please explain the rules of the 'cycle to work scheme'
do they give you a percentage of the cost ?
could you sell the bike soon afterward's ?
is it purely restricted to brand new items ?
could i cycle the 10metres
to my works van ?
or is it purely for the non self employed ?
In a nutshell, your 'company' has to sign up to the scheme, they will agree to buy a bike on your behalf payable through a salary sacrifice. so effectively the limit financially is 1k purchase value, eg a 1 grand bike or a 600 quid bike and 400 quids worh of 'suitable accesories' (full face dh helmets or skin suits are not what would be called appropriate for commuting).
now, pay attention at the back, your company now 'owns the bike' they are going to lease it to you with the option of you buying the ownership after a year. you will pay this lease via a reduction in earnings before tax so you will pay x amount a month BEFORE you pay any income tax for 11 months, now this is where the savings come in because it is tax free, depending on the final value fee you could pay as little as 60% of the purchase bike. good eh? well... it used to be as before the rule changes the company used to have the 12th month payments as the final value fee (the cost it takes for you to buy the bike from the company) meaning that the bike was very cheap but they changed things and now the company has to attach a realistic final value fee rather than a nominal one so the bike is still cheaper (your effectively getting an interest free loan) b ut not as cheap as it used to be.
thats the finances.
the bike has to be suitable for commuting which pretty much excludes bmx, time trial, dh rigs ect. it has to form the 'main' part of your commute.
you DO NOT own the bike, it belongs to your employer so you cant flog it on until you have finished paying for it.
that's pretty much all i know, hope it helps.
oh and if your self employed its largely irrelevant because you still have to fork out in the first instance and then pay yourself back in salary installments!
1998 GT lts.1990 fisher montare/procaliber tribute.
1984 raleigh record sprint and the full set of Pacific Blue on dvd.