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Get a Tax Free Bike for Work through your Employer


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FOUND BY: bogeyman 1 year, 9 months ago

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"Get a tax free bike!
Cyclescheme is working with a network of independent bike shops to supply the nation with quality tax free bikes and equipment for work. We have a wealth of experience organising no-hassle tax free bikes for employees. Hundreds of companies of all sizes have already benefited from our easy-to-follow system!

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#2

12-02-2008, 22:08
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Hmmmm... essentially renting the bike from your employer:

"Your employer has to be willing to run the scheme before you can get your bike. This is because the scheme can only run through what is known as a salary sacrifice, where you agree to temporarily reduce your wages to pay for the hire of goods – in this case a bike and equipment. The scheme is available to UK tax payers who pay PAYE. Please note that the self-employed cannot take part in the scheme"
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#3

12-02-2008, 22:08
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My employer did this scheme for a limited period last year - you got a shop discount (Evans Cycles) then you weren't charged VAT and you weren't charged income tax on the 12 months interest free payments - if you pay 40% tax that worked out at 55% discount and 12 months interest free credit - WOW.

You then have to pay a 'nominal fee' to retain the bike as it has to be a loan - we have been told this will be about £20.

Good deal if your employer will sign up.
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#4

12-02-2008, 22:08
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this has been about for years - tried getting our company to to do it but it was to much work for those layabouts in HR

oh and the bike is your company's till its paid off even though its taken out of your personal salary
Last edited by janz70 : 12-02-2008 at 22:11.
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#5

12-02-2008, 22:13
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I think the title is a bit misleading. Great scheme though, heat given.
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#6

12-02-2008, 22:21
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I work for Ford Motor Company, and we have tried to get our HR to take it on since it started but they won't, all kinds of lame excuses, but it's a great deal, but afraid most mingebag companies don't want the extra paper work, unless it gets em on page one of the local Metro, the Goverment should force them to do it, less cars on the road, the workforce get fit, which means less sick days.
instead of penalising people who have to drive to work, give the cyclist a reward for not!!!!
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#7

12-02-2008, 22:45
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My employees doing it just now and I currently have a £600 letter as they call it on order for my new bike. In return I'll pay just over £27 for 12 months [then a nominal fee of approx £20-£30 at the end of the term]. In my book, thats a bargain, especially if it gets us all up and out of our cars to get a bit fitter.

Voted heat.
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#8

12-02-2008, 23:00
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nfedwards:
I work for Ford Motor Company, and we have tried to get our HR to take it on since it started but they won't, all kinds of lame excuses, but it's a great deal, but afraid most mingebag companies don't want the extra paper work, unless it gets em on page one of the local Metro, the Goverment should force them to do it, less cars on the road, the workforce get fit, which means less sick days.
instead of penalising people who have to drive to work, give the cyclist a reward for not!!!!
here, here, that man.

Glad to see our HR arent the only bone ideal muppets about, I mean it might interfere with them drinking tea and spreading gossip
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#9

12-02-2008, 23:39
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esclad:
I think the title is a bit misleading. Great scheme though, heat given.
I have changed title a bit to make it clearer. I can see how it coould have been misinterpreted. Thanks for the heat.
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#10

12-02-2008, 23:48
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there have been similiar schemes for computers

most companies are too damn lazy to run it for the majority and tend to just do it for the directors and family hanger ons not for those who really deserve the opportunity
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#11

13-02-2008, 00:59
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Yep - our lot have been "setting this up" for 2 years now!

I work for a major UK bank.
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#12

13-02-2008, 07:43
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On a similar vein you can get tax free childcare using salary sacrifice too - you just need you emplyer to sign up for it. It's worth 50 odd quid a month to you.
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#13

13-02-2008, 10:21
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There are lots of things you can salary sacrifice for, with a right minded employer. Things include:

- Mobile Phones
- Pension contributions (saving on National Insurance)
- Bus travel season tickets
- Car Parking season ticket (if located next to work place).
- Staff Canteen (coming soon subject to HMRC playing ball).
- Childcare Vouchers.
- Bicycle hire.
etc.

Rufus
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#14

13-02-2008, 11:38
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this is a fantastic scheme!!
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#15

13-02-2008, 11:46
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I used this scheme recently.. if you are a lower rate tax payer, you can get about 33% rebate. ie. receive £150 CTW vouchers and repay only £100 approx. + 3-4% of the RRP to buy the cycle after 12 months
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