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Up to 50% off the retail price of a new bike for cycling to work

£0.00 @ Testing
It's been over 7 months since this was last heated so time to give all those new to HUKD a heads up: Cycle to Work is a tax incentive aimed at encouraging employees to, er, cycle to work, thereby r… Read More
sharkalos Avatar
8y, 7m agoFound 8 years, 7 months ago
It's been over 7 months since this was last heated so time to give all those new to HUKD a heads up:

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.

The typical saving for an average tax-payer is between 38-45 per cent. There are online calculators to help you see how much you may be able to save. This one is from Cyclescheme. Type in your salary, the cost of your new bike and the cost of accessories such as a helmet, lock, panniers and so forth.

It's worth badgering your HR department if your company currently doesn't operate the cycle2work scheme. It is your entitlement as a taxpayer to participate so give em' some grief!

Why not consider supporting Sustrans - the charity behind the national cycle network, with the money you save on this deal and help to them to continue their good work helping people to get back on their bikes across the UK

More: Bikeforall dealsTags: bike to work, cycle, bike, cycling, cycle equipment (Add a tag)
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#1
I'm on they're case already!

Cheers

:thumbsup:
[mod]#2
Probably worth listing more frequently than every 7 months, say every 3 months.
#3
Cheers for that..just sent it to my boss
#4
I got a bike for my girlfriend. It was already on offer at Halfords reduced from £240 to £150. I'll be paying less than £3 a month for 3 years.

Superb deal.
#5
Good scheme but as the scheme is unchanged in 7 months - its not hot.......
#6
gari189
Good scheme but as the scheme is unchanged in 7 months - its not hot.......


worth a reminder though.

I mailed my boss and will find out tomorrow.

didnt know about this.

:thumbsup:
#7
:thumbsup:Great deal, wish i knew about it in the summer, when i asked my inline managers opinion of bikes as he is a rockhopper, he could have told me this as well!
#8
companies by benefit from dead employees...all for cycling - used to do alot but too dangerous now, i drive instead...too many moron drivers on the road...i cycle about 5 miles a year, last time one moron woman driver drove past me and gave me about approx 3 inch clearance, forcing me onto the path.....when i caught up with her..she was foreign, what a surprise and i banged on her window and had a right go at her...justice
#9
Sounds like a great idea to get a bit more tax back from the grabbing Govt. Does anyone know how this is policed?? Do you have to commit to 100% bike travel or can you get away with Summer use and then use the car in winter???
#10
carleast;3303540
I got a bike for my girlfriend. It was already on offer at Halfords reduced from £240 to £150. I'll be paying less than £3 a month for 3 years.

Superb deal.

cant go wrong
#11
Its a great deal and a great incentive but you try get those lazy aholes in HR to sort it even if company's like evans do all the work for them they still wouldn't do it at my place of work .

guess you have to have somebody in personnel who rides a bike or they dont give a *****.

ps the bike is the company's till its all paid off and you can only use it to and from work :whistling:
#12
OK if you have a change of clothes and shower at work. Don't forget to invest in some decent lights and high visibility clothing. On dark wet evenings you'll be glad you did.
#13
How does this work after the year? I did a rough calculation on a 400 quid bike with accessories, and I got a quote that wasn't that all that much cheaper than the bike.
On this scheme you have to pay for the bike at the end of the year in order to own the bicycle. How is that cost calculated? What does it work out as.

From what I gather, the scheme only saves you the money you offset from your income tax. You seem to pay almost the retail price for the bike.
#14
tried my HR Department ..sent them the info pack .. did not seem interested at all and i figured out that even if they are ,it ll take them a year to implement it ... cant wait for a year to get a bike .. it would be very good for someone whose work place have the scheme implemented already .. have some heat ..
#15
It's a fantastic opportunity to get a bike, and the heads up is well timed as this is the best time to buy a bike... after Summer the demand stalls and so do the prices. Halfords are selling lots of bikes half price at the moment. I already cycle to work but I need to replace my bike.

Unfortunately that also depends on your employer. It doesn't cost them a thing, better still, they can even save money on National Insurance taxes, and the paperwork is all done for them. Still, I yet have to convince my employer... Been working on it for over a year now, and got about 10 colleagues that declared themselves interested and we also have the support of aNewWayToWork.org (part of TfL) but they wouldn't hear us...

So good luck to you all, and of course, voted hot!
#16
NHS Highland do this and actively encourage their employees about it.

Suppose it's only right - them being the NHS.... :whistling:

:p
#17
eshtal
tried my HR Department ..sent them the info pack .. did not seem interested at all and i figured out that even if they are ,it ll take them a year to implement it ... cant wait for a year to get a bike .. it would be very good for someone whose work place have the scheme implemented already .. have some heat ..


too busy printing the redundancy letters....:whistling:
#18
and hey , there ll still be a catch ... after year of a bike lease , u should be able to buy the bike ( 2nd hand price ) but expensive bikes are not really cheap even as a 2nd hand and you may have to pay a bit 2 much in the end ... my advice is even if u got the scheme do not go for the very high range ...
#19
I work from home and own my own company - wonder if I could get away with claiming this?
#20
stphnstevey
I work from home and own my own company - wonder if I could get away with claiming this?


:-D
#21
please be aware these don't save you an awful lot of money

My work runs it though Halfords only and Although they can get any bike you want it'll cost you

and run though the savings and they are very missleading. a £300 bike will cost you 12x £21 with an average 20k salary using their calculator

you don't own the bike for the first year, then you have to buy it from them (normally around £30)

I've looked into this a lot and I think you'll be better off just buying a reduced 2008 from a good shop

like http://www.hotukdeals.com/item/263308/cannondale-f6-disc-08-mountain-bike/
banned#22
gaijintendo
How does this work after the year? I did a rough calculation on a 400 quid bike with accessories, and I got a quote that wasn't that all that much cheaper than the bike.
On this scheme you have to pay for the bike at the end of the year in order to own the bicycle. How is that cost calculated? What does it work out as.

From what I gather, the scheme only saves you the money you offset from your income tax. You seem to pay almost the retail price for the bike.


Depends how your employer intends to run the scheme.If they operate it with the VAT savings you will gain here straight away, price of bike/voucher x7/47 is your immediate VAT saving.
On a £500 bike this is a £75 saving.
You spread the cost over 12 to 36 months which is interest free!
If you are a higher rate taxpayer like me the bike will equate to approximately half retail cost.
The end payment is usually 5% of initial cost, so for £500 bike the final payment is £25.
Hope this helps.
#23
Funny you should post this - I was reading this website again about 12 hours ago. I sent an email to the director of finance at my work asking if we had such a scheme (as I had just bought another problematic bike off ebay) and wanted a new one 'without problems.

He replied saying as we are a public sector business and the scheme involves the company basically giving loans to employees in effect - the bike is purchased by the company then loaned to the employee - we have no authorization for such a scheme!

I did a check and I would have got a £600 bike and £100 of accessories for about £346 ......shame!
#24
Also a few months ago I heard a guy talking about this to his mate on the bus and he was telling his mate about the scheme and how he had mentioned it to his HR manager and they agreed to run the scheme - however it takes 12 months to set up so if you plan on asking your boss for this scheme bare in mind you will have to wait a whole 12 months (or maybe until April).

The cost of running such a scheme will also deter many employers.
banned#25
hawk299
please be aware these don't save you an awful lot of money

My work runs it though Halfords only and Although they can get any bike you want it'll cost you

and run though the savings and they are very missleading. a £300 bike will cost you 12x £21 with an average 20k salary using their calculator

you don't own the bike for the first year, then you have to buy it from them (normally around £30)

I've looked into this a lot and I think you'll be better off just buying a reduced 2008 from a good shop

like http://www.hotukdeals.com/item/263308/cannondale-f6-disc-08-mountain-bike/


You are sadly mistaken and quote the gross deduction from your salary here.
The net, after vat , tax and n.i. savings is a lot less.
I have a voucher in place through my employer and Halfords and am waiting for an 09 bike or a reduced 08 bike before purchasing, you will get about 3 to 4 months to use voucher.
heads up to the op.
#26
hawk299

and run though the savings and they are very missleading. a £300 bike will cost you 12x £21 with an average 20k salary using their calculator
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You're looking at the gross figure, not the net one. The net figure is £14.68, making for a total cost of £176.17 (plus the "transfer fee") - saving, initially, of £125 or 41%

Personally, I think £125 is a decent saving...and the more you spend, the more you save. I pay something like £35 a month for something like £750 worth of stuff. Would never have got last years model for the same price. If you can get it, cyclescheme's the way forward.
#27
Oh...and of course there's nothing to stop you getting the voucher based on a quote for last years' bike anyway...
#28
royals
companies by benefit from dead employees...all for cycling - used to do alot but too dangerous now, i drive instead...too many moron drivers on the road...i cycle about 5 miles a year, last time one moron woman driver drove past me and gave me about approx 3 inch clearance, forcing me onto the path.....when i caught up with her..she was foreign, what a surprise and i banged on her window and had a right go at her...justice


Not only are you daft but it appears you are a daft racist! Besides the more people who cycle the more safe it becomes. Go visit Holland or Germany and overcome your prejudices...
#29
frakison
Sounds like a great idea to get a bit more tax back from the grabbing Govt. Does anyone know how this is policed?? Do you have to commit to 100% bike travel or can you get away with Summer use and then use the car in winter???


Not only that you save on the extortionate tax you would otherwise pay on fossil fuel - one of the many reasons the government dont shout about this...:w00t:
#30
bulkomuff
Depends how your employer intends to run the scheme.If they operate it with the VAT savings you will gain here straight away, price of bike/voucher x7/47 is your immediate VAT saving.
On a £500 bike this is a £75 saving.
You spread the cost over 12 to 36 months which is interest free!
If you are a higher rate taxpayer like me the bike will equate to approximately half retail cost.
The end payment is usually 5% of initial cost, so for £500 bike the final payment is £25.
Hope this helps.

i thought that the End Payment will depend on ur Employer Estimation ... been told that they might actually check the price against Ebay !!!!!!!! where did u get the 5 % End payment from ??
#31
Does it really take 12 months for your employer to sort this out? How can this be?
#32
I saw this and thought, 'COOOL! I could do with a new bike!'....

.... but then I remembered that I'm a driving instructor, so it wouldn't really work, would it!
#33
We had this scheme at work, and the Halfords posters make it look great.

However, read the small print and you find out that whilst you seem to be paying a lot less for the bike you NEVER actually OWN it. Your boss does. If you want to own it you'll have to buy it off them, effectively paying twice for it. Whether your boss would be this mean is another story.

Personally I would steer clear and just wait till Halfords have a half-price sale!
#34
frakison
Sounds like a great idea to get a bit more tax back from the grabbing Govt. Does anyone know how this is policed?? Do you have to commit to 100% bike travel or can you get away with Summer use and then use the car in winter???


My company runs this scheme through Halfords - we only get 12 months to repay the cost of the bike, and then we can buy it for £10.

When our scheme was being set up we got a visit from the company running the scheme to promote it to staff and they explained the rules about usage: it is supposed to be a "Cycle to Work" scheme, so you are supposed to use the bike for at least part of your journey to work, and there was a suggestion that during the period of the loan/purchase arrangement then 50% of your journeys should be work related. However they also told us that the usage of the bike is not policed or checked in any way, and you will not be expected to account for how you use it. So basically:whistling::whistling: you can do exactly what you want.

I suggested I would ride the bike to the end of my drive each day (which then counts as part of my journey) and then put it back in the garage for safekeeping!! :giggle:
#35
I used to work for Shell and I know they do it so guess alot of the major companies do it?
#36
sickofthesea
We had this scheme at work, and the Halfords posters make it look great.

However, read the small print and you find out that whilst you seem to be paying a lot less for the bike you NEVER actually OWN it. Your boss does. If you want to own it you'll have to buy it off them, effectively paying twice for it. Whether your boss would be this mean is another story.

Personally I would steer clear and just wait till Halfords have a half-price sale!


Your company only owns it for the duration of the loan agreement, then you can buy it off them. In our version of the scheme the end purchase price of £10 is agreed at the outset.

Also, there is nothing saying you cannot use these vouchers to buy a bike in the sale, so you can still take advantage of the sale prices if you time it right. The only restriction on the use of the vouchers was that they must be used to buy a bike (one only) and bike accessories (which you would normally think of as helmet, lights etc) although I suggested that a Sat Nav system would also be a good accessory for people who don't know their way around !! :giggle::giggle:

Perhaps a crafty word with the manager of your local Halfords will give a clue as to how lenient he will be in the interpretation. Frankly, part of the managers job is to maximise sales so I would have thought they may be willing to be generous with their interpretation if it means you will spend more money in his shop.
#37
My oh got run over. . . . . .hes hoping for a get a car scheme!!!!
#38
Just finished the scheme

Bought goods to the value of around £300.
Paid £20.76 per month but no tax and NI
Buy back at the end was £14.64 so actually paid around £190 in total back

We use Edinburgh Bicycle Cooperative.

Scheme is running until end of October and I am going to get another bike this week (this time a mountain bike)

I have never had any check at all done but I do cycle most days, although I know people who bought bikes and have no intention of using them for cycling to work
banned#39
My GF tried asking HR but they just weren't interested.
#40
There is a lot of nonsense being talked by some people in this thread about this scheme.

Basically your employer buys the bike, then you lease it off them, usually over a year.

The potential saving is VAT at 17.5% straight away (if your company is VAT registered, ie not a charity) if they decide to pass this on - some places keep the saving to offset admin costs. Then the monthly payments come out of your salary before tax and national insurance, making a further saving - depends on your tax rate but mine was around 30% off in total as I couldn't get VAT off.

At the end you are given the option to buy the bike at 'fair market value', but this is between you and the employer and is suggested as 5% of original price.

Unless your company is particularly useless, it doesn't take a year to set up - at my work it took about 3 months.

There are various different schemes you could join, Halfords (nooooo!), Evans, etc which tie you to a particular shop, or cyclescheme which uses most local bike shops (better imo). Often shops on cyclescheme won't give you full sale prices, as they have to pay a commission to cyclescheme on each sale. These schemes apparently make the admin easier for your HR department.

What often doesn't get mentioned is that if your company was quite enlightened, they could just buy the bike themselves and set up the pretax payments, and not join a particular scheme, meaning you could get whatever bike you wanted from any shop, and quite possibly still get sale prices as well as the tax off etc.

This info is freely available from places like the cyclescheme website, and I think people shouldn't start stating 'facts' about it when they haven't actually researched it properly.

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