Cycle to Work Scheme

8Sefton

Anyone got experience of using the Cycle to Work Scheme?

I'm trying to find out if my employer offer it at the moment - I don't think they do.

Any advice on how you can get them to take it up? Really keen to get cycling again and think could take advantage of this.

MX5huggy

How much do you want to spend on the bike and kit?

We gave using the scheme a miss for a £300 bike because the scheme was not open at the time, not using the scheme the we got 20% of the bike with the scheme we would have had to pay full RRP but save the 30% or so for the tax.

The shop offered to let us have the bike paying full RRP and run it through the scheme when it opened again to get he tax saving but we would had to remember to do this so we went for the simple option.

The savings obviously get bigger the more you spend up to the max of £1000.

haka007

Yea i took up the scheme, spend upto a grand on bike and accessories n u pay over 12 months. my total came upto 800 odd my wage slip says i pay something like 66 a month but when compared to previous wage slips it works out i am paying roughly 44 quid a month so quite a big saving at end of day...not too sure if i gotta pay a final settlement after contracts fin tho :-)

Yorkie1

The rules on the amount you pay at the end of the period changed while I was paying for my bike. As a result of the rules change, I reckon that I didn't come out 'on top' financially in the way initially envisaged, but that it equated more to an interest-free loan for the duration, with a big final payment.

in_the_Cotswolds

I've signed up to it with Royal Mail. I had up to £400 to spend on a bike and accessories. You can choose how much you want to spend ranging from £25-£500. Royal mail also do an additional discount which works out at a total of £360 and I pay £4.13 before tax per week over 18 months.

My bike cost £320 and I had mudguards, a decent set of lights and a stand pump. Have been using it for the last 4 weeks. Needs to go in for a 6 week service when you get an extra 12 months warranty.

Teacake1903

I did one through work about 2 years ago. Then, it was a good deal, but HMRC have changed their interpretation of the rules and as Yorkie1 says its no longer the good deal it once was. You may be better trying to play retailers off against each other and paying with an interest free credit card.

King_Nothing

I got my bike on one, I think it was £700 for the bike, so I have to pay something like 20% of that at the end of the year, or do what the cyclescheme guy said, and I can extend the lease for another two years I think, for a one off fee of about £30, then I don't have to pay anything for the bike after those two years, which is what I'll probabley do.