Tax Free bike save 38%-45% off any bike - HotUKDeals
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Tax Free bike save 38%-45% off any bike

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9y, 4m agoFound 9 years, 4 months ago
Taken from the website

"Cycle to Work is a tax incentive aimed at encouraging employees to, er, cycle to work, thereby reducing air pollution and improving their health.

The scheme allows employees to benefit from a long term loan of bikes and commuting equipment such as lights, locks and panniers completely tax free.

Employers benefit from fitter, more punctual, more wide-awake staff. Employees benefit from better health and better bikes because their money goes further. With a budget of, say £400, an employee in the high tax-band can now afford a bike, plus accessories, worth nearly £800."

Some more info on this site http://www.bikeforall.net/content/cycle_to_work_scheme.php

I did do a search for this but to my surprise couldn't find previous posts about it.
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#1
This is a great idea, but does require your employer to sign up to it.
Unfortunately, mine won't so I'm stuck with the full price option.
#2
the nhs and most council workers should have this already, any PAYE employee is elligible and its not much work for your personnel team so badger them to implement it
#3
Employers benefit from fitter, more punctual, more wide-awake staff.


should say sweatier, more grazed and completely out of breath staff lol
#4
Mind you, my manager doesn't like cyslists 'as they are always off sick'.
Her argument comes from the fact that one cyclist that was off for 2 months had that well known cycling related problem of Glandular Fever.
But in her defence, she doesn't know any one else in the office who drives a Porsche like hers and was off ill. I wonder why that is .....
#5
Not voting on this one, as I have mixed feelings.

This does require your employers to take part in the scheme and like a lot of Government measures it is really hamfisted in its implementation.

You don't buy a bike, your employer does.
Over 50% of the bike's use has to be travelling to work, or on your employer's business.
You rent the bike off your employer via salary sacrifice.
At the end of the rental period your employer is free to dispose of the bike how THEY see fit. This may be selling it to you for a small amount, BUT there is no guarantee of this.
If your employer sells you the bike for LESS than the MARKET VALUE, then you could get stung for tax as a benefit in kind.

So if it all goes smoothly, you are a higher rate tax payer, you stick with your employer for the duration of the period etc. you can save a hefty chunk of money.

If you are a standard rate tax payer, and the tax office takes an agressive stance on investigation you could end up paying twice for the same bike!

Sometimes you can get better deals going to a local bike shop, and paying cash, than being restricted to an employer backed scheme.

YMMV - Rufus.
#6
baff
This is a great idea, but does require your employer to sign up to it.
Unfortunately, mine won't so I'm stuck with the full price option.


True and some companies like mine will only deal with a particular supplier, Halfords but Halfords will get any bike that you want in so not too bad.

The other benifit of the scheme is that you only pay a monthly amount back as rent (over 2 years in my case) so a £500 bike will be costing you about £12 per month. At the end of the 2 years you pay a nominal fee in most cases nothing.
#7
if your employer does the scheme you shouldn't be restricted to a single shop, you go and get a quote (all big internet shops do it aswell) then a voucher is given by the intermediary http://www.cyclescheme.co.uk/ which you pay the shop with
#8
glint
if your employer does the scheme you shouldn't be restricted to a single shop.


Sadly whilst employers have the option of sourcing their own bikes, most sign up to a "scheme provider". Usually because of veiled threats that they will be stung for tax, or could get sued for H&S unless they use a provider.

Most providers contracts have restrictive clauses in them that allow the employer only to use them for managing the scheme and procuring bikes.

Some schemes, such as those operated by Halfords, Evans etc. limit you to just their shops. However Halfords can source almost any make of bike.

Other schemes such as Cyclescheme tend to use a number local bike shops (who were willing to pay to join the scheme and pay commission on each bike they sell).

HTH - Rufus.
#9
It's good that they're trying to offer more alternatives to keep us fit but mark my words, they'll start making all cyclists pay road tax, afterall, the road works and alternative routes all cost money.

It's always best to try and wheel as many people as possible onto an offer and then when there's enough people, to start charging them to continue... call it an introductory offer, if you will. :(
#10
this scheme can work out very well if you ensure that your employer states clearly what they will want to charge for the bike at the end.
Mine states that they consider 3% of original value as fair market price.

the company also agreed to pass on the VAT saving on the value of the bike, so again negotiate with your boss.

for tax purposes we are warned that the benefit might affect 'working tax credits' and to check at

[url]www.taxcredits.inlandrevenue.gov.uk[/url]

otherwise we are told that this benefit is free from tax and national insurance up to £1000 per annum and this is not a benefit in kind and will not appear on your P11D.

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