Can I sell my ride2work bike?

have searched around for the answer to the below and found nothing. answers or links to answers greatly appreciated!...

is there anything to stop me getting a bike on my company's cycle to work scheme and immediately selling it?

i'm basically keen to buy a giant defy 1, but it's not offered by evans, who provide my company's scheme. i'm wondering whether i could get a popular bike from the scheme (a specialised allez, for example), then sell it at a profit for myself and a saving for the buyer. i'd then put the profit towards the giant.

i understand you effectively loan the bike for the first year. does the company have to check you still have it at that point to complete the transaction?

You don't own the bike until you've paid for it at the end of the year. But they don't check anything.

If you talk to Evans, they may be able to get the bike you want in.

You can do it, but you're taking a risk, as if for some reason it doesn't sell you'll be stuck with it.

Also, if it's anything like the bike to work scheme here in Ireland, you can only buy one bike every 4 years with the scheme, so it'd work out cheaper for you to try and see if you could get evans to order it in.

At the end of last tax year I was asked to sign a statement declaring that I had used my cycle to work scheme bike for more than 50% of my commuting miles. Failure to do this would render me liable for the tax saved under the scheme.
If you sold the bike and the tax man asked for such a statement from you then you could always lie. There is only a small chance that you would be found out. But: tax evasion is serous shit, it's something that will prompt them to go for the throat in a big way. You can bugger an MP and get less time inside. So think carefully.

I think most of your savings would evaporate in depreciation anyway. Bikes, like cars, lose a lot of their value the moment they leave the shop.

no, its not yours. the company you work for own it as they have paid for it up front (minus the tax relief ect). pay them back and get a certificate of ownership after the given amount of time then you can do what you like with it. unless they dont check of course in which case its just the taxman your defrauding (claiming tax relief on something you dont have/do) and that makes you fair game

...You can bugger an MP and get less time inside. So think carefully.

speaking from experience?

You don't own the bike until you've paid for it at the end of the year. But they don't check anything.

If you talk to Evans, they may be able to get the bike you want in.

You don't own the bike at all. Not until you get a letter through from your employer with a purchase offer based on the value of the bike minus what you've already paid. I had one through last year or the year before saying that for £60 I could keep the bike, or I could return it. As it had been stolen 5 months earlier, I had to plead with them to write it off, which thankfully they did.

It depends on the company I think. For example a couple of years ago I bought a Bianchi road bike, within 4 months I realised that I just wasn't getting on with it. I spoke to my HR department, explained the situation and they were happy for me to sell it as long as I kept paying my monthly payments until the year was up.
I sold it on here and made a nice little profit.

However not all companies are that relaxed about it, and if you're just selling it to get the money - then I don't think your company are going to be as understanding!

All the above is correct, esp Rowhan's comments. The legal position is that you never own the bike until the company signs it over to you for either a nominal or otherwise amount. See if anyone else at your work has experience with the scheme and what they did at the end of repayment before you try and hustle them or else you may get stung by them and/or HMRC.

speaking from experience?

Maybe.

All the above is correct, esp Rowhan's comments. The legal position is that you never own the bike until the company signs it over to you for either a nominal or otherwise amount. See if anyone else at your work has experience with the scheme and what they did at the end of repayment before you try and hustle them or else you may get stung by them and/or HMRC.

Dan is on the money.

HMRC are alive to many tweaks to the bike scheme which they regard as unacceptable, and are more than willing to come down hard on those involved.

Both you and your employer will be in for, at the very least, some uncomfortable questions if they get to hear about it, or the precise management of the scheme is reviewed at a PAYE Compliance Check, which is sure to be the case.

thanks for the replies. think i'll steer clear...

if anyone has a suggestion for a solid road bike with rack eyelets from evans for under £1,000 i'd be interested to know.

such a pain they don't stock giant bikes...

Cannondale Synapse 6 (Tiagra)*
Specialized Secteur Elite (Tiagra, rack)
Pinnacle Dolomite Four (105, rack/mudguard)
Jamis Ventura Race (105).

*Not sure if it have eyelit, but the Cannondale are excellent frame.

have searched around for the answer to the below and found nothing. answers or links to answers greatly appreciated!...

is there anything to stop me getting a bike on my company's cycle to work scheme and immediately selling it?

i'm basically keen to buy a giant defy 1, but it's not offered by evans, who provide my company's scheme. i'm wondering whether i could get a popular bike from the scheme (a specialised allez, for example), then sell it at a profit for myself and a saving for the buyer. i'd then put the profit towards the giant.

i understand you effectively loan the bike for the first year. does the company have to check you still have it at that point to complete the transaction?

It may be too late now, after Scoble has just posted some good bikes, but can you plead with your company to join the main scheme? http://www.cyclescheme.co.uk/

Is your name Chris?

Thanks for the tips, ed.

Seems to me only the secteur and dolomite will happily take a rack. Have tried a secteur - found it pretty dull to be honest, though much better when out of the saddle than in. (also, I've only ridden a fuji classic for the past three years - maybe any road bike would feel boring in comparison).

Snobbishly, I'd overlooked the pinnacle bikes, but the spec on that dolomite four looks good. How does the frame stand up? Better than the trek 1.5, for example?

I feel the Dolomite to be underrated, what you need to do is to take them out for a test ride and go for the one you liked the feel of.

The Dolomite were designed as an all rounder, much like the Secteur, abet more clearance and mudguard eyelit.