Bike 2 Work schemes. Worthwhile?

[Haighermeister]

Just wondering if anyone on here has got a bike on a bike to work scheme?

From my understanding, you choose a bike, your employer gets you a voucher and you buy the bike then the money is taken from your wages before tax monthly? Also you don't pay VAT?

I would love a decent bike (unlike the old Claud Butler Spectre I have currently) and think £500ish would get me something decent.

Any experiences? Is it worth me taking it up in my new job?

[Simond S]

as long as you know it isnt your bike, and that if you want it to be you'll have to pay at the end of the rental period.

[Haighermeister]

Oh. I thought that you own the bike?

[shalmaneser]

Simond S said:

as long as you know it isnt your bike, and that if you want it to be you'll have to pay at the end of the rental period.

Well that's a massive oversimplification.

OP, do a search, there is an extensive thread on just this subject.

[anonymous-user]

This has been done to death on here! & usually ends up in a bunfight & mis-information... Your best bet is to find out which scheme you are on then look up the t&c's to get the truth.

[Haighermeister]

Cheers guys. I'll ask work for info this week

[danrc]

I just did this at work and here are the basics for you. I think there are different schemes out there so there might be differences.

You can buy a bike which has an RRP of up to £1000. You might be able to buy more depending on the shop.

You pay the money out of your gross earnings.

Head to a shop that participates, get a quote for a bike you want and pass this onto your work. Your work will purchase a voucher through the scheme for the value of the bike and this will be sent to your address. Once you have the voucher, take it into the shop and pick up your bike!

For the next 12 months, you pay the salary sacrifice. At the end of the 12 months you have a choice (This is the bit people seem to struggle with):

Give the bike back and pay nothing
Keep the bike and pay 18-25% of the RRP of the bike to work
Take out an extended lease of 2 years. You don't pay anything a month but do pay a small deposit (3-8%).
At the end of the extended lease period, you can either keep the bike or get the small deposit back.

Happy shopping

[Haighermeister]

Cool

I'm off to the bike shop on Wednesday to get a new chain fitted to my beater so will look at bikes then.