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Bike to work scheme

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By (user no longer on site) OP   
over a year ago

Anybody done this, I'm thinking of getting a new bike, my current one I've had since 2009 and has clocked up over 32500 miles, apart from a new cassette, chain and chain wheel that need replacing there's nothing wrong with it, but this scheme looks like a god way to get a new bike without havin to pay tax and NI on it, so, what are the pros and cons to this scheme?

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By *bi HaiveMan
Forum Mod
over a year ago

Cheeseville, Somerset

Pros ? No tax or NI to pay.

Cons? The scheme is feck all use if you don't ride a bike!

A

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By (user no longer on site) OP   
over a year ago

Oh yeah

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By *bi HaiveMan
Forum Mod
over a year ago

Cheeseville, Somerset


"Oh yeah "

Now if they did a similar scheme for cars........preferably convertibles......

Serious answer though! I know loads of people who've done it over the years, either to commute to work or just for weekend use. Some even use it to ghet a bike for family/partners/kids.

I don't think there are honestly any cons.

A

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By (user no longer on site)
over a year ago

I just googled and had a look at the website faqs. Gotta say that it sounds nice on the surface but i find it slightly concerning that though you're paying the salary sacrifice for the equipment, it actually remains the property of the employer and there is no obligation for them to transfer ownership once the contract has been fulfilled. I couldn't believe my eyes, but yes. You're effectively leasing the equipment and it has to be returned, rather than buying by instalment via your employer. Some might be ok with that, some won't be.

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By *ust RachelTV/TS
over a year ago

Horsham

It is right the bike belongs to the conpany, till after the final payment which is a percentage of the total price of the bike. Also maximum amount is £1000 for the bike, any changes to the bike you will have to keep the original parts to put back on the bike.

Is that all you have done, I used to 32k a year on the my Harry Quinn bike.

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By *bi HaiveMan
Forum Mod
over a year ago

Cheeseville, Somerset


"I just googled and had a look at the website faqs. Gotta say that it sounds nice on the surface but i find it slightly concerning that though you're paying the salary sacrifice for the equipment, it actually remains the property of the employer and there is no obligation for them to transfer ownership once the contract has been fulfilled. I couldn't believe my eyes, but yes. You're effectively leasing the equipment and it has to be returned, rather than buying by instalment via your employer. Some might be ok with that, some won't be. "

There used to be a similar scheme years back with computers.

Terms and conditions were the same as you describe.

At the end of the term we paid a quid and it was ours. Obviously a three year old computer was by then well out of date and old spec - but the same is true for anything - TV, car or even a bike!

I would expect the same deal would apply.

A

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By *icolerobbieCouple
over a year ago

walsall


"I just googled and had a look at the website faqs. Gotta say that it sounds nice on the surface but i find it slightly concerning that though you're paying the salary sacrifice for the equipment, it actually remains the property of the employer and there is no obligation for them to transfer ownership once the contract has been fulfilled. I couldn't believe my eyes, but yes. You're effectively leasing the equipment and it has to be returned, rather than buying by instalment via your employer. Some might be ok with that, some won't be.

There used to be a similar scheme years back with computers.

Terms and conditions were the same as you describe.

At the end of the term we paid a quid and it was ours. Obviously a three year old computer was by then well out of date and old spec - but the same is true for anything - TV, car or even a bike!

I would expect the same deal would apply.

A"

I believe that you have to buy or return the bike at the end of the contract. It is a lease agreement, not hire purchase. They have guidelines as to the cost of the bike after your contract is up, not sure of all the facts though.

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By (user no longer on site)
over a year ago

Check the price you have to pay at the end. my brother in law got a shock when he found out he had to pay 32% of the original price which meant he was out of pocket by doing it. Plus it was Halfords so he could only get a boardman bike.

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By *bi HaiveMan
Forum Mod
over a year ago

Cheeseville, Somerset


"I just googled and had a look at the website faqs. Gotta say that it sounds nice on the surface but i find it slightly concerning that though you're paying the salary sacrifice for the equipment, it actually remains the property of the employer and there is no obligation for them to transfer ownership once the contract has been fulfilled. I couldn't believe my eyes, but yes. You're effectively leasing the equipment and it has to be returned, rather than buying by instalment via your employer. Some might be ok with that, some won't be.

There used to be a similar scheme years back with computers.

Terms and conditions were the same as you describe.

At the end of the term we paid a quid and it was ours. Obviously a three year old computer was by then well out of date and old spec - but the same is true for anything - TV, car or even a bike!

I would expect the same deal would apply.

A

I believe that you have to buy or return the bike at the end of the contract. It is a lease agreement, not hire purchase. They have guidelines as to the cost of the bike after your contract is up, not sure of all the facts though."

Just read the the T's & C's. Either just give it back or.....

"5.3 Following the transfer of Bike Equipment ownership under clause 5.2 above, Bike 2 Work will offer to sell the relevant Bike Equipment to the relevant Employee (or to such other person as the Employer may direct) at a price not exceeding the fair market value of the Bike Equipment at the time, as reasonably determined by Bike 2 Work. Any such offer will be made by Bike 2 Work in its own capacity as owner of the Bike Equipment and will not be made on behalf of the Employer and, consequently, if any such offer is subsequently accepted, then all proceeds from that sale will belong exclusively with the Employer having no claim thereon."

A

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By (user no longer on site)
over a year ago

Doesn't sound such a great incentive now? Maybe just buy your own bike and be done with it! Like all government schemes, you usually end up being fleeced....

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By *londeCazWoman
over a year ago

Arse End of the Universe, Cumbria

I've just ordered my 2nd bike on this scheme...at the end you pay a token amount (last one was around £50 on £900 bike if I remember right) and it still worked out a saving on the cash price...the calculator works out I'll save around 40% on £450 worth of bike and equipment...only thing for me is the vouchers don't come out til September so summer is nigh on done (I'm a fair weather cyclist) so I'm going to see if I can work something out with the bike shop to get it before the voucher arrives

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By (user no longer on site)
over a year ago

anything over £1000 needs a credit agreement, so the limit is £1000 for a ride to work bike unless your business is with credit licences.

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By (user no longer on site)
over a year ago


"anything over £1000 needs a credit agreement, so the limit is £1000 for a ride to work bike unless your business is with credit licences."

Not true. Ours is $1500 and some are $2k

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By (user no longer on site)
over a year ago

My employer offers this scheme and it is really good. Whilst the property dies effectively remain the property of the employer for a year, they do transfer ownership. Quite a few of my. colleagues have taken up this offer and not one person has had any problems with ownership after the year.

I myself am thinking about it. I have seen a lovely bike, its an old fashioned type with a wicker basket on the front. It would be a great way to exercise

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By *ce WingerMan
over a year ago

P.O. Box DE1 0NQ


"anything over £1000 needs a credit agreement, so the limit is £1000 for a ride to work bike unless your business is with credit licences.

Not true. Ours is $1500 and some are $2k"

Two thousand dollars for a pushbike!!!!!

Please tell me at least 80% of that is shipping costs

Ya can buy a half decent bike from Argos for £150

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By (user no longer on site) OP   
over a year ago


"anything over £1000 needs a credit agreement, so the limit is £1000 for a ride to work bike unless your business is with credit licences.

Not true. Ours is $1500 and some are $2k

Two thousand dollars for a pushbike!!!!!

Please tell me at least 80% of that is shipping costs

Ya can buy a half decent bike from Argos for £150 "

My current bike was £1000.00, bikes can get very expensive depending on what ya us it for, mine does nearly 130 miles a week, a bike costing 150 quid wouldn't last very long doing that sort of mileage.

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By (user no longer on site)
over a year ago

There are a couple of different cycle to work schemes out there.

I'm on my second bike now from cyclesheme. Couple of weeks ago got a £700 Giant Revolt cyclocross bike, its better than a road bike for the awful roads I use on my ccommute and isn't much heavier.

I've never had any problems with the scheme and have saved on the price. But I think its only worth it if you're going to get regular use from the bike. If you're only going to use it once in a blue moon or on dry sunny days then as someone said just get a cheap one from Argos or Halfords.

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By *edangel_2013Woman
over a year ago

southend

I bought my bike through a bike 2 work scheme. Had to buy it from Halfords which was the only downside. My company had no problem transferring ownership and they sacked me 1 month prior!

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By *ce WingerMan
over a year ago

P.O. Box DE1 0NQ

It should do if it's maintained properly, surely even a bike costing that much only needs new tyres & brake blocks/pads occasionally.

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By (user no longer on site) OP   
over a year ago


"It should do if it's maintained properly, surely even a bike costing that much only needs new tyres & brake blocks/pads occasionally. "

Nope, only last week a friend bought a bike from Argos for 120, after a couple of days the pedal arms had bent, showing that the bike had been made out of far cheaper materials, even my bike has had more than just tyre changes, new back wheel due to brake pad wear over the 5 years, new chain cassette, bottom bracket, chain wheel, have all been replaced at some point, again down to normal usage, if it had been a cheap purchase at the beginning, these fixes would have had to be done far sooner after purchase.

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By *ce WingerMan
over a year ago

P.O. Box DE1 0NQ

I bought a mountain bike costing £175 from a local dealer and used it daily, approx 120 miles p/week, for nearly 4 years. I gave it to my ex's son and 3 yrs later it's still going strong. Apart from the aforementioned tyres & brakes, it's had a couple of cables and a new saddle

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By *xpresMan
over a year ago

Elland

Live 38.5 miles from my work its a 6am start on a Monday i have a bag of clothes & food etc that a truck driver who is away all week needs so..

So nope i dont

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By *rinking-in-laCouple
over a year ago

Bristol


"I just googled and had a look at the website faqs. Gotta say that it sounds nice on the surface but i find it slightly concerning that though you're paying the salary sacrifice for the equipment, it actually remains the property of the employer and there is no obligation for them to transfer ownership once the contract has been fulfilled. I couldn't believe my eyes, but yes. You're effectively leasing the equipment and it has to be returned, rather than buying by instalment via your employer. Some might be ok with that, some won't be.

There used to be a similar scheme years back with computers.

Terms and conditions were the same as you describe.

At the end of the term we paid a quid and it was ours. Obviously a three year old computer was by then well out of date and old spec - but the same is true for anything - TV, car or even a bike!

I would expect the same deal would apply.

A

I believe that you have to buy or return the bike at the end of the contract. It is a lease agreement, not hire purchase. They have guidelines as to the cost of the bike after your contract is up, not sure of all the facts though."

You can agree to lease it for free for one more year as well. After which the bike is yours.

The bike remains the property of cyclescheme in case you leave your job and stop paying for it. That is the same in any hire purchase or lease arrangement. It is of no use to cyclescheme to keep the bike but the tax mechanism that is employed has to allow for that to be possible. I am on my third cyclescheme bike and can honestly say it is worth it.

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By (user no longer on site)
over a year ago


"anything over £1000 needs a credit agreement, so the limit is £1000 for a ride to work bike unless your business is with credit licences.

Not true. Ours is $1500 and some are $2k

Two thousand dollars for a pushbike!!!!!

Please tell me at least 80% of that is shipping costs

Ya can buy a half decent bike from Argos for £150 "

It was a phone typo £ not $. But that's not a lot of money for a bike. Like many thimgs there are sliding scales and those in the middle price range offer the best compromise between functionality and value

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By *ce WingerMan
over a year ago

P.O. Box DE1 0NQ

I realise you can pay a lot of money (top dollar) for a bike, but mostly those are for folk who are in cycling clubs and take part in time trials etc, not just a daily commute to the office surely?

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By (user no longer on site)
over a year ago


"

Ya can buy a half decent bike from Argos for £150 "

No you cannot! You can get a crap bike that weighs a tonne and needs all components changing after a few miles. then after that the first time it gets knocked the frame splits.

You get what you pay for. If you want a decent bike for cheap money then either look at decathlon. Their red triban 3 is about 300 and is a really good bike. For a few hundred quid more the triban 5 is exceptional value as it's as good as some bikes that are almost twice the price.

Failing that go on ebay and buy second hand. Buying a cheap bike from anywhere is pointless and will end in tears!

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