Cyclescheme

In terms of buying the bike at the end of the extended use period, you actually pay that at the start of the period (i.e. after one year) and it's held over until the end. So at the end of year 1 you pay the 7% of value (assuming it's worth over £500) and nothing at the end of year 4.

That's just common sense. It's a lot easier to get the money up front (and earn interest on that money) than it is to chase people for money at the end of the 4 years when they could have moved on (from their employers) and moved physical/email addresses and not kept Cyclescheme up to date. If no contact can be made then Cyclescheme can just assume the person wanted to buy the bike and they've already got their money.

Can't the [VAT registered] employers claim back VAT anyway, even though they can't pass the saving on the the employee? The employer effectively makes money out of the scheme.

Not sure about VAT but they definitely make money out of reduced employer NI contributions.

VAT info here: http://www.cyclescheme.co.uk/employers/employer-updates/cyclescheme-hmrc-vat-update-faqs

£500 salary sacrifice on a £30k salary saves the employer £69 in employer NI over a year.

I'm on my second Cyclescheme ticket, after the first I paid the holding deposit and short afterwards left my employer no questions asked from Cyclescheme.

It does seem a bit messy when thinking about it, but as long as you don't leave in the first year it's all ok. Even then you could just cut a deal with your employer to pay off the rest of the balance as normal, then push ahead with the deposit with Cyclescheme

Ha, all this made me think about signing up for a new commuter this year. The savings are really good for me (49% if I've worked it out properly) but I can't justify it. My existing commuter will do.

If only I could use the scheme to buy an Islabike for MiniGB and a trail-gator (for longer rides). (With the right LBS I'm sure I could, but it's dodgy...)

I wonder what the stats are on bikes actually getting the majority of their usage via commuting...

I use my TT beik for commutes all the time.

Aeros ftw.

I kept a rough log for the Wilier I bought on the scheme and made a point of trying to stick by the "majority usage" rule (I'm that type of person).

The vast majority of rides (by number) over the 12 months were definitely commuting.

By hours (or distance) is was a lot closer to 50:50 between commuting and leisure. I was using it for 100km+ of commuting a week during the nice weather but then it saw regular blats around Richmond Park, Surrey Hills, etc. Don't think it saw any Audaxes until it had all been paid off (but it has done a 400km and a 600km Audax since then).

I've not used it for commuting since that first year was over, that's coming up 5 years ago.

See all the replies since? The masses of text? This I why I didn't give a full answer.

There isn't one. It also depends on the company and the scheme. When I worked for a benefits provider I had twenty or so main client companies and they all dealt with the cycle schemes in different ways.

All these absolutes about what happens if you leave or at the end are not absolute.

Dick.

Hoser

My employer has finally signed up to the cyclescheme.

Is it possible to just get a frame and forks on the scheme or does it have to be a whole bike? (Does it depend on the retailer?)

Thanks!

I bought a truing stand and a set of Omnoms with mine.

Cycle scheme think I bought some Diamond Back shiter mtb.

Find a friendly lbs.

That's what I hoped. I have a friendly local shop who I'm sure would be accommodating.

Cheers!

Depends who your provider is.

I'm with Evans and they now do parts.

I thought I'd bring an old thread back from the dead, rather then start a fresh.

I have had my bike for just over a year now and have just received an email from cyclescheme, giving me the 3 options.

Does anyone know what happens if I just ignore this rather than paying them more money? I clearly don't want to give the bike back.

paying them more money? what is the final amount £50ish quid at the most to extend it for a year then its all done?

Apart form making yourself look like a cheap skate, they will send you to a collection agency.

Or they'll just work with your employer and take the money from your salary.

Lols, I've had my bike for three years (and left the company) and it still hasn't triggered the final options.

Might impact your credit rating if it somehow goes down as a defaulted loan agreement.

Guess I should just pay to rent for another 3 years then, it's not very much.

I run the scheme for my employer. After a year the agreement for lease is between the employee and Cyclescheme, so they'll have no recourse over your salary, but as above may chase the debt

I have paid up today - so all should be good now. Thanks for the help.

I've just seen our new scheme includes the shop Cyclefit. I've asked the question if bike fitting can be included. Not too hopeful, but will be interesting to know.

Seems unlikely. The bike shop may be willing to let you use the voucher, but then there's no asset being leased so your employer/Cyclescheme won't be too happy about that

I just laid down money for a new bike and there was lots of discussion at work about whether I should use cyclescheme or not. After much consideration, I decided not to as it seems a massive ballache and I'd rather pay a bit more for an easy life and full wages.