2 Employers, 2 Cycle Schemes = 2k bike?

woody1545
woody1545 Posts: 322
edited September 2013 in Road buying advice
Hi,

I have 2 jobs, each has a cycle to work scheme with a £1000 max. Can I get away with running 2 schemes at once???

I'm pretty sure my friendly local bike shop would take the 2 vouchers.

Thanks
Chris

Comments

  • diamonddog
    diamonddog Posts: 3,426
    edited September 2013
    Pretty sure HMRC would have something to say about it :)
  • kajjal
    kajjal Posts: 3,380
    The bike is owned by the employer until you make the final value payment. HMRC would love to talk to you about dual employers owning the bike ;)
  • woody1545
    woody1545 Posts: 322
    Ok, take your point about the bike ownership that does sound a bit dodgy.

    What about 2 bikes at £1,000 each through the different cycle schemes?

    In theory the only thing stopping you buying a bike more than £1000 is your employer needs a consumer credit licence. If they have a licence you can buy a bike up to £4500 in value. So in theory HMRC shouldn't be upset about the amount of tax I'm dodging?

    Also according to the bike radar guide http://www.bikeradar.com/gear/article/g ... eme-18360/ you can actually buy 2 bikes as this allows you to leave one locked up at train stations for your commute to work...it just doesn't say anything about buying 2 using 2 schemes....
  • Grill
    Grill Posts: 5,610
    Then you'll have 2 bikes that you don't actually own...
    English Cycles V3 | Cervelo P5 | Cervelo T4 | Trek Domane Koppenberg
  • rolf_f
    rolf_f Posts: 16,015
    If that's how HMRC wanted it to be, they'd have just made it simpler and put a 2k limit on the scheme.

    You aren't allowed more than one scheme running at any one time with one company so I can't see it being allowed via two companies. But why ask on here anyway? Surely you should be asking the scheme providers at your employers? They'll know.
    Grill wrote:
    Then you'll have 2 bikes that you don't actually own...

    Of no practical, real world significance at all. :wink:
    Faster than a tent.......
  • patrickf
    patrickf Posts: 536
    Just find yourself a good 0% interest offer somewhere if you're after finance.

    You seriously won't save that much on the cycle scheme if you factor in the cost of purchasing the bike from your employer at the end of the term (25% of the purchase price I believe?)

    Plus you'd get better deals buying without the cycle scheme so you could make up any saving deficit there.
  • supermurph09
    supermurph09 Posts: 2,471
    And beware, if you leave those jobs you have to pay the balance in full at the end of your employment!!!
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