Cycle to work scheme

I have a Focus Cayo frame but am thinking of getting the P-X carbon jobby at £999.
Replace the Apex chainset for a red one. and maybe swap the frames round. My CEO said he doesn't care if I do this.

So should be okay?

As long as you buy a whole bike to begin with, they tend to not care what you do with it afterwards.

wooHOO my work has just started the scheme again and this time it's not tied in to Halfords. *signs up

Just received this email; seems like bad advice to me....

^ whoever designed this, do they even know what a velodrome is? I am sure they are not cyclists. Make the road your velodrome? That is just accidents waiting to happen.

Velodrome+Cars+^^MTB?..... >>>>>>>>>>>>>>>>>>

make the velodrome your road?

?

^ whoever designed this, do they even know what a velodrome is? I am sure they are not cyclists. Make the road your velodrome? That is just accidents waiting to happen.

It is admittedly pretty reckless advice to tell people they should never turn right.

My company is quite small, to the point where if we had a scheme set up it's likely I'd be administering it...
a) Is this legally ok? I want a new bike.
b) It's my understanding that you don't need to go through any of the schemes, the company can just buy the bike from anywhere and then draft the relevant contracts to formalise the 'hiring' and wage sacrifice... Am I right?

It is admittedly pretty reckless advice to tell people they should never turn right.

Maybe Boris will try to come up with a velodrome that you can cycle the opposite way. Problem solved!

My company is quite small, to the point where if we had a scheme set up it's likely I'd be administering it...
a) Is this legally ok? I want a new bike.
b) It's my understanding that you don't need to go through any of the schemes, the company can just buy the bike from anywhere and then draft the relevant contracts to formalise the 'hiring' and wage sacrifice... Am I right?

a) I think so, but it has to be available to all staff.
b) Yes, when I got my first C2W bike the company wasn't part of any scheme, I downloaded Wiggle's forms and amended them and bought my bike from the LBS.

a) I think so, but it has to be available to all staff.
b) Yes, when I got my first C2W bike the company wasn't part of any scheme, I downloaded Wiggle's forms and amended them and bought my bike from the LBS.

a) I'm going to have to really spin the company benefits to sell this to my boss..!
b) Cool, I've been doing the same to the planet X forms... Silly really how much more admin the evans scheme seems to involve.

And not being part of a scheme means you have maximum flexibility. It's what I did.

Just received this email; seems like bad advice to me....

mark it as spam! :-D

Does VAT get charged on your monthly payments? If so, then doesn't this effectively negate any benefit of the scheme:

Assume £1k voucher and higher rate tax payer:
Monthly payments = £83.33 (assuming no employer charge)
Monthly Income tax = £(33.33)
Monthly NI = £(1.67)

Net Monthly cost = £48.33
VAT = £13.89

Total monthly cost = £62.22
Total annual cost = £746.67

25% charge to buy bike after 12 months = £250

Total saving over 12 months = £3.33

7% "deposit" if sign Extended Use Scheme = £70

Total saving over 48 months = £183.33

And of course in reality, your employer is going to levy a charge, reducing the savings even more...

There is VAT on the charge to buy the bike at the end, but not on the payments. Can't actually remember now if the original purchase VAT is reclaimable by the employer.

And of course in reality, your employer is going to levy a charge, reducing the savings even more...
Most employers appear to outsource this to Bikescheme / Cyclescheme or other scheme providers, who in turn charge the retailer (who may choose to pass this on or just not offer discounts).

If an employer is conscientious enough to self-administer a c2w scheme, it seems unlikely they will charge for it.

^And what Mirius says about VAT.

I defo prefer a 0% finance scheme than C2W now (I have purchased 2 bikes with C2W in the past) my CAAD10 cost me £1000; I paid £100 deposit and now I pay £75 a month for 12 months and I own the bike obviously; this is evans cycle via money way finance I price matched the bike from its original £1200 price (which was part of SALE, original RRP was £1400)

^ Not quite sure what the advantage of this is? Care to explain? Unless of course you mean that you couldn't have got the sale price under your C2W scheme? This of course would be a failing of your C2W scheme not C2W.

No I mean fuck C2W go for 0% finance instead if you can.

No I mean fuck C2W go for 0% finance instead if you can.

But 0% finance doesn't save you any money though does it?

compared to mammoth £3.33 savings ?

From the cyclescheme website:

Spend £1,000 and you could save about:

                                  **£320**

Total cost of bike and accessories: £1000
Net cost of bike and accessories, including finance and admin costs (if applicable): £1000
Income tax saving over hire period: £200
Employee NI saving hire period: £120
Final cost of bike & accessories: £680
Total saving: £320
Gross salary sacrifice, based on 12 month hire period (this should be the figure displayed on your hire agreement): £83.33

                                                                                                              Net  salary sacrifice, based on 12 month hire period:                                         £56.67                                                                                                                   

Percentage saving over RRP: 32%

The £3.33 was after incorrectly adding vat, and the C2W scheme have ways around the £250, you effectly rent the bike for longer rather than buy it outright