Loving The Cycle Scheme
Pufftmw
Posts: 1,941
We've just signed up to both the Cycle Scheme and the Ride 2 Work scheme. So with that done, I'm exercising my right to take money from the government. Already have a 97 Big Sur and an 09 Orange G2, so taking the opportunity to go f/s and get a Spark 60 which I can just get inside the £1000.
The bargain is that it'll cost me the equivalent of £515
Also, done as interest free credit over the year lol.
Hopefully get it this afternoon in which case I'll be straight up to Thetford Forest this weekend (my local place and tree-root city).
What a steal and absolutely recommended. If your employer doesn't do it, they should!
The bargain is that it'll cost me the equivalent of £515
Also, done as interest free credit over the year lol.Hopefully get it this afternoon in which case I'll be straight up to Thetford Forest this weekend (my local place and tree-root city).
What a steal and absolutely recommended. If your employer doesn't do it, they should!
1997 Gary Fisher Big Sur
2009 Scott Spark 60
2010 Ghost 5000
2011 Commencal Ramones AL1
2012 Commencal Meta AM1
2009 Scott Spark 60
2010 Ghost 5000
2011 Commencal Ramones AL1
2012 Commencal Meta AM1
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+1, absolute bargain!!!
Got the qoute from the LBS last night, submitted requested for voucher, received the approval and hire agreement. now just waiting for the voucher, I was told it will take a week.
I am going with an Orange G3 plus accessories. Can't wait to pick up the bike next weekend Synapse Disc 3 Ultegra '14/CAADX 5 105 '110 -
gadgets wrote:+1, absolute bargain!!!
Got the qoute from the LBS last night, submitted requested for voucher, received the approval and hire agreement. now just waiting for the voucher, I was told it will take a week.
Nice and a lot quicker than mine. I got my agreement through on Monday but was told that I'll have to wait 4 weeks for my voucher! Excellent scheme though. Wonder if it will carry on if there's a change of Govt. next year?0 -
It sure is a great scheme and I wish the company that i work for would do it.
But you should be aware that (if I hear correctly) companies that do the scheme are entitled to charge you the full amount of the cost of the bike at the end of the 'loan' period.
Most companies are not mean enough to do this and may not even realise that they can.
But I still wish my company would do it as I so want another bike for 'commuting' off road.
Happy riding.0 -
Raging - My Employer, 1 of the top 20 FTSE 100 companies, do not do the Cycle to Work scheme, as the "majority of their employees are home workers" and...... "it would cost to much to set up"........ wtf..... a couple of salary sacrifice direct debits cost too much? Yet they will steal my pension and contribute less but make me pay more to get less by retirement...
hmmm - Rant over!!
I had to pay the full whack for my bike...... whereas I could've saved about 30%
Ho Hum....It's been a while...0 -
Just picked it up - lush
Now to pack the car and head off to the countryside...1997 Gary Fisher Big Sur
2009 Scott Spark 60
2010 Ghost 5000
2011 Commencal Ramones AL1
2012 Commencal Meta AM10 -
Well at the moment I cant take up this scheme, I will be getting a new job soon so hopefully they have the scheme as I am eyeing up this one
http://www.wiggle.co.uk/p/cycle/7/Felt_ ... 360038906/
Really need a new bike and this ticks virtually all the boxes FCN: 5/6 Fixed Gear (quite rapid) in normal clothes and clips
Cannondale CAAD9 / Mongoose Maurice (heavily modified)0 -
thinnk my company are going into an agreement with Halfords.... with their range whats th best one? Hopefully I'll be able to get them to order in something recommended by WMB2010 Carrera Fury
1992 Raleigh Equipe0 -
Wight rider wrote:It sure is a great scheme and I wish the company that i work for would do it.
But you should be aware that (if I hear correctly) companies that do the scheme are entitled to charge you the full amount of the cost of the bike at the end of the 'loan' period.
Most companies are not mean enough to do this and may not even realise that they can.
But I still wish my company would do it as I so want another bike for 'commuting' off road.
Happy riding.
Nope thats not true. Once you've payed for the bike, your business should not charge you the full value of the bike, that would be damn stupid (paying 150% for a bike!? you're supposed to be saving money). You have to pay 10% of the FMV I believe, as the business has to be shown that they are selling you the bike. I think these details are in the small print on the scheme.0 -
I have never heard that at all. My own company makes it clear exactly what they charge you at the end - £20 is this years fee. I have heard that other companies simply charge the equivalent of another months 'rent' for you to keep the bike.Wight rider wrote:But you should be aware that (if I hear correctly) companies that do the scheme are entitled to charge you the full amount of the cost of the bike at the end of the 'loan' period.
They are entitled to charge something because the admin at the end of the process to get the asset off their books does of course cost the company something. No way however could they justify charging you anything too significant.You only need two tools: WD40 and Duck Tape.
If it doesn't move and should, use the WD40.
If it shouldn't move and does, use the tape.0 -
They have to charge the market value, otherwise the bike is a benefit in kind, which is taxable. The market value is typically interpreted as 5% of the initial purchase price, and HMRC seem happy to live with this. There are some variations, some charge 10%, some one more month installment. More accurate figures for market value would involve individual assessment which would be costly and time consuming, so if HMRC are happy, that's good enough. Technically, employers cannot give advanced notice of a final purchase price as this would then constitute a hire purchase agreement, rather than a hire agreement, the former does not attract the tax break. Strangely, though, my employer does state up front that the final fee will be 5%.0
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Yes it's great.
Best thing is that you can do it year after year.
Next time it's going to be one of those lovely belt drive treks with the orange rims, with the 'accessories' being two junior bikes for my kids. My LBS will just list proper things like helmet etc to the value of the bikes you want.Visit Clacton during the School holidays - it's like a never ending freak show.
Who are you calling inbred?0 -
although i appreciate that a lot of people get fantastic bikes for less than market value, the c2w scheme is absolutely abysmal for the employee when you look at it (bear with me here...)
1. You are not "buying" a bike with your salary sacrifices, or even hiring one. Key thing here is you're taking a salary sacrifice, your company is under NO legal requirement to increase you salary back up after the "hire" period
2. It is NOT a hire purchase agreement. The company buy the bike, and you take a salary sacrfice for the priviledge of using it. The company is under no legal requirement to even sell you the bike at all at the end of the "hire" period.
3. The cost at the end of the "hire" period is given as market value. The 5% comes from the similar computers scheme that was run previous to c2w. 5% for a one year old computer is realistic even if it's hardly used due tech moving on so fast, it isn't for a bike. As the company is not allowed to state the cost at the end of the "hire" period, this leaves you u very vulnerable as you have no legal backup should they wish to charge you, say, 60%.
So basically, you have very little legal protection to ensure you don't waste your money or end up on less salary than before you took out the agreement. Works out fine if you're with a good company who won't screw you over or are willinging to verbally confirm end purchase price and will stick to it. Admittedly this, i would guess has been fine for 99.999% but it's very shoddy how exposed the employee is left with this "great" government initiative.
Personally, given all the above, i'd rather shop in the sales....... :?0 -
You may have found legitimate and accurate flaws, but I have not seen any evidence that an employee has ever been treated in this way. I am not sure you are correct that the salary sacrifice does not have to be restored, one signs an agreement for the duration of the hire period. I got a Planet-X SL Carbon with Dura Ace for £650, effectively on interest free credit, not ever likely to get that in the sales! I guess that if you work for a "rogue" employer, you will know that from other experiences, but said "rogue" employer is probably very unlikely to offer the scheme in the first place.0
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also as the scheme ends, the bike becomes the companies property. If they'd be that petty, they'd have to arrange collection. In my case I'd make sure that it wasn't there, as it would be up to them to secure and insure!
But then again I wouldn't work for a company like that.
And in what sale would I get an FSR expert for ££570?Visit Clacton during the School holidays - it's like a never ending freak show.
Who are you calling inbred?0 -
i got my bike through the cycle 2 work scheme and i am the administrator within the business also. I am the only employee who has opted to take a bike this way.
Have to admit i have seen no problems and when the agreement ends next june, i will upgrade bike and go again with it. In the grand scheme of things the sacrifice isnt that substantial and you gain a very good bike for a reduced rate.
It is the norm for the business to expect a settlement payment say of 5% as it is an asset of the business. Thankfully the owner of the business i work for is a thoughtful man and he will probably relinquish a final payment on the bike i have.
Good times and i strongly reocmmend it.2009 Trek 3900 disc https://www.flickr.com/photos/125245570 ... 613755884/
2014 Cube Peloton Pro https://www.flickr.com/photos/125245570 ... 613364814/0 -
Graydawg wrote:Raging - My Employer, 1 of the top 20 FTSE 100 companies, do not do the Cycle to Work scheme, as the "majority of their employees are home workers" and...... "it would cost to much to set up"........ wtf..... a couple of salary sacrifice direct debits cost too much? Yet they will steal my pension and contribute less but make me pay more to get less by retirement...
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Dont tell me... BT?
:evil:Rockhopper Pro Disc 20090
