Cycle to Work Scheme...

geordie_ben

Are the any cons about the C2W scheme? I'm looking at signing up myself (luckily not tied to Halfrauds)

On my wage, buying a bike plus accessories for £499.99 will cost me £283.32 in salary payments, plus a final payment of £89.99 meaning a total of £373.32.

Does this sound correct for a normal rate tax payer?

Woody._2

You rent the bike and don't own it, the final payment may end up being more than £89.99, you may get a better cash deal are the only disadvantages.

geordie_ben

Woody. wrote: »

The final payment may end up being more than £89.99

How? The Final Payment is 18% of the total amount paid for with the cert isnt it?

Woody._2

geordie_ben wrote: »

How? The Final Payment is 18% of the total amount paid for with the cert isnt it?

Last time I looked into it they stated the final payment isn't set in stone and could be more, maybe it's changed.

wealdroam

Woody. wrote: »

Last time I looked into it they stated the final payment isn't set in stone and could be more, maybe it's changed.

Yes Woody, things have changed.

Maybe this pdf will help.

bigjl

Loads of folk at work have bought bikes through this scheme, all from Evans, the deal we were offered basically allows you to buy a bike up to £1000. Though you can spend a percentage of it on accessories if you want.

The repayments are made by salary sacrifice over 10 months. As far as i am aware the deal is interest free but i will log onto the intranet when i am next in the office to confirm.

I believe you don't pay tax on the money you sacrifice for the bike but i would need to confirm that with some of the people that bought one.

Everybody has been more than happy with the scheme we use at work, especially as NHS staff also get a decwnt discount at Evans.