Bike For Work - Benefit, explain it please

EVH said:
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:
Click to expand...

Is that it!? Aren't fitter, happier employees a seriously good thing? Don't underestimate how far a little bit of good will goes. Also less car parking space required.
 
Morba said:
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!
Click to expand...

It isn't checked, ever, at all, by anyone, so you can really do what you like. Morally you might want to cycle 50% of the time, but the regulations say "part" of your journey must be made on the bike, so technically you could cycle to the end of your drive each morning and then hop in the car :)
 
jamief said:
It isn't checked, ever, at all, by anyone, so you can really do what you like. Morally you might want to cycle 50% of the time, but the regulations say "part" of your journey must be made on the bike, so technically you could cycle to the end of your drive each morning and then hop in the car :)
Click to expand...

Haha brilliant!
 
Just so you know this "nominal fee" has recently been changed to a percentage of the bikes worth by HMRC.

e.g. Bike costing £500+ = 25% fee at the end of 1 one year hire.
 
clv101 said:
Is that it!? Aren't fitter, happier employees a seriously good thing? Don't underestimate how far a little bit of good will goes. Also less car parking space required.
Click to expand...

I want the scheme, but pushing an idea to management that returns nothing for them is always a hard sell.
 
Mucky_Pup said:
Just so you know this "nominal fee" has recently been changed to a percentage of the bikes worth by HMRC.

e.g. Bike costing £500+ = 25% fee at the end of 1 one year hire.
Click to expand...

Do you have a link for this, really starts to make it almost not worthwhile.

£1000 bike will costs about £550, then they add £250 on at the end.....
 
I went for the scheme for 3 reasons 1) I live 1.2 miles away and walk in daily, so with the bike, I can leave later, get home earlier and still keep up my fitness. 2) I have been meaning to get back into biking for a while 3) It's a good deal.

Those saying the company owns it, they don't, once you finished your payment's you owe nothing and the bike belongs to you (I don't have to pay a fee at the end I don't think). So I will probably sell this bike after the end of the 12 months and buy my gf a nice bike with that money and opt for a new bike again. Who knows.

None the less, there is a bargain here and those that can take it, I suggest you do :)

ags
 
I did this, I didn't go mad and just got a nice £400 bike. I barely notice it coming out of my wages. Having to pay the 'nominal fee' at the end or not is down to the employer AFAIK.
 
clv101 said:
If they think "fitter, happier employees" is nothing, then they aren't good managers.
Click to expand...

I guess they don't like the thought of paying out £500 per bike up-front, and getting the money back slowly :confused:
 
Congratulations, you've just given yourself a pension deficit, assuming you have a company pension of course.

Cycle to work schemes rarely seem to benefit anyone bar the employer
 
You must log in or register to reply here.
Back
Top Bottom