Anyone bought a bike through Cyclescheme?

[Nick_F]

That's £864 out of your pre-tax/gross salary, which, if you're a 40% tax payer, means only £518 out of your take-home.

[okgo]

So if I am a lower rate tax payer that means its.....

ETA sorry I get it

Edited by okgo on Sunday 29th November 17:22

[CatherineJ]

Okgo, if you go to cyclescheme's website. You can put in the details, your tax code and I think your tax rate e.g 40%. It will then tell you how much the net cost is per month. I think we saved just over 30%.

[T5R+]

Ironically just had this discussion today and it seems that you can get essentially ~48% off, if higher rate taxpayer

Eg £999 bike, take off 15% (VAT) to get to approx £870 and then if higher rate tax payer, take off £348 (£870 - 40%) to give £522.
Note - after 12months, have to pay my employer £25 administration fee. Thus, £1000 bike has essentially cost me ~£550

Numbers are approx, but think my logic is correct.

My calculation suggests that Employer would deduct £72.50 from gross pay per month.


BTW - have not been on a bike for 20 years and plan on buying a Trek 7.3, feel free to advise/abuse on my choice. 12 mile commute to work, mostly on city roads with limited canal path.

[HOGEPH]

T5R+ said:

BTW - have not been on a bike for 20 years and plan on buying a Trek 7.3, feel free to advise/abuse on my choice. 12 mile commute to work, mostly on city roads with limited canal path.

I looked long and hard at a Trek 7.7 for my commuting. Very nice bikes, but a Cube had the better spec for me in the end. Remember the government is paying for a lot of it, so treat yourself if you can and get the most bang for your buck!

[_rubinho_]

I bought my MTB through the cycle to work scheme. I'd never have bought a bike at all without it and it's afforded me a new pastime I'm very keen on. Not been so fit in years (after also giving up smoking in Jan). I've entered the Manx End2End next year. I've just finished paying it off and come Jan it's mine. This is what I got (Marin Nail Trail 2009):



ETA: forgot the bit about finishing paying for it and it being mine which was initially the point of the whole post. Doh!

Edited by _rubinho_ on Sunday 6th December 13:37

[Sicob]

My company participates in Cyclesheme (Cycle 2 work is an evans Halfords scheme). Cyclescheme is virtually everything else. In total it took me about a 3 weeks from application to picking up the bike, but it depends how quick your company are to approve and pay.

If you are a higher rate tax payer you will save 41% on a bike (higher tax plus NI i believe). The whole amount is deducted from your monthly gross. So I have GBP83 deducted from my gross, but this is GBP50 from my net monthly. A small paymen at the end of the 12 months then buys the bike, typically 5% of worth.

Saves me over GBP400 on a bike worth 1k, so cant complain. Since spent 1k on accessories though!

[westtra]

Not knowing much about bikes whats the best you can get for the full £1000 for a hardtail?

[anonymous-user]

you will get a million different answers to the £1000 hardtail question but the rockhopper pro, the scott scale 50 and the trek 6500 are all worth a look. all cross country bias workhorses and good all rounders.

[westtra]

cheers will have a look at them, aslog as its light and doesnt break easy i'll be happy.