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Thread: cycle to work, help to buy a bike

  1. #1
    Regular Member corman's Avatar
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    Default cycle to work, help to buy a bike

    noticed a few lads are into their bikes, does everyone know about this scheme to help purchase a bike

    http://www.bikeforall.net/content/cy...ork_scheme.php

    your employer needs to subscribe to the idea

    heres a quick example of how it works

    Here’s an example of how Cycle to Work helped 'John':


    1. Under his employer’s scheme, John chooses to have the loan of a bike retailing at £450

    2. His employer reclaims the VAT – reducing the cost to £383


    3. This net amount is met by John agreeing to a salary sacrifice whereby his gross pay is reduced by £21.28 per month over 18 months


    4. The monthly net cost to John will be £14.26 because he doesn’tpay tax or national insurance on the gross pay (£21.28) that he has sacrificed


    5. At the end of the 18 month period John’s employer offers the ex-loan bike for sale at a fair market price


    e.g. £50 (To establish the fair market price, employers should obtain quotes from local bike shops as the value of the bike will partly depend on the level of use)


    6. The cost to John is:

    • Net salary given up £14.26 x 18 months = £256.68
    • Cost to buy the bike at end of the period = £50
    • Total cost to John (68% of retail price) = £306.68
    hope it helps someone

  2. #2
    Regular Member yorkshireborn's Avatar
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    Vehicle : saab 95


    Engine : 2.3t

    Year : 2006

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    i use to bike it to work 8 miles i was knackerd when i got to work knackerd thru work then by the time i biked it home i was well dead.

    soon stopped that lark and bought a cheapo banger.

  3. #3
    Regular Member craigmerry's Avatar
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    I used to love cycling to work but work nights now , bit risky cycling down a roads at midnight

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    good idea but the trouble is getting your employer to subscribe to it
    i know my bosses for one will tell me where to go,lol

  5. #5
    Regular Member craigmerry's Avatar
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    Quote Originally Posted by tekkie View Post
    good idea but the trouble is getting your employer to subscribe to it
    i know my bosses for one will tell me where to go,lol
    Where i work they put in a gym but you can't use during work hours because the insurance doesn't cover you . Brilliant eh

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    Regular Member Ste's Avatar
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    Vehicle : Jaguar XF 3.0D V6

    Trim : Black

    Engine : 3.0D V6

    Year : 0000

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    I used to travel 53 miles each way to work and back. Maybe a bike isn't the answer to everyone !

  7. #7
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    my work is only 7.5 miles away, it wouldnt be a bad ride but i start work at 0200, dont fancy riding it in the cold,lol

  8. #8
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    Cycling to work was one of my new years resolutons, been doing it about 4 times a week. Works only 4miles away though.

  9. #9
    Regular Member sonic's Avatar
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    another scheme used by my employer is
    www.cyclescheme.co.uk

  10. #10
    On a Sabbatical VauxVeteran's Avatar
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    Thats not really a very good deal is it, as I read it John pays £300 for a bike that he never gets to own.

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