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BarneyRubble":klmxme3d said:
you could buy anything as long as the shop is on your side . People have bought DH bikes and more ( a canoe for example ) .
Cycle to work
- Thread starter barry2017
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you could buy anything as long as the shop is on your side . People have bought DH bikes and more ( a canoe for example ) .
neilypullsawheelie
Devout Dirtbag
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I got myself an Orbea Bios 3 months ago on this (road bike with flat bars), and while I was under the £1000 it doesn't matter if you spend more, as long as you pay the extra up front so the total bike 'loan' is no more than a grand. You can also use part of the £1000 for accessories / clothing. Fill your boots!!
Ok folks let me clear some things up for you all.
You can not pay the extra on a bike over £1000.
If you pay the extra and the tax man comes looking you have a serious problem.
Your employer owns part of the bike and so do you.
This is called dual ownership.
Dual ownership puts you in to a category known as 'a benefit in kind'.
You will be liable for the taxable amount on the bike.
Basically the government have given all employers a £1000 blanket consumer credit license specifically for the cyclescheme.
There are two ways around this issue.
one is: to have your company purchase a consumer credit license this will then enable you to spend as much as your boss is willing to stump up in the first place and save between 40 and 55% (dependent on personal circumstances).
I think the cc license is about £300 ish.
option two: is agree to buy the bike you want from your LBS for £1000
(they can sell a bike for what ever they want to we live in a free market)
then buy from your LBS an inner-tube that costs a rather staggering amount of money
(they can sell an inner-tube for what ever they want to we live in a free market)
no dual ownership issues
no records on the LBS computer for a bike over £1000
You're happy
the boss is happy
the LBS is happy
tax man probably happy he has less work to do.
now for those of you who are struggling to get your boss/company on board with the scheme...
the bike is an asset that belongs to the company while you lease it,
they can write this down against tax for 50% in the first year
and 25% for any following year if the lease is for more than 12 months.
Also they will not be paying your NI contributions so that will keep them a little bit flusher too.
and obviously you'll be more motivated, arrive at work alert and take less sick days.
;]
You can not pay the extra on a bike over £1000.
If you pay the extra and the tax man comes looking you have a serious problem.
Your employer owns part of the bike and so do you.
This is called dual ownership.
Dual ownership puts you in to a category known as 'a benefit in kind'.
You will be liable for the taxable amount on the bike.
Basically the government have given all employers a £1000 blanket consumer credit license specifically for the cyclescheme.
There are two ways around this issue.
one is: to have your company purchase a consumer credit license this will then enable you to spend as much as your boss is willing to stump up in the first place and save between 40 and 55% (dependent on personal circumstances).
I think the cc license is about £300 ish.
option two: is agree to buy the bike you want from your LBS for £1000
(they can sell a bike for what ever they want to we live in a free market)
then buy from your LBS an inner-tube that costs a rather staggering amount of money
(they can sell an inner-tube for what ever they want to we live in a free market)
no dual ownership issues
no records on the LBS computer for a bike over £1000
You're happy
the boss is happy
the LBS is happy
tax man probably happy he has less work to do.
now for those of you who are struggling to get your boss/company on board with the scheme...
the bike is an asset that belongs to the company while you lease it,
they can write this down against tax for 50% in the first year
and 25% for any following year if the lease is for more than 12 months.
Also they will not be paying your NI contributions so that will keep them a little bit flusher too.
and obviously you'll be more motivated, arrive at work alert and take less sick days.
;]
ekiborter":11gc3t4c said:
Ive been trying to sort this for almost a year, but my boss keeps saying hes not happy about the fact the business has to have a credit agreement, and is worried people will leave and refuse to pay. How ever many times I tell him he can dock the final salray he just isnt happy.
Got my Kona Kula on the scheme and really it was a no brainer all in all I will have paid a little over £500 for a bike that retailed for £900 in 2008. May get a new one next year in a smaller size so the wife can have it after the first year.
Carl.
Carl.
JamesM
Senior Retro Guru
My company offered the cycle to work scheme, but it was the halfords one. Some of us considered it but were a bit annoyed that we were being limited to bikes from Halfords. Then after 3 weeks they told us the offer was only valid for one more week but would run again the following April. In short out of the 400+ people at my site only two got bikes, neither of which ride to work anyway. So our bike shed remains full of 20 year old MTB's on slicks, BSO's and the carbon roadbike that belongs to one of our massively overpaid contract workers. He paid £1700 for it so he could cycle the 2 miles to work each day. First day he rode it in he forgot to bring a lock, now he locks it with a 5mm cable loop thing and a £4 padlock.
JamesM":4j3tsjuf said:
Get a cycling group going and get the HR department/boss to arange the scheme through Cycle Scheme for the next season.
If they are unsure Cycle Scheme are now the biggest supplier of cycle2work and you get to shop at your preferred LBS or internet trader who has a shop front.
If they are really into the Halfords thing they can run both with CycleScheme and Helfrauds.
remember 'the revolution will not be motorized'... you got to dig deep.
;]
;]
