C2W - New bike
Discussion
I'm in the process of getting my company to join this scheme. I got too excited about a new bike and found myself looking at new bikes yesterday.
Went into a local shop, took some advise and was presented the Scott Scale 40, 50, 60 or 70. Depending if I wanted accessories included in the price etc.
Was this a good recommendation from the bike shop? I've currently got a 2003 Scott Yecora, and I've been happy with it, but its getting old.
I've totted up all the accessories I need and its come to about £200. Computer, helmet, gloves, water bottle, lock etc
Went into a local shop, took some advise and was presented the Scott Scale 40, 50, 60 or 70. Depending if I wanted accessories included in the price etc.
Was this a good recommendation from the bike shop? I've currently got a 2003 Scott Yecora, and I've been happy with it, but its getting old.
I've totted up all the accessories I need and its come to about £200. Computer, helmet, gloves, water bottle, lock etc
Do you mean the Bike To Work scheme? The limit is often a grand and you can use any money left over for lock, toe clips, computer, pump, lights etc etc. A rather strange clause is that a nominal sum goes back to your employer to complete the purchase but my work never asked for this, or for proof that the bike was used "mainly" for commuting...
meadows said:
Do you mean the Bike To Work scheme? The limit is often a grand and you can use any money left over for lock, toe clips, computer, pump, lights etc etc. A rather strange clause is that a nominal sum goes back to your employer to complete the purchase but my work never asked for this, or for proof that the bike was used "mainly" for commuting...
Yea, I think its called Cycle2Work, hence the C2W.Can you explain the charge more? Do you mean at the end of the 12 months? That is to buy the bike off them.
You don't need to prove you are using it to commute. The guy in the shop was telling me he has sold a few £3000+ bikes for people to ride 50+ miles on the motorway
(Apparently the £1000 limit can be upped by your employer!)It's a weird rule, IIRC, after paying for the bike in 12 instalments a nominal sum must be paid to the employer to finalise the purchase. Like I said, I never heard anything about it after I finished paying. I got a grand so bought a tourer (from Halfords, they were okish) and kitted it up with panniers and everything else mentioned above. Again, IIRC, there is a rule that the bike must be used primarily for commuting, presumably to comply with tax regs, but this would of course be impossible to police and I've never used the tourer to commute, I use my hard arse hybrid for that!
The £1000 limit is dependent on the company - they have to comply with a certain set of ruls to be allowed to 'credit' you with over that amount.
Many, many, many dont. Dont get your hopes up.
Still, £1000 is a good amount of money.
ETA - as for the bike, its impossible to say whether thats a good choice for you, without knowing what you want from the bike! Where will you ride it? how long for? How heavy are you? etc etc
Many, many, many dont. Dont get your hopes up.
Still, £1000 is a good amount of money.
ETA - as for the bike, its impossible to say whether thats a good choice for you, without knowing what you want from the bike! Where will you ride it? how long for? How heavy are you? etc etc
Edited by snotrag on Saturday 31st January 19:55
The £1000 is the tax free limit set by HMRC / the Government. You can get a bike for whatever value you want (unless your employer actually order and pay up front and are unwilling to pay more), but you'll only get a tax free allowance of £1000. You pay the rest out of your disposable (after tax) income.
red355 said:
Its worth noting that retailer gets charged 10% of the selling price to use the current C2W scheme. Its still worth it for the tax & NI advantages but you might not get the bike at such a good price.
Interesting. I made it clear from the beginning that I would be using the C2W scheme and the prices he quoted were the "shop" prices.The C2W/bike to work or any one of a number of different named schemes use the same basic principle in that the company pays for the bike then lets the employee lease it off them for a given sum per month (before tax and NI) over a 12 month to two year period. After that time, the company should charge a nominal fee for the 'owner' to buy the bike and for it to become the property of the employee.
The £1000 limit is imposed by the government. You can get a bike worth more if:
a. You're prepared to top up the cost but this is from your own money and does not receive the discount, but you may lose this if you do not stay at the company until the end of the lease period
b. Your company has a consumer credit licence in which case the amount that can be spent is fixed by the company
Certain shops/manufacturers only use certain schemes - they are not all the same and cannot be used across the board.
More information here: http://www.cyclescheme.co.uk/
The £1000 limit is imposed by the government. You can get a bike worth more if:
a. You're prepared to top up the cost but this is from your own money and does not receive the discount, but you may lose this if you do not stay at the company until the end of the lease period
b. Your company has a consumer credit licence in which case the amount that can be spent is fixed by the company
Certain shops/manufacturers only use certain schemes - they are not all the same and cannot be used across the board.
More information here: http://www.cyclescheme.co.uk/
Edited by JPJ on Monday 2nd February 12:54
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