Cycle to work scheme

Paul · 21-07-2010, 19:49

Ok, so the company I work for has decided to engage in this glorified tax dodge but having just run the calculator it seems to be saying it will cost me more to cycle to work than it would to continue to use the bus???
Has anyone had any experience of this scheme and a rough monthly costing of "hiring" the bike?
http://www.cyclescheme.co.uk/

**Russ** · 21-07-2010, 20:46

We've got it at work, some of the guys had a 60% discount off a new bike. It comes out of your pay directly in 12 instalments. No-one says you have to keep the bike, some of our guys sold theirs straight away and made a tidy profit

v0id · 21-07-2010, 21:48

You couldn't pay me enough to brave rush hour traffic on a bicycle around here

danielf · 21-07-2010, 21:53

Quote:

Originally Posted by v0id

You couldn't pay me enough to brave rush hour traffic on a bicycle around here

Go in late. Simples

AntiSilence · 21-07-2010, 23:45

I bought my bike a few years back and have been cycling to work ever since. Saves me around £45 a month on bus fare. Occasionally need to pay a bit for some maintenance or repairs, but still makes a saving on time and money.

Angua · 21-07-2010, 23:46

I only barely pay tax (only do 14 hours). Currently paying around £19 pcm (total for the year £228) for a £300 bike including lights basket & lock. Bus fare would be £2 per day, cycle scheme costs me less than £1.20. No hanging around for the bus and just 5 minutes to get to work.

The scheme saves you money because the cost the bike including any & all accessories you need is taken from your salary before tax is deducted. So some of the savings are based on this, plus IIRC as your company can claim VAT on their purchase of the bike this saving is also included. Almost works like an increase in your tax allowance.

In effect the company buys the bike etc and hires it to you over a year at which point the bike becomes yours. So although the savings may not be much the first year thereafter you have no bus fares and a decent bike.

It also depends on what sort of bike you buy in the first place, but normally the maximum is £1,000. From experienced cyclists tips. Do not get a mountain bike and do not get rear suspension. Mountain bikes are designed for off road holding and as more tyre is on the road = more effort. Also the basic rear suspension absorbs some of your forward momentum so again harder work.

AntiSilence · 22-07-2010, 01:07

Here's my bike http://twitpic.com/15arip/full

**Derek** · 22-07-2010, 01:58

Best thing I've done this year. Got a cracking bike and will pay about 60% of the actual cost over a year.

Since getting it I've saved about 40 quid a month in petrol alone and lost a stone in weight (and I wasn't exactly tubby before!)

The only downside is being kept on at work and cycling home at 2 in the morning in a downpour!

AntiSilence · 22-07-2010, 06:38

Quote:

Originally Posted by Derek S

The only downside is being kept on at work and cycling home at 2 in the morning in a downpour!

I've never cycled home form work at 2am, but I have been in many downpours over the last few years! lol

Angua · 22-07-2010, 08:36

Quote:

Originally Posted by AntiSilence

Here's my bike http://twitpic.com/15arip/full

Looks a bi like a hybrid - very nice, hubbies is a similar Giant.

danielf · 22-07-2010, 12:40

Quote:

Originally Posted by AntiSilence

Here's my bike http://twitpic.com/15arip/full

That bike needs pimping!!!

Anonymouse · 22-07-2010, 13:13

Quote:

Originally Posted by v0id

You couldn't pay me enough to brave rush hour traffic on a bicycle around here

Tell me about it. Remember those TV adverts that said 'do something every day that scares you'? I do - I ride my bike in Bolton!

The way these road nutters are here, my post mortem will likely say 'heart in superb condition...pity the rest of him was so wrecked'!

And it isn't just rush hour, either: 7:15am yesterday morning. I come off the pavement into a bus lane. Clearly marked, with a solid line, i.e. cars aren't supposed to cross it - and I am nearly killed by some idiot driving straight down the middle of the lane! Don't, do NOT, talk to me about cyclists on the roads. Just don't. You need balls of chrome-iridium alloy (no iron, it's not tough enough) to ride a bike in Bolton.

And to all the cyclists here: wear a helmet!

I'm not kidding. It was all that saved my life a while back. March 28th, 2000 - and trust me, if you check you'll find it was a Tuesday. The ambulance crew told me if I hadn't been wearing my helmet, they wouldn't have been bothering with the oxygen.

Best £9.99 I ever spent. Wear one. No matter how stupid you look. Cycling on today's roads should be classed as a dangerous sport.

AntiSilence · 22-07-2010, 16:19

Quote:

Originally Posted by Angua

Looks a bi like a hybrid - very nice, hubbies is a similar Giant.

It's actually a mountain bike, but I've put thinner tyres on it for road use (1.95's; came with 2.10's. I had some 2.35's but they were HELL to cycle on the road with lol)

---------- Post added at 16:19 ---------- Previous post was at 16:17 ----------

Quote:

Originally Posted by danielf

That bike needs pimping!!!

It needs fixing! lol. I've worn all the chainset/chain down as it's done 3055 miles in 2 years just going to work and back! lol). I'm getting all new parts for it next week on pay day

Hom3r · 22-07-2010, 17:52

Were my brother in-law works have done this several times he got two bikes out of it (winter & Summer).

One is a moutian bike, the other is a racer, one of these is a Chris Bordman model and wasn't cheap.

Paul · 22-07-2010, 18:55

For some reason my company is charging your the monthly fee but then after 12 months they will "assess the value of the bike and then agree a cost to purchase" erm after 12 months you either give it to us or bugger off!