Bike For Work - Benefit, explain it please

agnes

agnes

agnes

Soldato
Joined
1 Dec 2006
Posts
16,889
Location
Amsterdam, NL
Right, I have opted for £900 vouchers (usable in Halfords). Those that are familiar with the benefit will know what I mean.

Now, I am confused, does this cover a £850 bike and a £50 helmet? Or does it have to be one one item?

I have been meaning to get back into biking after my old Giant VT-1 got nicked :(

Also, any advice on insurance? It will be either at home locked up, or at work in a locked bicycle cage 90% of the time, the other 10% out and about on the weekends.

ags
 
I didn't realise this scheme was still running. I applied for it many years ago but due to circumstances I cancelled it before I received the actual vouchers.

I thought you could use part of the value for accessories (helmet, lock etc).

Do you have household insurance? If so, you can probably get it covered by that as an 'away from home' item (if it's not already covered).
 
It's all down to whether the company you work for offers a cycle scheme and then there tend to be slightly different schemes as well.... ie, some that let you use any scheme registered retailer, where as some may just be Halfords like above.

You can spend the money on whatever you like from the bike shop (I believe), however most (probably all) have a maximum limit of £1000. That said, you can still take that £1000 and pay the difference for a £3500 road bike if you really wanted to, as it would be a hell of a saving!


I believe Cycle Guard operates under many different names, I think it's them I may be with.
Good to hear they pay out though, as my new job has no safe parking area, so I'm a bit paranoid to leave my £1000 bike outside, even though it's insured and has an approved lock on it.
 
Yup, I got loads of accessories with mine, lights, helmet, mud guards, lock etc just make sure you get as close to £900.00 as poss.

I went on the Halfords website and chose all my stuff, printed it all out and gave it to the guy at the store - I was in and out in no time
 
Cheers guys, I went in the other day to make sure my chosen bike fit well with me. I have decided for this bike with a 20" frame...

http://www.halfords.com/webapp/wcs/..._productId_502095_langId_-1_categoryId_165499

Mind you, the chap said to wait until the end of the month/start of next month and get the 2011 version as it will be in stock, same price and much better components. So will take that great advice :D

I have a couple of Oxford motorbike chains (HUGE chunky ones) so one will be here and one at work. Which should do for the insurance. All I need is a helmet then and some lights (as winter is here and nights are drawing in :().

http://www.halfords.com/webapp/wcs/..._productId_756497_langId_-1_categoryId_228868

Will go for that and pay the rest in cash... Which means I have used all my vouchers and got a bloody good deal in my books :)

ags
 
how does this work? i'd love £900 of vouchers to buy a bike!

is this an employer-run or govt. run scheme?
 
Not sure on who runs it.

You have a choice to borrow up to £1000 worth of vouchers. Well, not borrow but be given, you then take that chunk out of your salary. So I will be paying back £75 per month for the next 12 months.

So in other words, it's a guaranteed interest free loan... Sort of.

ags
 
Bt at the end you do not own the bike, the company can take it back from you, charge you a nominal price for it or let you have it.
It's not free money, but it does save you a little.
 
Morba said:
Bt at the end you do not own the bike, the company can take it back from you, charge you a nominal price for it or let you have it.
It's not free money, but it does save you a little.
Click to expand...

I've never known a company do anything other than let you keep it at the end end for a nominal free, 5% in my case. It basically is free money in my opinion.
 
How is it free? You pay monthly for the period of contract then pay a nominal fee at the end. You do save some money, but don't be fooled that you get the vouchers for nothing.
 
agnes said:
Mind you, the chap said to wait until the end of the month/start of next month and get the 2011 version as it will be in stock, same price and much better components. So will take that great advice :D

:)

ags
Click to expand...

Have you checked that? Most brands have been reducing the quality / standard of components year on year yet keeping the price the same or higher.
 
Morba said:
How is it free? You pay monthly for the period of contract then pay a nominal fee at the end. You do save some money, but don't be fooled that you get the vouchers for nothing.
Click to expand...

You pay from pre-tax wages. That's free money in my book! Who ever said anything about getting the vouchers for nothing?
 
I know you pay it from pre tax wages, it's salary sacrifice.
Other people above think it's free, I am not wrong that it's completely free.
 
Got my bike through bike to work last week, you can get all kinds of accessories through it:
# Helmets
# Bells and horns
# Lights
# Reflective clothing including jackets, gloves and over trousers
# Mirrors and mudguards to ensure riders visibility is not impaired
# Trouser bands / clips
# Panniers, luggage carriers and straps to allow luggage to be safely carried
# Locks and chains to ensure cycles can be safely secured
# Pumps, puncture repair kits, cycle tool kits and tyre sealant to allow for minor repairs.
Click to expand...
My order was just under £500 and it'll be £24/month for a year plus any final payment, so a decent saving :).

Check your contents insurance for bike cover too, mine includes it with value up to £500.
 
Last edited:
I'd advise anyone who is thinking of buying a bike to use this scheme, you don't even need to cycle to work on it. Girl in our work bought a £1000 MTB for her BF to use at weekends, no questions were asked.

If you get the full £1000 it will cost you about £550-600. Pretty good saving, you will have to pay a nominal fee (£30 was the fee in last company) at the end.
Also if you leave the company before the year is up you have to pay back the balance in full with no tax relief.

I'll be using this next year if the government doesn't scrap it before next april.
 
We were considering this (at work), although I struggle to see the advantage for the employer?

As far as I can see you can claim the VAT back, and get fitter, happier employees, but that's it? :confused:
 
Showboat said:
I'd advise anyone who is thinking of buying a bike to use this scheme, you don't even need to cycle to work on it. Girl in our work bought a £1000 MTB for her BF to use at weekends, no questions were asked.

If you get the full £1000 it will cost you about £550-600. Pretty good saving, you will have to pay a nominal fee (£30 was the fee in last company) at the end.
Also if you leave the company before the year is up you have to pay back the balance in full with no tax relief.

I'll be using this next year if the government doesn't scrap it before next april.
Click to expand...


You should use it for commuting to work for at least 50% of its usage iirc. However, that is so hard for them to even think about checking on that its highly unlikely to ever be questioned!
 
You must log in or register to reply here.
Back
Top Bottom