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Save up to 50% off a new bike with a cycle to work scheme

£0.00 @ cyclescheme
This has been posted a number of times, but I thought I would post again as I am about to get my bike through one of these schemes and people may be thinking about cycling to work in the spring/summer… Read More
Goldeneye243 Avatar
8y, 2m agoFound 8 years, 2 months ago
This has been posted a number of times, but I thought I would post again as I am about to get my bike through one of these schemes and people may be thinking about cycling to work in the spring/summer.

Basically the scheme is a tax free way of buying a bike, through your employer.

Can be done through a large number of bike shops (I actually used wiggle)

All the info you need here

http://www.cyclescheme.co.uk
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#1
Armed Forces personnel need not apply :(
#2
voted hot. pity my company has decided that it cant be bothered to do it.
#3
slightly surprised this is not hotter, maybe everyone already knows about it...
#4
Only hot if your company agrees to do it though. Luckily mine does, and i have a nice Trek Fuel EX8 from it by topping up the £1k limit :thumbsup:
#5
Got one last year under this scheme..

£450 for £800 + worth of bike and kit (You can get the safety equipment & peripherals too)
#6
binbin
voted hot. pity my company has decided that it cant be bothered to do it.


Ditto :-(
#7
You cannot benefit if you are self employed.

Which is stupid.

Cold because of that.
#8
Apparently HMRC are currently reviewing the way this scheme works and therefore a number of employers (including my own) are ceasing their Cycle to Work schemes. It appears it may not be tax free for much longer so you might want to get in now while you can!
#9
cheapo
You cannot benefit if you are self employed.

Which is stupid.

Cold because of that.


you benefit as a self-employed person by claiming the bike as an asset and then claim capital allowances
#10
Thank you so much for this, just spoke to my employer and I'll be getting this organised asap.

H+R added
#11
binbin
voted hot. pity my company has decided that it cant be bothered to do it.

My company does offer the scheme, but only with the in house bike store. The inflated prices, the fact that they pass on only part of the savings, and the generally complicated scheme means it is not really worth it.
#12
Fantastic scheme, I got a £700 bike last year and have ended up paying about £380.

I cycle to work two days out of three weather permitting and this year I'm getting two :thumbsup:.

Spending on petrol has fallen drastically, I'm fit as a fiddle, did a marathon last Oct and have three arranged for this year.

Until this scheme I hadn't really cycled since I was a kid.

You'd be mad not to get a bike if it's offered by your employer.
#13
Toybhoy
Ditto :-(


Same with my company so tight
#14
chri1143
you benefit as a self-employed person by claiming the bike as an asset and then claim capital allowances


Only If I am using the bike for purposes of business, not to travel to and from my place of work.

For example, If I used my bike to collect supplies, or visit customers, then yes I could.

AFAIK you cannot claim petrol or even car expenses for travel to and from work. Why would a bike not be governed under the same principle?
#15
I have my bike on order. A Dahon Curve.
My employer scheme stated that you had to do half your journeys to work by bike in order to qualify. I was unwilling to join the scheme when I was only a fair weather cyclist. However this year the terms have changed and now half the trips done on the bike MUST be to work. Slightly different wording but much more sensible for people like me who may only cycle occasionally.
I have opted for one that folds up - so if I do not want to cycle from home at least I can put the bike in the boot of my car - park up - and cycle from where ever it suits me. Can get me to cycle paths until I have more confidence. Yippee!
1 Like #16
cheapo
Only If I am using the bike for purposes of business, not to travel to and from my place of work.

For example, If I used my bike to collect supplies, or visit customers, then yes I could.

AFAIK you cannot claim petrol or even car expenses for travel to and from work. Why would a bike not be governed under the same principle?


you can still move supplies and apply
http://static.flickr.com/123/320391060_37e6672a98.jpg
#17
Not available to DWP staff either.
They've been procrastinating about it for years and now they've come out and said that they won't run the scheme.
It's a bit rich really when government are trying to get people out of their cars and get them living a fitter and greener lifestyle.
#18
I looked into this with my employers but they were limited to some really crap bike shops at crazy prices so decided to go it alone and got a cracking deal on a Giant SCR on the internet.
Would be great if you could pick where you wanted to buy.
#19
cycleman;4878119
I looked into this with my employers but they were limited to some really crap bike shops at crazy prices so decided to go it alone and got a cracking deal on a Giant SCR on the internet.
Would be great if you could pick where you wanted to buy.
#20
Unusually I find myself suggesting that the company to use for this scheme are Halfords.

The beauty of using them as the cycle provider is that they have a specific team set up to deal with cycle2work and they are able to supply bikes even though the main Halfords company does not offer them for sale.

Additionally they give you Halfords gift vouchers for 10% of the cycle2work voucher price, so with a £1000 bike voucher you get £100 of Halfords vouchers and through the scheme depending on your tax code would only have about a £600 outlay.

Last year a chap at work got a £1000 bike voucher plus a £100 gift voucher, bought a £700 bike and spent £400 on an Ipod, GPS, cycle clothes and accessories.
#21
a couple of people are doing this at work (including me) and it is worth noting that Cyclescheme.co.uk is a seperate company that actually profits from the scheme (it charges the Bike stores a 10% "finders fee" :x which means that any haggling on the cost / accessories is out of the window :(

Alternatively, a competent accountant / HR person at work can read this:
http://www.dft.gov.uk/pgr/sustainable/cycling/cycletoworkschemeimplementat5732

and buy the bike directly. No 10% finders fee, and the haggling can begin - Im currently looking at a 2008 Marin East Peak for £899!!!!! :D
#22
cheapo;4877390
You cannot benefit if you are self employed.

Which is stupid.

Cold because of that.
It's rather childish to vote cold on an offer which is hot for others just because you can't benefit from it.

Note that the scheme is not a hire purchase, it's a bike rental (for tax reasons). In theory, your employer can take the bike back at the end of the year, giving you the option of purchasing it for a "fair market value" or somesuch. Doesn't usually happen, but it can.

Note also that I don't think the scheme costs employers anything apart from the admin effort.
#23
It is childish to vote cold on a deal that you can not benefit from, even though you would like to partake?

It is not childish, it is practical.

I am being discriminated against because I am self employed.

Small business often get the pooey end of the stick.

Simple logic.

PAYE employees are getting a very healthy (pun?) subsidy by buying a bike to travel to work, even though they could quite easily buy the bike for pleasure (as I know people do - Marin Peak 08 to ride the local A roads?), and still drive a car/tank, get the bus etc.

Me? I already cycle to work, and do not receive any subsidy because I took the initiative to set up my own business.

To those that can take advantage of it, do, and good luck to you!

Just don't expect me to be happy about all aspects of the scheme.

Cold for that.
#24
Great scheme, I got a tasty Giant race bike out of it, which was totalled yesterday when I got ran over, lucky I escaped with muscle injury on arm and nothing major :P

Thank god for insurance...
#25
My employer offers the Halfords cycle2work scheme.

The savings are not actually 50%: They are actually about 33% for a lower rate tax payer and 41% for higher rate tax payers. I know, it's crazy... the richer have more of a benefit.

This page on the Halfords cycle2work scheme explains the savings you could get:
http://www.cycle2work.info/employees/example.html
The savings will be the same for other schemes as they are purely based on your NI and tax savings.

Of course, you are actually only renting the bike off your employer for the money you pay... although you have the right to purchase the bike at the end of your payments for a "fair market price". Though many assume this will be an arbitrary amount of say £1... it isn't actually agreed... so you don't know what you'll have to pay on top of what you've already paid at the end.

I'm still unsure whether or not I want to risk it... I might just wait for a good deal with no strings.
#26
cheapo
It is childish to vote cold on a deal that you can not benefit from, even though you would like to partake?

It is not childish, it is practical.

I am being discriminated against because I am self employed.

Small business often get the pooey end of the stick.

Simple logic.

PAYE employees are getting a very healthy (pun?) subsidy by buying a bike to travel to work, even though they could quite easily buy the bike for pleasure (as I know people do - Marin Peak 08 to ride the local A roads?), and still drive a car/tank, get the bus etc.

Me? I already cycle to work, and do not receive any subsidy because I took the initiative to set up my own business.

To those that can take advantage of it, do, and good luck to you!

Just don't expect me to be happy about all aspects of the scheme.

Cold for that.


can you not set yourself up under a ltd company and buy the bike through your own company and cycle from your bedroom to your lounge?
#27
Funny this post arrived, I've been looking into the scheme for a couple of days now. Looks good to me, and I'll be going Halfords. As for buying the bike at the end of the hire agreement, my company charges 3% of the voucher amount, which for me will be £6. Bargain. Heat.
#28
cheapo;4879132
It is childish to vote cold on a deal that you can not benefit from, even though you would like to partake?

It is not childish, it is practical.

I am being discriminated against because I am self employed.
Yes you are, but that has nothing to do with whether the deal is hot or not. The deal is hot for the people who qualify for it. By voting it cold because of circumstances which apply to you but not other people, you are undermining its visibility to these people for no reason. If there were better deals elsewhere for people who qualify for this one, that would be a valid reason for voting cold. Don't spoil things for others for personal reasons.

Should I vote cold on a family railcard deal if I don't have kids?
#29
So how much is a typical fair market value?

e.g. if I bought a 1K bike, thats £50 a month = £600 a year.

I would imagine the bike would be worth more than £400 on ebay after 1 year (typical market value). So if I had to pay a fair market value to buy it then the I would have spent more on the bike than its worth.

Did I miss something or is typical market value £1?
#30
sniperpenguin
a couple of people are doing this at work (including me) and it is worth noting that Cyclescheme.co.uk is a seperate company that actually profits from the scheme (it charges the Bike stores a 10% "finders fee" :x which means that any haggling on the cost / accessories is out of the window :(

Alternatively, a competent accountant / HR person at work can read this:
http://www.dft.gov.uk/pgr/sustainable/cycling/cycletoworkschemeimplementat5732

and buy the bike directly. No 10% finders fee, and the haggling can begin - Im currently looking at a 2008 Marin East Peak for £899!!!!! :D


i work i a bike shop that offers the scheme and yes we loose 10% and when people are getting cube`s ect that the margins are tight and still ask for a deal it makes me laugh after all you are getting it cheaper in the first place so give us a brake.
#31
gjonmat
i work i a bike shop that offers the scheme and yes we loose 10% and when people are getting cube`s ect that the margins are tight and still ask for a deal it makes me laugh after all you are getting it cheaper in the first place so give us a brake.


Haha, I get it....good one. Wheely good!
#32
chri1143
you benefit as a self-employed person by claiming the bike as an asset and then claim capital allowances


Rather casual link there. It would be a tough conversation trying to persuade HMRC that it is for business purposes. That said, if you could do it, you could also claim the VAT as input VAT.
#33
pibpob
Yes you are, but that has nothing to do with whether the deal is hot or not. The deal is hot for the people who qualify for it. By voting it cold because of circumstances which apply to you but not other people, you are undermining its visibility to these people for no reason. If there were better deals elsewhere for people who qualify for this one, that would be a valid reason for voting cold. Don't spoil things for others for personal reasons.

Should I vote cold on a family railcard deal if I don't have kids?



My less than one degree vote has of course spoilt it for millions I know. Pathetic.

I have registered my vote, and my reasons are valid for me, and every other self employed person I would assume.

You imply that there is a singular rubric for voting hot or cold on this site. If you cannot get it cheaper then it is hot. You are wrong. If someone posted 'free dog turds' then I would vote cold because of it, as it does not satisfy a deal for me. There are multiple reasons why you feel even though the deal cannot be beat, it may not satisfy other criteria. This is one.

You will just have to go to your grave knowing that someone has disagreed with you on the internet.

Sorry.
#34
My, we are touchy!
#35
Very dangerous scheme in this economic climate as if you are on a final salary pension scheme and you get made redundant (or take maternity, sick leave, or retire) - you will end up affecting your payout and/or pension.

Look at the government tax site and take a lot of care before taking this up
#36
The government is always trying to destroy the working man. I will not stand for this one more day. I am organising a revolution - who's with me?
#37
Only if you have nice uniforms.
#38
pibpob
My, we are touchy!


I have been a bit haven't I?

Might have had a long day yesterday.

I guarantee if we were discussing this in the pub you would not have called me childish.
#39
I've now been using my bike for a good few trips to work and I'm very pleased I got myself a new bike!
#40
My employer has tied itself to Halfords for this scheme :x

I visited, selected a bike & the salesperson knocked 10% off. I then mentioned the cycle to work scheme & the discount was withdrawn. The salesperson gave the 'well you're getting 50% off anyway' line :roll:..now whilst it was innaccurate, the branch were still getting paid full price for the bike (vouchers) , what did it matter that I was having my tax & NI altered?

When I argued I was given the party line that it was a Head Office policy & generally fobbed off. Its no wonder that they are known as Halfrauds :x

But its a good scheme for those whose employers offer a varied selection of suppliers.

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