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Re: Cycle 2 work scheme

29 Dec 2014, 17:58

pod25 wrote:How can I check if I my bike should be paid for now. I took mine out in beginning of June 2013, which now means I'm over 18 months of my 18 month contract.


Contact HR, sometimes it can be weeks after getting the bike before they start deducting from your wages so the dates don't correspond

Re: Cycle 2 work scheme

19 Jan 2015, 07:52

Im on a fixed term contract will i be able to use this scheme?

Re: Cycle 2 work scheme

19 Jan 2015, 16:05

cycletowork https://www.salary-plus.co.uk/ebgateway ... oWork.aspx

Who is eligible?
cycle2work is governed by the Department for Transport. In order to receive the Tax benefits resulting from a salary sacrifice arrangement you will need to be a UK taxpayer, who can benefit from the Tax efficiencies of the scheme.

What happens if I leave my job before I've finished paying for my bike?
Under the terms of the hire agreement you will agree to settle all outstanding monies before you leave. The outstanding balance will be deducted from your final net salary payment.

Cycleplus https://www.salary-plus.co.uk/ebgateway ... ePlus.aspx

What happens if I leave my job before I've finished paying for my bike?
Under the terms of the hire agreement you will agree to settle all outstanding monies before you leave. The outstanding balance will be deducted from your final net salary payment.

Who is eligible?
cycleplus is governed by the Department for Transport. In order to receive the Tax benefits resulting from a salary sacrifice arrangement you will need to be a UK taxpayer, who can benefit from the Tax efficiencies of the scheme.

Re: Cycle 2 work scheme

31 Jan 2015, 17:49

Hi, have looked through but only can see info from 2011. What are the latest codes you need to use the cycle to work? Thanks.

Re: Cycle 2 work scheme

31 Jan 2015, 18:41

You need to sign up and log into https://www.myroyalmail.com/benefits

Re: Cycle 2 work scheme

09 Mar 2015, 16:25

Hi, my cycle2work final payment is this week, does anybody know if i can apply for the cycleplus scheme straight after they have taken the payment?

Re: Cycle 2 work scheme

09 Mar 2015, 18:07

mrwhisper wrote:Hi, my cycle2work final payment is this week, does anybody know if i can apply for the cycleplus scheme straight after they have taken the payment?



How much is your final payment?, mine is coming up and I heard you have to pay up to 10% of the value of the bike so could be £100 for me.

Re: Cycle 2 work scheme

09 Mar 2015, 18:14

mrwhisper wrote:Hi, my cycle2work final payment is this week, does anybody know if i can apply for the cycleplus scheme straight after they have taken the payment?


Yes you can.

Re: Cycle 2 work scheme

09 Mar 2015, 18:15

dohnut wrote:
mrwhisper wrote:Hi, my cycle2work final payment is this week, does anybody know if i can apply for the cycleplus scheme straight after they have taken the payment?

How much is your final payment?, mine is coming up and I heard you have to pay up to 10% of the value of the bike so could be £100 for me.


£35 should be the final payment.

Re: Cycle 2 work scheme

10 Mar 2015, 16:30

If you return the bike before the end of the hire period, your employer will charge you a fee of £35 to cover the costs of disposing of the bicycle.

http://s30.postimg.org/auaueh4z5/stupid.jpg

As far as I can see, I have nothing more to pay and the bikes mine (when I finish paying for it). There is no final payment, no 10%.

Re: Cycle 2 work scheme

10 Mar 2015, 16:38

NewPostieUK wrote:If you return the bike before the end of the hire period, your employer will charge you a fee of £35 to cover the costs of disposing of the bicycle.

http://s30.postimg.org/auaueh4z5/stupid.jpg

As far as I can see, I have nothing more to pay and the bikes mine (when I finish paying for it). There is no final payment, no 10%.

its not worded correct but i believe they do charge £ 35 at the end

Re: Cycle 2 work scheme

11 Mar 2015, 19:11

Things have changed, its a fee plus a percentage of the bikes value. It might be a £20 charge on a £1000 bike and then your tax code will be altered to get an extra £200 (fair second hand value) off you!

SO ON A £1000 BIKE YOU NOW WILL ONLY SAVE £70!

Re: Cycle 2 work scheme

11 Mar 2015, 20:00

richystran wrote:Things have changed, its a fee plus a percentage of the bikes value. It might be a £20 charge on a £1000 bike and then your tax code will be altered to get an extra £200 (fair second hand value) off you!

SO ON A £1000 BIKE YOU NOW WILL ONLY SAVE £70!

you would have a contract with it all on after reading this change i will not be re applying

Re: Cycle 2 work scheme

12 Mar 2015, 12:29

richystran wrote:Things have changed, its a fee plus a percentage of the bikes value. It might be a £20 charge on a £1000 bike and then your tax code will be altered to get an extra £200 (fair second hand value) off you!

SO ON A £1000 BIKE YOU NOW WILL ONLY SAVE £70!


Link?

Can you copy and paste your contract so we can see that?

How long has it been so, and which scheme is it?

There's nothing like that in my contract.

Re: Cycle 2 work scheme

12 Mar 2015, 13:12

NewPostieUK wrote:
richystran wrote:Things have changed, its a fee plus a percentage of the bikes value. It might be a £20 charge on a £1000 bike and then your tax code will be altered to get an extra £200 (fair second hand value) off you!

SO ON A £1000 BIKE YOU NOW WILL ONLY SAVE £70!


Link?

Can you copy and paste your contract so we can see that?

How long has it been so, and which scheme is it?

There's nothing like that in my contract.

its on the my royal mail website the cycle2work scheme

Re: Cycle 2 work scheme

12 Mar 2015, 15:33

what's the employer code please?

Re: Cycle 2 work scheme

12 Mar 2015, 15:47

SWIM wrote:what's the employer code please?


There is no "employer code" you have to sign up to myroyalmail.com all the information is there

Re: Cycle 2 work scheme

12 Mar 2015, 15:55

NewPostieUK wrote:
richystran wrote:Things have changed, its a fee plus a percentage of the bikes value. It might be a £20 charge on a £1000 bike and then your tax code will be altered to get an extra £200 (fair second hand value) off you!

SO ON A £1000 BIKE YOU NOW WILL ONLY SAVE £70!


Link?

Can you copy and paste your contract so we can see that?

How long has it been so, and which scheme is it?

There's nothing like that in my contract.


Looks like it has changed but instead of a final charge of £35 you now pay £1 and then it gets confusing :crazy: and will take a better man/woman than me to work out if you actually pay more from your pay packet. I started my C2W scheme late last year and this definitely wasn't in my paperwork so will be interesting to see what happens when my final payment is due

Please note this is the C2W scheme

"What happens at the end of the hire agreement?
If Royal Mail Group Ltd decide to transfer the ownership to employees after the 18 month hire period, a sum of £1 will be taken from your net salary to transfer the goods from the hirer to the employee. Then Fair Market Value of the goods as set out below by HMRC will be calculated and the value will be added to your P11D whereby your tax code will be slightly adjusted to accommodate the taxes due.
Transfer of Ownership - Example based on £450 purchase price:
If you have purchased a bike for £450 you would have 18 monthly salary deductions.
Under HMRC guidance the fair market value of the bike after 18 months will be £72 (16% of the original value)."
P11D explained – P11Ds are used to report benefits provided to employees by Royal Mail that are not put through the payroll. The fair market value of the bicycle and equipment is calculated as per the table below."

Re: Cycle 2 work scheme

12 Mar 2015, 16:04

A2B wrote:
SWIM wrote:what's the employer code please?


There is no "employer code" you have to sign up to myroyalmail.com all the information is there


it says cycle2work is available through halfords.
halfords form is asking for employee code.
?

Re: Cycle 2 work scheme

12 Mar 2015, 16:08

SWIM wrote:
A2B wrote:
SWIM wrote:what's the employer code please?


There is no "employer code" you have to sign up to myroyalmail.com all the information is there


it says cycle2work is available through halfords.
halfords form is asking for employee code.
?


Have you looked at myroyalmail.com ? You can't just go direct to Halfords you need to apply for a LOC (basically a voucher) that covers the cost of the bike you want first, all the info is on the website

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