nick205
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| posted on 6/5/14 at 04:28 PM |
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OT - anyone set up a cycle to work scheme as an employer?
As title, I'm looking to setup a cycle to work scheme at work. mainly to allow myself to purchase a new bike, but there are others who are
interested as well.
So, has anyone set one up?
Looking on the web there seem to be a number of "agent" type organisations that you can setup with, but I'm guessing you pay more to
do it this way. A bit like the companies that charge you to provide a free E111 card!
Thanks,
Nick
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loggyboy
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| posted on 6/5/14 at 04:49 PM |
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Fromt what I know of it it means the company (or scheme organiser) purhases the bike as a business asset, then leases it to the employee, via salary
sacrafice, (much like child care vouchers) so that no tax is due. When the payment is over the bike is still owned by the business but can be
(unoffically) 'given' to the employee. Its acctualy the gov using tax loopsholes to promote a scheme doesnt exist in its own right.
You shoudnt need any pre set up company to use the scheme, just a competent accountant.
check here:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/11305/cycle-to-work-guidance.pdf
[Edited on 6-5-14 by loggyboy]
Mistral Motorsport
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snapper
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| posted on 6/5/14 at 05:33 PM |
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I work for the Government and the ride to work scheme works like a free season ticket loan
No benefit to the employee just a free loan which is recovered over 12 months but tax free
I eat to survive
I drink to forget
I breath to pi55 my ex wife off (and now my ex partner)
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Dingz
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| posted on 6/5/14 at 06:51 PM |
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I tried to get my company to operate it but there were only 2 people interested, the accounts dept. said it would take up quite a lot of time to set
it up and run that they couldn't agree to it, small company btw.
Phoned the local ramblers club today, but the bloke who answered just
went on and on.
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Duncan36
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| posted on 6/5/14 at 09:05 PM |
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I set it up for the same purpose, for me to get a bike tax free. At the end of the 12 months, they then wanted a release fee, which would have made
the bike more expensive than if I'd have just paid cash for it in the first place. I told them to come and get the bike, which they never did.
www.acorn-printing.co.uk
www.tshirtuk.com
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nick205
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| posted on 7/5/14 at 03:00 PM |
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All in, it looks a better bet just to buy the bike and avoid the hassle!
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sdh2903
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| posted on 7/5/14 at 03:11 PM |
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I'm on my second new bike through cycle to work. I think it depends on the scheme. Some are good, some not so good. Mine works out at a minimum
of around a 30-35% discount. So i get a good discount and the rest I get as an interest free loan. Just collected one of these bad boys, old school
steelie!
http://www.genesisbikes.co.uk/bikes/adventure/multi-sport/croix-de-fer
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me!
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| posted on 7/5/14 at 04:45 PM |
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quote:
Originally posted by sdh2903
I'm on my second new bike through cycle to work. I think it depends on the scheme. Some are good, some not so good. Mine works out at a minimum
of around a 30-35% discount. So i get a good discount and the rest I get as an interest free loan. Just collected one of these bad boys, old school
steelie!
http://www.genesisbikes.co.uk/bikes/adventure/multi-sport/croix-de-fer
I really like those Croix De Fer- good choice! I got an On-One 456 evo last time. Just as heavy and less capable than my full suspension bike, but
bags of fun.
My work use cyclescheme to administer it, who charge 10% commission. On-One make you pay the commission!
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Andybarbet
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| posted on 7/5/14 at 05:18 PM |
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I work for a small company & also ended up just buying my own bike, they would have wanted me to pay something at the end of the scheme too so it
worked out better to just buy it.
I got a road bike with straight handle bars, it flies on the skinny tyres, I then built a winter bike out of an old mountain bike solid frame that I
had in the shed, fitted some road tyres & its turned out to be a really good bike that takes the winter abuse well.
Give a man a fish & it will feed him for a day, give him a fishing rod & you've saved a fish.
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