Cycle to work scheme?

Trifid

Trifid

Trifid

Soldato
Joined
18 Feb 2006
Posts
9,750
Hello.

I a trying to decide whether this is a good scheme or not?

If I were to, I'd probably get this bike: http://www.evanscycles.com/products/trek/15-triple-2010-road-bike-ec019720 but the savings after paying the 'keep' fee at the end seem to be 20% (I believe I still have to pay VAT on the bike with my employer). Which then leads to the problem of I may as well buy a second hand bike?

What are peoples thoughts?

Cheers.
 
Trifid said:
Most will get the bike VAT free and not included the cost of keeping the bike (10%).
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VAT free? I got a bike via one of these schemes a couple of years ago and it was a salary sacrifice setup, the cost of the bike (or vouchers to buy one with) is deducted from your annual gross salary, ie before tax and NI so it ends up costing you 30-40% less than the face value, also when I got mine I paid £26 on a £500 bike, just over 5%.
 
bam0 said:
VAT free? I got a bike via one of these schemes a couple of years ago and it was a salary sacrifice setup, the cost of the bike (or vouchers to buy one with) is deducted from your annual gross salary, ie before tax and NI so it ends up costing you 30-40% less than the face value
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Ditto here - just got my bike through cycle scheme and I'm saving roughly 35%
 
bam0 said:
VAT free? I got a bike via one of these schemes a couple of years ago and it was a salary sacrifice setup, the cost of the bike (or vouchers to buy one with) is deducted from your annual gross salary, ie before tax and NI so it ends up costing you 30-40% less than the face value, also when I got mine I paid £26 on a £500 bike, just over 5%.
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Sorry, I wasn't fully clear. The standard scheme appears to be VAT, Tax and NI free. You then pay for the bike over 12 months and to keep the bike you have to pay a ~10% 'disposal fee' to either keep the bike or for them to get rid of it.

The scheme my employer is offering (NHS) I still have to pay the VAT on the bike and the 10% charge at the end. It works out at about 23% off if my maths is correct.

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Trifid said:
Sorry, I wasn't fully clear. The standard scheme appears to be VAT, Tax and NI free. You then pay for the bike over 12 months and to keep the bike you have to pay a ~10% 'disposal fee' to either keep the bike or for them to get rid of it.

The scheme my employer is offering (NHS) I still have to pay the VAT on the bike and the 10% charge at the end. It works out at about 23% off if my maths is correct.
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I've never seen one that is VAT free, in that sense your's is the same, it's unfortunate your final charge is so high.
 
The one I was on at my previous employer excluded VAT, saved a lot, great scheme to buy up more steeds!

Why a triple? Also has it got to be at Evans? Shame there are no Focus Cayo 2009 105s left at Wiggle, bargain for £825!

Is the bike purely for commuting or?
 
I got the bike to work and spend £900. That included a CRZ-Zero bike (Awesome bike!) and a load of gear, like roof rack for the bike, helmet, lights etc. Was a good deal, curious as to how much the disposal fee is of course! Love the bike, very fast and very light!
 
It doesn't have to be Evans. I'm not sure if it is a option to get it from there either.

I don't think I'll make use of this scheme. It's not the best value and a high 'disposal' fee to keep the bike is not great either.
 
Depends on your employer, but typically the disposal fee is 10% or less, you're still saving big time. My last employer didn't charge me disposal. It's a great way to bike ownership, would be amazing if the scheme done £5000 or so :cool:
 
Comparing that to my works scheme i would pay £539.32 back on £850, the above scheme aint too bad in comparison. The biggest difference is the "disposal / buy back fee" at being 10%. the past two years running i have only had to pay 3%+vat to keep my bikes.

We have the choice of either halfords vouchers aswell as (new this year) Cyclescheme vouchers. By the way Evans are not part of the "cyclescheme", they are part of "ride2work".
 
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Cycle2Work scheme (isn't that Evans only) or CycleScheme?

I've just started the order process for a KHS XTC555 that has an RRP of £1599 but is currently at £999. Total price payable by me via the Cycle Scheme will be £600. I'll take a 40% saving thanks.
 
LordSplodge said:
Cycle2Work scheme (isn't that Evans only) or CycleScheme?

I've just started the order process for a KHS XTC555 that has an RRP of £1599 but is currently at £999. Total price payable by me via the Cycle Scheme will be £600. I'll take a 40% saving thanks.
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Evans run "Ride2Work".......

http://www.evanscycles.com/ride2work`

Regarding the bike your getting, the shop where im getting my bike add 10% to their sale bikes if you buy through Cycleshceme as apparantly it costs them to be in the scheme........not sure if this is true ????
 
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