Bike-to-Work unlimited budget

[TallTony]

Hi everyone,

Currently I am debating getting a new mountain bike and I see that Evans Cycles have extended their Bike-to-Work scheme so that's it unlimited budget instead of £1000. Does anyone know of other companies offering the same deal?

I really fancy a Whyte 905 which is a brand that Evans don't stock.

Cheers, Tony

[frisbee]

Your company is likely to have an agreement with a specific cycle to work provider or providers.

I believe they also set the maximum value as well.

[TallTony]

Indeed, and my employer's current scheme has a limit of £1000 as there is no FCA authorisation.

However Evans Cycles have a new scheme which allows users to use Evan's FCA authorisation which means there is no limit:

https://www.evanscycles.com/b2b/ride-to-work-new-l...

[bristolbaron]

TallTony said:

Indeed, and my employer's current scheme has a limit of £1000 as there is no FCA authorisation.

However Evans Cycles have a new scheme which allows users to use Evan's FCA authorisation which means there is no limit:

https://www.evanscycles.com/b2b/ride-to-work-new-l...

Have you confirmed with your employers that they’re happy to increase their limit? Just because Evans are offering it doesn’t mean employers will take it up.

[anonymous-user]

Also remember that the primary use of a bike bought under the scheme should be travel to / from work

[TallTony]

bristolbaron said:

Have you confirmed with your employers that they’re happy to increase their limit? Just because Evans are offering it doesn’t mean employers will take it up.

This is not a problem.

So does anyone else know of other bike shops doing a similar deal?

[g7jhp]

JPJPJP said:

Also remember that the primary use of a bike bought under the scheme should be travel to / from work

Who's going to check?

[numtumfutunch]

This is evidenced at 'bloke in pub' level however I too heard that the treasury were about to remove the cap on bike to work

No idea how it works as you need a credit licence or something above £1000 but someone told me so it must be true

Fingers crossed

[smac]

Check out Green Commute Initiative Ltd. They are linked to loads of suppliers

[TallTony]

smac said:

Check out Green Commute Initiative Ltd. They are linked to loads of suppliers

Perfect, thanks smac

[anonymous-user]

g7jhp said:

Who's going to check?

Likely no one.

But someone taking a £10k canyon ultimate cf 10 evo limited through green initiative is, surely, more likely to get checked than someone taking a £999 whatever from Evans

[J886ATV]

The limit lift is likely to be from all Providers, but your employer is the one that really sets it - how much are they prepared to loan to an employee?

https://www.cyclescheme.co.uk/cycle-to-work-scheme... gives some background - the Govt is lifting the limit as a way to get e-bikes into scheme, which helps congestion etc

[Scabutz]

The old 1000 limit was a blanket credit license the government gave everyone.That has now been made unlimited but it is still down to the individual schemes and employers if they want to offer more. Your employee will normally be linked with one or 2. Largely it will be the employer who dictates the limit Most companies will be concern about having to dish out 1000s of pounds to lots of people.

My employer actually runs one of the schemes and they have stuck with the 1000 limit.

In other news you are now allowed to buy components, wheels & groupsets instead of a full bike.

[bakerstreet]

I just btopped it up myself. I wanted a bike that was £1250, so I paid the extra £250. I have bought two bikes through CTW. One Brompton which has paid for its self four times since I have had it. I also bought a Fuji Transonic on CTW. Nice bike but I have never really bonded with it.

[Fourmotion]

Your employer will still need to approve the cost - they're the ones who have to pay for the bike as a loan to you.

My employer has refused, on the basis they don't want to have potentially hundreds of thousands due from their staff if everyone goes for it. Your employer will also likely make you pay over 12 months.

And they'll want a guarantee - if you were to leave and still owe £8k for example, they would need it paid off during the notice period. This could mean they're left chasing you for anything in excess of your gross pay throughout your notice period.

[anonymous-user]

Cyclescheme have removed the £1000 limit too but individual organisations within the scheme can still set their own limits.
https://www.cyclescheme.co.uk/community/round-ups/...

It’s basically because most if not all electric bikes were previously in excess of £1000 and weren’t available to commuters.... I’m looking forwards to 40% off a Cervelo S5 when my employer removes its current £1k limit....

[anonymous-user]

Ask your company if they are going to change their £1000 cap in line with the new rules.

I mailed my HR & they confirmed that our limit is being increased from September, when they have sorted out the paperwork etc with our cycle scheme provider

[anonymous-user]

Fourmotion said:

My employer has refused, on the basis they don't want to have potentially hundreds of thousands due from their staff if everyone goes for it. Your employer will also likely make you pay over 12 months.

And they'll want a guarantee - if you were to leave and still owe £8k for example, they would need it paid off during the notice period. This could mean they're left chasing you for anything in excess of your gross pay throughout your notice period.

I thought you always pay over 12 months (then sign the theoretical ‘extended hire’ period, so no more costs)
However much you ‘borrow’ you have to pay it back minus the tax breaks, if you leave or are made redundant etc. No different to today..

[Dannbodge]

Ooooh. This means I might be able to get an even better set of work in September!

[R1gtr]

I am praying my work go for this and raise the budget, hopefully signing up with the Green Commute scheme at the same time as they allow the purchase on sale bikes and allow you to pay over a longer term if I have read things correctly.