dont you just love government schemes.

[stuartD]

In an effort to reduce is carbon footprint the faceless corporate I work for has decided to enter into the "cycle to work" scheme , basic all you get up to a grand to spend on a new bike of choice for your daily commute and then the money gets taken from your wages monthly and tax free...

So guess which bike I chose for my 39 mile (30 of which are motorway) ........ The Fit Ben Lewis Signature . pick it up on Wednesday.. Thank you Mr tax man

[gib66]

 

good choice lol

[GavinDavis]

Our company does the same scheme.........Read the small print/terms and conditions because its absolute shite!!  You would be better off buying one in the sale from somewhere!  I stayed well away!!

Even after the 3rd year of payment, bearing in mind that the credit agreement is spent and nothing is outstanding, it actually states in the terms that the bike is still not your property and the company may ask for it to be handed back!! 

[stuartD]

I've read all the small print and yes I saw that they "may ask for it back at any time" if you'd seen the sate my last one is in now they can have it... I've had more than my moneys worth out of it and the way I see it .. I get the bike at %60 off the rrp and get to pay over 12 months totally interest free.. don't think there is a bike shop in the land with terms that favourable

[Badbaldie]

I've read all the small print and yes I saw that they "may ask for it back at any time" if you'd seen the sate my last one is in now they can have it... I've had more than my moneys worth out of it and the way I see it .. I get the bike at %60 off the rrp and get to pay over 12 months totally interest free.. don't think there is a bike shop in the land with terms that favourable

yes the terms are brilliant if you actually own something at the end of it... but in reality your buying something u dont own........  look at it another way , its like you and me filling a trolley each in tesco. we get to the check out and u pay 60 per cent less than me... great ... but only i get to go home and eat what ive bought , while you go stack the shelf with your stuff instead  ..

[john4130]

if they ask for it back, how will they know it's the bike you bought? couldn't you buy a pos off ebay or gumtree just incase they do ask for it back.

[griff]

Usually you can make a 'nominal' payment and it's yours
Most companies really wouldn't want the aggro of selling a bike and the only reason it's not yours is so you get a tax break on it and so you can't just leave the company and take it with you

I'd love to do this scheme and have been trying to get my employer to sign up, will get my name down straight away if they do and get my arse over to the rad shop  

[GavinDavis]

This was the scheme that our company presented us with, take a look at the FAQ's on the second page lol.  What a wonderful scam....I mean scheme it is lol.

https://www.flexsimple.co.uk/assets/clients/emco/downloads/Bike4work%20Factsheet.pdf

[GavinDavis]

Usually you can make a 'nominal' payment and it's yours
Most companies really wouldn't want the aggro of selling a bike and the only reason it's not yours is so you get a tax break on it and so you can't just leave the company and take it with you

I'd love to do this scheme and have been trying to get my employer to sign up, will get my name down straight away if they do and get my arse over to the rad shop  

Apparantly they have the right to enforce a nominal payment of the "actual full saving" that you were so pleased about when you signed up 3 years previously.....its a massive joke!! lol.

[GavinDavis]

And if you are allowed to keep it without paying the extra.......You are then enforced to pay tax to HMRC based on the value and at the level of tax you currently pay on your salary.

Its a no brainer.....get to a bike shop and buy your own 

[brummie]

crikey gav has this touched a nerve haha

[GavinDavis]

crikey gav has this touched a nerve haha

  .....Lil bit Dave haha.

I got the email from work about the scheme at the end of last year, they tried to make out they were doing us a favour when really they just wanna rip you off.  Bloooomin clowns!! lol.

[jackel]

i did this a few years ago some companies do a good scheme some rip you off.My mates a coper and saved about 40% and had a low settle fee think it was about 20 quid.out company did it through a third party company that charged us the vat as there admin fee they then tryed to chartge us 200 quid as settlement so we would have saved about 7quid off the value.they finally settled on 50quid settlement so dis save about 150 in the end but would never do it again barter with cash always better

[GavinDavis]

Or if you cant afford it......get one on 0% finance and pay monthly anyway. 

[stuartD]

Yes it all depends on the scheme. I made as final payment on the blast bike of £17.50 which is now legally mine.