UK cycle to work Scheme

Discussion in 'The Bike Cafe' started by complience, Jun 25, 2007.

  1. complience

    complience New Member

    Sep 8, 2004
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    hi im interested in get a bike under the cycle to work scheme..

    but reading about it online it all seems very very confusing.. does anyone with experience of getting a bike from their employeer using want to explain it to me..

    from what i understand.... you ask your employeer to buy a bike for you.. and then rent it to you.. taking the cost of this 'rental' out of your salary..but the bike never becomes yours..

  2. weedvspeed

    weedvspeed New Member

    Jul 16, 2007
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    Go to evans cycle they have all the info there and online calculator. My company runs this. They have one dedicated outlet (Halfords but they can buy in what you ask for).I think I remember how it works. You go and choose your bike + safety gear(optional). Get your company to give you a voucher for the amount. Your company has now 'bought' your bike for you! 12 months later you have finished salery sacrifice. This means cost of bike comes out of your pay before tax + National insurance in effect you save 33%ish of every £1 spent. Now in my company we have to pay 5% of market value if we want to keep (ie £500 bike we pay £25 at the end of the 12 months) This still works out cheaper, remember you save around 40% of bike cost Ithink VAT is knocked off too but too lazy to check :p (£500 bike = £300 saving is 200). When you pay the 5% company gives you a reciept bike now yours. Ask your personnel or human resources how your firm runs it. If small firm look at the agreemnt form on evens site (just google 'em) Dont forget to insure 'cos if you crash or get it nicked you still have to pay out your wages for it. Definately worth it. I'm going to get a roadie on the scheme(I feel the need the need for SPEED) and keep the MTB/hybrid for donkey work

    P.S. my fing stupid firm only lets you do this at christmas. Like anyone wants to start to cycle to work in the winter. Fing stupid most people want bikes in the spring/summer and even then if they a minge get a bike when the sales are on. (nowish) also they cap voucher at £500 why? Obvious to me no one in the office knows shit about bikes or biking.
    Rant over