Cycle to work scheme

[Ian H]

I assume that you have a company van, so that might negate the option of "cycling to work scheme", unless you can show the van is kept at the depot, and you have to travel there to get it each day.

I do have a works van that I take home but I've said about using it outside of work so I'll effectively be fitter for work.

 

[motorbiking]

having no alternative means of getting to work isn't a requirement. I think the hope is you might use it occasionally for cycling to work.

 

[Robotmannick]

Having read the website, I'm not sure it works that way. In essence, you buy a bike for £1000, and that money gets deducted from your salary so you don't pay any tax or NI on the £1000. If you are a standard rate taxpayer, then you save 32% of £1000 (20% tax, and 12% NI), but if you are a higher rate taxpayer, then you save 52% of £1000, and if you are a top tier taxpayer, then you'd save 57% on the £1000. But as you say, the savings only apply if you are paying tax and NI in the first place.

Yes, you're right that is how it works.

It looks as though your company can apply for credit finance status (or something) and that allows a higher limit, so you wouldn't have to pay the difference. Just not sure how much it might cost them to do that.

But I assume that you have a company van, so that might negate the option of "cycling to work scheme", unless you can show the van is kept at the depot, and you have to travel there to get it each day.

Not sure about this bit. I was told the £1k was a fixed maximum and you're specifically not allowed to upgrade by paying more yourself. That may just be the particular version of the scheme my company offers (though that's not what they told me!). You are allowed to buy safety-related accessories with the bike - helmet, lights etc. And your voucher has to be a multiple of £10.

Nick

 

[noseall]

Jeez two grand for a push bike

Things have moved on from the Raleigh Grifter.

 

[Doggit]

Not sure about this bit. I was told the £1k was a fixed maximum

See what you make of this section from the Employer FAQs

• What is the maximum certificate value employees can select through the scheme?
  What is the maximum certificate value employees can select through the scheme?
  Employers can implement Cycle to Work schemes and offer a maximum certificate value of £1,000 inc. VAT per employee, thanks to a Cycle to Work exemption issued by the Financial Conduct Authority (FCA).
  
  However, employers who have or obtain the appropriate Consumer Credit Authorisation from the FCA can allow employees to request Certificates of a higher value; this means employees can enjoy the Income Tax and NIC benefit for the full value of the equipment they obtain and the employer will also benefit from increased employers' NIC savings.
  
  If an employer wishes to increase the maximum Certificate value, they can apply for Consumer Credit Authorisation from the FCA.
  
  For further details on how to obtain Authorisation or to determine which category is required, please visit the FCA website HERE or email our Contact Centre on [email protected].
  

 

[motorbiking]

most retailers will allow you to top up. The bike i bought several years back for my dad was £1250 so we paid the 250. I then had to pay a final ownership fee on top of the monthly rental. That was because it was a 1 year scheme and the bike was deemed to have residual value. They now offer 4 year deals to avoid this.

Remember the monthly payments are rental fees. You are renting the bike and don't own it until you've completed the scheme and payed any final fee due.

 

[Ian H]

Jesus, anyone ever been on Gumtree?

 

[motorbiking]

gumtree and shpock is where thieves flog stolen bikes. ebay is too easy to trace.

I've only heard that language spoken at my gym, never seen it written down before. I wonder if you could haggle some tarmac in to the deal

 

[IWalkLikeHimaMartian]

I reckon **** end wrote that advert.

 

[transam]

Still no news from Smithski way har bee. Yes I am as disappointed as you about it

 

[sterowley]

I do have a works van that I take home but I've said about using it outside of work so I'll effectively be fitter for work.

Technically you'd be in breach of the scheme if you did that, technically must admit I've done the same.

 

[Ian H]

I'll add it to my list of wrongdoings

What about this one then:

https://www.evanscycles.com/kona-precept-120-2016-mountain-bike-EV313498

 

[sterowley]

The Bossnut seems to win most reviwes for best £1000 full sus http://www.gooutdoors.co.uk/calibre-bossnut-v2-mountain-bike-p403001
What kind of riding are you doing though, you might be happier with a £1000 hard tail will get you a lot more bang for your buck

 

[Brigadier]

Search for the "I need a bike" thread, by Crystalclear, in Hobbies.


Apologies, but I don't know how to link to the thread in question.

 

[Brigadier]

And, don't waste £1k on full suspension: get a hard tail