you but you haven't got that facility enabled in your profile.

    http://www.flickr.com/photos/markymarkstuff/
    The Family
  • gfq
    gfq Posts: 1
    My company used www.cyclescheme.co.uk, in October 2005. Everything went well, CS contacted two LBS which offered a range of bikes to suit all range of cyclists (Actual spends ranged from a œ3,500: Custom Built Spesh, down to a œ250 Giant Rincon), and the total spend on the scheme from my company was over œ70K, with an average spend each of 1K. The finance department within my company forked out the cash upfront and all those who got a bike have the monthly amount - less all tax incentives deducted direct from there monthly salary.

    I bought a 2006 Rockhopper Pro and an additional œ250 of accessories, and roughly pay about œ28 per month (A 43% saving), if you are in the higher tax bracket a 50% saving is applied.

    Cyclescheme produced a range of documentation that all the employees had a chance to look at (Notice boards / personnel department), this broke down expected savings / payments / periods. In the end my company set a two year payback, which has suited everyone who got a bike that I have spoken to. The scheme ends in Nov 2007 and my company is offering the scheme to all employees again, so I am going to have a nice new Specialized Stumpjumper FSR Expert. Yippee

Categories