Cycle To Work Scheme: Can I get an expensive bike?

JasonLVC

http://www.cyclescheme.co.uk/employers/employer-faqs#/getting-a-bike/faqs/who-can-participate-in-the-scheme

The official link suggests the maximum purchase price is £1,000

The company buys the bike and then rents it to the employee for a monthly fee, taken before tax/NI deductions (salary sacrifice). More than £1,000 requires a consumer credit license so Ltd company just needs to apply for one and it can then buy dearer bikes.

Employee pays a fixed amount each month and the bike remains the property of the busines unless the employee purchases the bike from the business. This would be at a market value for the bike, not a made up £1.50 price.

As a Director you can benefit from the scheme.

donnydarko

Nice one jason.

scheming_gypsy

If you work from home, could you get away with buying an exercise bike?

custardy

scheming_gypsy wrote: »

If you work from home, could you get away with buying an exercise bike?

you dont get it if you think being out on a nice bike is level with using an exercise bike in the house
why do you think turbo trainers exist?

wouldbeqaulitymoneysaver

My stolen Orbit Gold Medal 18'' cost me £700 at the time. Bikes for Petites are few and far between and so folks it is worth forking out for.:eek::eek::eek: Bikes now retail at £1000 so I guess 'expensive' is the term. With bikes it is best to get what is right for your needs as it will pay you back in the long term ie long runs, commuting etc when a Abbaco or or other shoddy brands would let you down though that holy word cheap.
I also wish to buy a bike one day as above as cheap as possible.

wouldbeqaulitymoneysaver

Us Brits are being exploited this that and other way Bikes are no exception.

scheming_gypsy

custardy wrote: »

you dont get it if you think being out on a nice bike is level with using an exercise bike in the house
why do you think turbo trainers exist?

it wasn't the most serious question i've asked...

donnydarko

scheming_gypsy wrote: »

If you work from home, could you get away with buying an exercise bike?

If you work from home you probably could, but as I commute, probably not.

wouldbeqaulitymoneysaver

Good point but I think a proper bike that is usable outdoors AND that can run on turbo-trainers is a good idea that's what the cyclists recommend.

Hintza

donnydarko wrote: »

I just thought what's the point in getting a £1k bike if I can get a £4k one,

So to clarify:-

What you are saying is you haven't a clue of the merits of a £4k bike over a £1k bike but since you have the money it must be better and therefore you must have it.

And the rest of us can pay for it as you maximise your tax avoidance.

And you can rub the nose of us mere mortals in it by posting on here.

Surely that is why you have an accountant, helping you in minimising your tax bill?

Crass thread!