Cycle to work scheme...any good?

[Bongofish]

My work has just started doing this and I keep getting to the end of the application to request a £1000 certificate and then keep closing it down thinking *do I really need another bike* haha. Is it worth it? Do you actually make a saving? Was thinking about putting towards and getting a full sus....because it comes out my wage....it doesn't seem that bad....does it? It's like I'll never see the money in the first place ???

Any info would be great ?

 

[Gary]

Haha
How many bikes have you bought since getting the bug? (only earlier this year as far as I recall)

Go on... you know you want to... One more can never hurt

 

[Kangr]

It does make the bike cheaper as the government refunds you the income tax on the money you paid for bike (i think thats how it works).

you will need to buy it from a bikeshop though i think it only cover particpating shops and also the shop wont give you extra discount as it costs them a percentage to run the scheme

 

[Al Boneta]

 

[Bongofish]

Haha
How many bikes have you bought since getting the bug? (only earlier this year as far as I recall)

Go on... you know you want to... One more can never hurt

Including some cheaper ones when I first got the bug back in April/may ....5 so far ???. To be fair I thought the e bike would be the end of it all (and it's still my main bike) . But have to admit it's nice just getting my new non e bike hardtail out the shed and going out for 45 mins for a blast and then just throwing it back in again with no worrys or any time spent taking battery's on or off and then giving a clean as ok m scared of muck around the motor . Im even doing your trick @Gary of not wearing a helmet on my non e bike. Just throwing a wooley hat on and before I know it I'm in the fields adventuring again. Would like to have a full sus non e bike as my e bike is hardtail. ( I did have one but sold it as I like I said I thought the e bike would end this madness ?)

 

[Gary]

it never ends

(forum needs moar and multiple reaction options)

 

[galaga187]

I have done this for the last three years and not bothering this year. My company are on the Cycle to Work Scheme which is closely aligned to Halfords although there are other suppliers. I worked out I was saving about £70 over what you might get if you ask for a discount (based on being 40% tax payer) one advantage with our scheme is it comes out of salary each month but you do need to pay fair market value at the end. Also our scheme is capped at £1k.

 

[Topham]

I looked at the salary sacrifice. It works out roughly like this

If your a higher rate tax payer, then you can claim up to 1k in voucher which can be used for bikes, 2 bikes or accessories or bike and accessories.

Out of your income, you end up losing £83.33 gross which equates to roughly £48.34 out of nett income per month

So a £1k bike over 12 months is costing £580.

At the end of that year, as mentioned above you need to pay a fair market share of what that bike is worth.

Example

market value is applied = £550 minus £30 Helmet = £520.00 minus VAT = £433.34
£433.34 is less than £500, therefore;
12 month valuation percentage = 18%
4 year valuation percentage = 3%
4 year valuation = 433.34 * 3% = £13.00 + VAT = £15.60

 

[MattyB]

If your employer has a credit license they can offer more than £1k; mine does up to £3k. On that basis it is worth it if you are a higher rate tax payer, but if you aren’t or you are limited to £1k max I’d suggest you’re probably better buying it with discount and a 0% finance deal.

 

[jonpress]

Check out the Green Commute Initiative, there’s no £1k limit (I think it’s £10k). I’ve just bought my 2019 Levo Carbon Comp through it with Berkshire Cycles, I just have to pay for it now.

 

[Doomanic]

Unfortunately, corporate aren't interested in anything other than Cyclescheme.

 

[jonpress]

Unfortunately, corporate aren't interested in anything other than Cyclescheme.

That’s a shame. I found out about it from the Specialized concept store in Ruislip. I asked the hr team at work and surprisingly they agreed. Previously they would only do the scheme with Evans.

 

[Doomanic]

As it stands I'd just buy a second battery but all the stores I contacted say I can't buy only accessories. It's a shame they can't be bothered to learn what the scheme can be used for.

 

[Dwazzer]

As it stands I'd just buy a second battery but all the stores I contacted say I can't buy only accessories. It's a shame they can't be bothered to learn what the scheme can be used for.

That is a shame mate...and wrong! I have just used a £1000 cycle to work scheme voucher to buy new wheels, some kit and accessories only!

 

[galaga187]

Unfortunately, corporate aren't interested in anything other than Cyclescheme.

Same here as not worth the hassle and larger exposure.

 

[MattyB]

Same here as not worth the hassle and larger exposure.

Yep, there are not many bike shops signed up with the GCI compared to Cyclescheme, and for a major corporate already offering B2W via them or another big provider there’s no big value proposition to changing. I may still suggest it to my HR department though, as I have 3 years til I can next utilise it anyway - they might be up for a change of provider by then!

 

[Kangr]

Spokesbikeshop can do the Cyclescheme for products other than bikes.

 

[Northumbrian]

I’m on my 4th, latest one a very fast Scott Scale 29er, ends this month and guess what, the scheme is live again....
Must admit a 2nd battery would be nice.....
There again I’m trying to work out how to get an e- Sommet in December.....
Jeez, why can’t I stop wanting...........

 

[Bongofish]

I’m on my 4th, latest one a very fast Scott Scale 29er, ends this month and guess what, the scheme is live again....
Must admit a 2nd battery would be nice.....
There again I’m trying to work out how to get my e- Sommet in December.....
Jeez, why can’t I stop wanting...........

Tell me about it....I'm gagging for the Vitus sentier VR non e bike 2019. And once ive got that I'll gag for something else....I keep saying to myself...if I buy that though then I won't want anything anymore.....yeh right ??.

I requested a certificate on Friday and checked this evening and it says 'archived and completed ' like I've had one before (I haven't ) and now says 'you can now apply for a new cycle to work scheme'. It's like my first request has jumped straight from applied to full completion of the final payment and everything ....weird. I've emailed them.

 

[Bongofish]

Tell me about it....I'm gagging for the Vitus sentier VR non e bike 2019. And once ive got that I'll gag for something else....I keep saying to myself...if I buy that though then I won't want anything anymore.....yeh right ??.

I requested a certificate on Friday and checked this evening and it says 'archived and completed ' like I've had one before (I haven't ) and now says 'you can now apply for a new cycle to work scheme'. It's like my first request has jumped straight from applied to full completion of the final payment and everything ....weird. I've emailed them.

I've thought about using plastic to get the Vitus...but I've just got them all fully paid off. My wife would kill me too ???

 

[Doomanic]

PayPal credit. 24 months interest free...

 

[Bongofish]

PayPal credit. 24 months interest free...

Your a bad man...?