Bike to work Scheme Discount help

ElliottJames

ElliottJames

ElliottJames

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Joined
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Hey, I've read about some scheme where I can get 50% of through my employer when buying Bikes/helmet/accessories.

Just wondering how I'd go about doing it? And how long would it take.

Thanks
 
It depends on what scheme your employer is in. If it's cycle2work you're limited to Halfords but they can order in brands they don't normally stock.

If it's cycle scheme then it's pretty much all local bike shops that are in it. You choose a shop and go get a quote they will give you a shop code and you apply for the value of voucher you want to go for, up to £1000.

It's not as much as 50% but you still get a good saving of around 30%+ over the 12 months period.
 
#Chri5# said:
TBH, given the scheme changes enforced by HMRC, you can make similar savings buying direct from a shop (sale bikes etc) and avoiding all the hassle.
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wrong, after the 12 initial 12 month period is up, rather than paying your final value fee, you then sign the cycles ownership over to cyclescheme ( or whoever th eprovider is ) for a further 2 years in which you forget about it.

Then after those 2 years are up ( so you would have had the bke for 3 yrs by now ) then you pay your final value fee which will be peanuts ensuring you make the maximum savings possible to you.

The absolute maximum differences since the HMRC changes came into force is an extra £10 on a bike originally costing £1000 new.
 
you need a shopcode, a make, model, size and price of bike and also the price of your accessories.

were are you from anyway? i run a bike shop so would like to help you out if you know what i mean :)
 
in theory , your work could ask for the bike back at any time, to my knowledge this has never or will never happen tho.

the bike is on paper a "hire bike" but after you pay the final value fee, the bicycle becomes yours to own. its when you pay the final value fee that greatly affects the costs and savings made :)

If you want to have a look online at Giant Bicycles or Merida Bicycles website, if you see something you like i can do you a pretty nice deal on most things there :)

I would just ship the bike to you via courior like you were buying mail order.
 
eXist said:
wrong, after the 12 initial 12 month period is up, rather than paying your final value fee, you then sign the cycles ownership over to cyclescheme ( or whoever th eprovider is ) for a further 2 years in which you forget about it.

Then after those 2 years are up ( so you would have had the bke for 3 yrs by now ) then you pay your final value fee which will be peanuts ensuring you make the maximum savings possible to you.

The absolute maximum differences since the HMRC changes came into force is an extra £10 on a bike originally costing £1000 new.
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Assuming your employer is prepared to offer an extended hire option (themselves or via a scheme provider) or can even understand the rules properly. Witness this recent thread on STW.

I had a bike on C2W and it worked out a great deal. IMHO... You need to look at the figures carefully and also maybe factor in the potential for the rules to change again in 3 years.
 
You still have to pay cyclescheme 3% for <£500 and 5% >£500 value though and they take ownership for 2 years. It's a lot less than the governments 18/25% valuation though.

It's still pretty popular even after the changed and I've had about 5 vouchers posted away this week from it. Kona tanuki/cannondale synapse/cannondale badboy/mongoose switchback and a summer eve so all shapes and sizes!

We usually do 15% off retail for most bikes but since cyclescheme take 10% we can only really offer 5% off bikes going through on cyclescheme so you would need to work out if you were better putting £850 on a 0% credit card or paying ~£950 on the cyclescheme over the 12 months.
 
My company offers this but manage it sooo badly, people who got a bike 3 years ago haven't had to pay anything after the lease expired. Not sure how they haven't been rapped on the knuckles for it.
 
Windle said:
My company offers this but manage it sooo badly, people who got a bike 3 years ago haven't had to pay anything after the lease expired. Not sure how they haven't been rapped on the knuckles for it.
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That's probably because the company gave it to them for £1 or some random nominal value. HMRC see you receiving the bike as income and want to tax you on it as such hence the new rules that came in at the end of last year.

It works out that it still is cost effective to within £10 or something.
 
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