http://www.cyclescheme.co.uk/employee,faqs.htm


Our very famous employer has decided to give us a cycle to work scheme bike loan to get a bike for commuting to work.
I already use a bike for inspections of said street furniture so I was looking at getting me a really snazzy thing....

Has anyone used this government scheme to get a bike through their employer.

when the weathers good we can get round quicker than the van..

quite a lot of guys at my place have done it.
you have to pay out of your salary...
You're spposed to be using the bike to commute to work, but loads of people at my place live nowhere near and just wanted a new bike!

I used a similar scheme to replace my full susp when it got nicked from our garage. Interest free for 2 years and comes straight out of salary. Live 20 miles away from work and haven't ridden there yet!

its a great scheme, I got one, and have used it for the last 3years. Basically you pay over a period of time (1 year in my case) but this is before income tax. So it ends up loads cheaper. Your employer technically owns the bike but they sell it to you at the end for a token (£10 in my case) amount.

I think if you work for a commercial organisation that you save the VAT too (I work for a university so for some reason I didn't get that saving).

You can also get accesories on the scheme (i.e. helmet, bike lock, upgrades such as clip in pedals etc), which saves cash. Also you can get your bike from a local bike shop as normal, so proper back-up.

There is no catch as far as I am aware.


Matt

Yup, just as the last post. The total for me was just over £500 but at the end with the final payment that I had to give them to 'buy back' the bike it cost me about £325 if I remember correctly. Well worth it as I would not have paid anything like it for a bike in one go.

There are two big potential catches

1. you don't own the bike and the company don't have to sell it to you at the end of the scheme for "market value"

2. If you leave the company (for any reason) you owe the remaining amount in full as a lump sum taken from your final pay check WITHOUT tax exemptions.

If you work for a decent employer and don't envisage leaving during the term then you can make some hefty savings, but it's worth going in with your eyes open.

beware, it has changed recently.

Read the link below

LINK

I just bought one of the raleigh Ikea bikes from E Bay, I was told they were given to the workers to encourage them to cycle to work, quite a lot seem to be up for sale

My scheme was slightly different as it was a loan scheme rather than the bike. Had to be for a bike and or accessories, but I don't have to pay at the end and its mine to do as I please .

We have it and its like the tour de france at 4.30 when everyone leaves. almost everyone has done it. Our employer agreed to pay the final "ownership installment", thats a big incentive.

Its supposed to be in the pipeline at our place but I've missed this summer waiting for it