Cycle to work scheme... End of period?

[carreauchompeur]

I have just checked my payslip and see that I've just made the final payment on the C2W scheme. Will they write to me stating the fair market value or alternatively just remove it from pay? I won't be handing it back if I can help it!

[Nick_F]

I'm in the same position - last payment was mid-March. Silence since.

[illmonkey]

From the research I've done, looking at getting it sorted at my work, you don't need to pay the "fair market value". They should offer you it and you can decline. If you take it, its probably just from salary.

The recommend 5% of the original price of the bike for the fair market value.

[mk1fan]

It's only a token payment as you have already paid back the company their outlay therefore the value is, effectively, the admin cost to write it from the books.

[Sarkmeister]

I know 3 or 4 people who got a bike last year on the Cycle2Work scheme. None of them have heard anything about the final fee. I suggest keeping quiet, its probably more hassle than its worth for the company.

[carreauchompeur]

Cool, provided the payments have now stopped then I will leave it at that! (Awaits 28th with bated breath)

[snotrag]

Get asked this an awful lot at work, (i deal with B2W schemes all the time) and its the ony thing that people seem unsure/wary about.

The reason for the final payment is to get the B2W scheme to fit in with existing laws - they couldnt be arsed to pass any new laws to suit it.

Its all to do with taxes, credit agreements, and finance stuff.

The fact is, we know that 99% of our customer never actually get charged this final payment.

B2W is not something your admin/HR department love doing (thats why its such a ball ache getting them to agree to it!) - the likelihood is that for most firms it is a form that gets signed, then forgotten abotu instantly. They dotn care, so keeop your trap shut.

If they DO cotton on, the guidelines are 5% of the market value of the bike, so its not likely to be mroe than £50 anyway.

You are still getting an awesome deal.

Sit back and relax in knowing that for once, everyone is getting a good hand, except the government. Not often that happens.