Cycle scheme

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Cycle scheme

Post by Rayzor »

Just thought I'd post something about this as its such a good deal and doesn't seem to be that well known.

(UK tax payers only sorry)

Basically you get a bike and accessories up to £1000 and a monthly fee gets taken from your salary before you have paid tax on it saving you up to 50%.
For example I'm going to spend £457 on a bike and stuff but I'll only pay £268! 41% saving and I'll only lose £22 from my net pay each month for a year.

Amazing deal imo. And you get fit. :)

Info here
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Post by Collegien »

I thought this looked like a good idea for a couple of friends when i just looked at it. Then i realised its a hire agreement ...and if you keep the bike at the end of the year you pay a "fair market value" for it. I suppose thats not too bad but the first page on the link doesnt imply that.
I Then read on and they say that a fair market value is around 5% of the original market price plus tax, dunno how they work that out? That would mean that it loses 95% of its value in 1 year. If they include the money you have paid throughout the year then its not really a hire agreement as i understand it.
Still on the whole it looks like a good scheme :)

I will pass the info on thx for teh heads up :)
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Post by Twigbob »

working in HR/payroll(boo!) - you can usually get these sort of schemes in your place of work, but if you leave they'll probably take the whole lot off you!



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