CYCLE SOLUTIONS THE TAX-EFFICIENT WAY TO ENJOY CYCLING TO WORK. SAVE UPTO %50 ON BIKES - HotUKDeals
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CYCLE SOLUTIONS THE TAX-EFFICIENT WAY TO ENJOY CYCLING TO WORK..
Since 2005, Wheelies Direct Cycle Solutions has been working with organisations all over the UK to help them and their employees to take advantage of the UK Government backed Cycle To Work Scheme.

Cycle Solutions enables employers, to offer their staff bicycles and cycling equipment with savings of up to 53% from the retail value through a salary sacrifice benefit scheme.

This Cycle to Work scheme has been made possible through the government's Green Transport Plan.


Cycle to Work - The Green Transport Plan
The Cycle to Work scheme takes advantage of generous tax benefits provided by the Government in support of the Bike to Work scheme.

This cycle plan has been set up by the government specifically in order to promote the use of bikes as an alternative mode of transport. Substantial investment is being made to develop and improve local cycle routes in order to make cycling safer and more enjoyable.

The aim of the Bike to Work Scheme is to get more people cycling to work on a regular basis. This should in turn reduce traffic congestion and pollution to the environment and also improve the health and fitness of the general public.

How does the bike scheme work?
Companies are able to loan their staff bikes and cycle equipment as part of their employee benefits package.

The Bike Scheme then makes it possible for employers to offer their employees tax and national insurance reductions if they wish to enjoy the benefits of cycling to work.

By taking advantage of these generous tax exemptions, employees will make a salary sacrifice in return for the tax-free benefit of the bike.

Find out more information on how Wheelies Direct Cycle Solutions can help you launch your own Cycle to Work Scheme
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#1
What does this company do/take above going direct to http://www.cyclescheme.co.uk/?

Edit: Hmm seems I've posted a different company - the details are here on the government site: http://www.dft.gov.uk/pgr/sustainable/cycling/cycletoworkschemeimplementat5732
#2
sounds like a good idea. Do you reckon I can do this?? Im self employed and want to get a new bike ;-)
#3
Got myself a nice Powabike X24 via the cycle to work scheme.£34 a month for 18 months.£612 for a £930 electric bicycle.Charge at work.Stuff petrol prices!
#4
So is this freebie, deal or what?????????
#5
So why is this being voted cold??? :thinking:

I agree you can go to different companies but it’s still an absolute bargain if your company signs into the scheme.
It’s an initiative run by the government. Monthly instalments are taken directly from your pay packet before tax. You basically rent the bike for 18 months and end up owning it after paying a final monthly instalment. So basically the bike is yours for around 50% of the RRP.
#6
Greg Thomson
sounds like a good idea. Do you reckon I can do this?? Im self employed and want to get a new bike ;-)


You would have to contact them to confirm:

0845 279 9970
#7
I've done this before, good deal!
#9
The cycle to work scheme is ran by many bike companies and has been posted on here many times - the problem is getting the lazy barstewards from your HR dept to get the ball rolling :roll:

ps your company own the bike till its fully paid off and it also applies to equipment as well I believe
#10
Lanse;5712270
Got myself a nice Powabike X24 via the cycle to work scheme.£34 a month for 18 months.£612 for a £930 electric bicycle.Charge at work.Stuff petrol prices!

doesnt that defeat the object of cycling
#11
Greg Thomson;5712169
sounds like a good idea. Do you reckon I can do this?? Im self employed and want to get a new bike ;-)

now theres a thought....if you have a ltd company dont see any reason why not
#12
Life is too short to battle against headwinds & up hills.I like to get to work with a bit of energy left.
#13
Lanse;5712270
Got myself a nice Powabike X24 via the cycle to work scheme.£34 a month for 18 months.£612 for a £930 electric bicycle.Charge at work.Stuff petrol prices!

problem is you dont own the bike..in effect you are renting it but paying for using gross rather than net salary, hence the tax savings...would rather own the bike tbh
#14
royals
problem is you dont own the bike..in effect you are renting it but paying for using gross rather than net salary, hence the tax savings...would rather own the bike tbh


You do own the bike after making a final monthly payment ;-)
#15
royals
problem is you dont own the bike..in effect you are renting it but paying for using gross rather than net salary, hence the tax savings...would rather own the bike tbh


you own it once its paid for I believe - oh and technically you can only use it for getting to and from work but how they enforce that is anyones guess:roll:

Its a great idea - we have been trying to get our HR to join for the last 4 years but they are to busy chatting and drinking tea
#16
royals
now theres a thought....if you have a ltd company dont see any reason why not


If you are self employed you can't participate in the scheme, and if you have a Ltd company then you are not self employed. Also for it to work, you have to write a percentage of the cost of the bike off against your companies tax liabilities, i.e. against capital expenditure.
#17
honeymonster21
I've done this before, good deal!


The CycleScheme.co.uk was mentioned by our HR department this week!

I read the FAQs and it says at the end of the hire period;

"Most employers opt to sell you the bike and accessories, and you will pay the fair market value; this is the amount that a buyer would pay to a seller to purchase the bike and equipment. Each bike is assessed separately, but in our experience the market shows values to be around 5% of the original voucher value plus VAT."

The thing I'm not sure about is the fair market value of a bike being 5% of the original price after 12 months?? Can anyone confirm this is a realistic amount? I don't want a £200 bill at the end.

Cheers
#18
Can anyone indicate how much the cheapest bike is you can buy? Can you also include sale bikes etc (or is the deal only on full retail price)?
#19
At our company minimum bike cost is £200, sale bikes would depend on the retailer as they pay a commision to the cycle2work people so may add a bit on to cover that on an already discounted bike.
#20
Right, I have just finished paying for my GT Avalanche 2.0 after 12 months so can clarify a few points:

1. "oh and technically you can only use it for getting to and from work but how they enforce that is anyones guess" is not true. The rule is that you have to use it for cycling to work more than you use it for leisure purposes. In other words you have to use it 50.000001% of the time for work.... Janz70 is correct though that they never ask for records / proof and don't require you to keep them either.

2. My bike was £400 retail. It cost me about £24 a month x 12 = £288. At the end of the 12 months I was given the option to purchase it at 5% of the retail price which was £20 + VAT. That £20 is taken out of your gross income so its less in reality.
#21
Everything said so far is correct BUT you have no right to purchase at the end of the contract - true, most companies do offer to sell at an agreed price but they are not obliged to do so and you cannot enter into an agreement which gives you that right under the scheme - renter beware!
#22
RedSkywalker
Everything said so far is correct BUT you have no right to purchase at the end of the contract - true, most companies do offer to sell at an agreed price but they are not obliged to do so and you cannot enter into an agreement which gives you that right under the scheme - renter beware!


This is true, the company cannot agree to sell you bike after the rental period as this would then be a 'hire-purchase' agreement & they would not be able to get the tax breaks.

Realistically though, not many companies would want to keep a second hand bike and annoy a member of staff, after all it hasn't cost them anything anyway.

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