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Cycle 2 work scheme

28 Feb 2016, 21:35

Right so my 18 months are up in a month or two...been laying around £9 a week for a boardman bike was £800.


It's pretty f****d but I wanna keep it. Some parts need replacing (the bottom bracket has been replaced 2 times by halfords during the first 12 months.....I heard that as the bike isn't actually mine that it can be repaired for free. Is this true?

And you guys are saying if I wanna keep the bike I gotta pay back the tax I saved?! Surely that's totally against the point of getting the bike in the f***ing first place

Cycle 2 work scheme

08 Mar 2016, 17:20

So i'm interested in this scheme. Even though it's not 'as good' as it used to be apparently I am still wanting to go ahead with it.

Can fixed term contracts even apply?

As i'm not a perm I don't have access to my bundle so can't apply from there - it seems ridiculous to me but it's RM after all :arrrghhh

Cycle 2 work scheme

19 Mar 2016, 16:47

arnold cheshire wrote:32% saving there's no national insurance due either


10% discount on the price of the bike at Halfords(though this happens in the background so people might not actually notice), then the 32% of no income tax & national insurance applies. So my ~£900 Boardman is actually going to cost me ~£589.81. Then there's the £1 transfer fee, and then 1 year of having my tax code reduced by £189 so the overall cost is £628.61 if my sums are correct. So a fraction over a 30% discount if my sums are correct.

Cycle 2 work scheme

19 Mar 2016, 18:24

toomuchcoke wrote:
arnold cheshire wrote:32% saving there's no national insurance due either


10% discount on the price of the bike at Halfords(though this happens in the background so people might not actually notice), then the 32% of no income tax & national insurance applies. So my ~£900 Boardman is actually going to cost me ~£589.81. Then there's the £1 transfer fee, and then 1 year of having my tax code reduced by £189 so the overall cost is £628.61 if my sums are correct. So a fraction over a 30% discount if my sums are correct.


Don't forget insurance for the bike home and away, if the bike is nicked or damaged, you still have to keep paying the salary sacrifice while RM technically own the bike until the transfer of ownership ~18 months down the line.

Cycle 2 work scheme

19 Mar 2016, 21:54

IloveMYredTROLLEY! wrote:Don't forget insurance for the bike home and away, if the bike is nicked or damaged, you still have to keep paying the salary sacrifice while RM technically own the bike until the transfer of ownership ~18 months down the line.


But you'd be paying for the bike insurance (or not, as the case may be :whistle ) either way, so it's not like that's an additional cost associated with the C2W scheme.

Cycle 2 work scheme

01 Jun 2016, 19:47

What paperwork is needed to collect bike all i have been sent is a hire agreement and order form but halfords have said its not the correct paperwork

Cycle 2 work scheme

01 Jun 2016, 20:19

Cycle2work will email you a collection letter which you print off and take along , if in doubt just call them

Cycle 2 work scheme

03 Jun 2016, 21:16

Signed up for this again with the benefits page and its said it will be electronically sent to my email anyone know how long it takes to arrive?

Cycle 2 work scheme

12 Jun 2016, 18:57

I've applied for this about a month back now, had no letters or email, but they've taken 12 quid out of my wage this week? Buggers. Do I ring HR? Does anyone know or had the same issue?

Cycle 2 work scheme

02 Jul 2016, 14:24

Well i apllied 5 weeks ago. Had 4 lots of £12 taken out my last 4 pays....no sign of the email even HR doesnt know what a awful way to run a company

Cycle 2 work scheme

05 Jul 2016, 17:22

Creditshampoo wrote:Well i apllied 5 weeks ago. Had 4 lots of £12 taken out my last 4 pays....no sign of the email even HR doesnt know what a awful way to run a company

Would you mind posting back if you receive it? I've been waiting a month for mine now too. All HR could tell me is that it will be sent by email if you have an email on mybundle otherwise it'll be sent in the post, not very helpful.

Cycle 2 work scheme

05 Jul 2016, 21:56

camelelf wrote:
Creditshampoo wrote:Well i apllied 5 weeks ago. Had 4 lots of £12 taken out my last 4 pays....no sign of the email even HR doesnt know what a awful way to run a company

Would you mind posting back if you receive it? I've been waiting a month for mine now too. All HR could tell me is that it will be sent by email if you have an email on mybundle otherwise it'll be sent in the post, not very helpful.


I rung up yesterday and demanded it be escalated to HR who then rung me back asking me to phone halfords.
I phoned halfords only to be told it had been sent to my royal mail email address 3 weeks ago....ive used it once and didnt even use it on my application so god knows why they used it

Cycle 2 work scheme

08 Jul 2016, 15:28

Creditshampoo wrote:
camelelf wrote:
Creditshampoo wrote:Well i apllied 5 weeks ago. Had 4 lots of £12 taken out my last 4 pays....no sign of the email even HR doesnt know what a awful way to run a company

Would you mind posting back if you receive it? I've been waiting a month for mine now too. All HR could tell me is that it will be sent by email if you have an email on mybundle otherwise it'll be sent in the post, not very helpful.


I rung up yesterday and demanded it be escalated to HR who then rung me back asking me to phone halfords.
I phoned halfords only to be told it had been sent to my royal mail email address 3 weeks ago....ive used it once and didnt even use it on my application so god knows why they used it

Did you manage to get it then? I rang up Halfords and was told because I didn't have an email address on my royal mail bundle they couldn't send it, and they would have cancelled it after 12 weeks, even though they had my address. :thumbdown

Luckily, the guy on the phone just emailed it to me there and then. Off to Halfords now :nana

Cycle 2 work scheme

25 Jul 2016, 15:52

So you go to my benefits type in the amount you want.
Then what happens next? I'm talking about cycleplus.

Cycle 2 work scheme

21 Oct 2016, 17:29

Creditshampoo wrote:Right so my 18 months are up in a month or two...been laying around £9 a week for a boardman bike was £800.


It's pretty f****d but I wanna keep it. Some parts need replacing (the bottom bracket has been replaced 2 times by halfords during the first 12 months.....I heard that as the bike isn't actually mine that it can be repaired for free. Is this true?

And you guys are saying if I wanna keep the bike I gotta pay back the tax I saved?! Surely that's totally against the point of getting the bike in the f***ing first place


My 18 Months was up in January 2016. I am awaiting P800 from HMRC - which is due in October if you owe tax. Has anyone in a similar situation had notification relating to the fact that as stated in the hire agreement "If your employer chooses to sell the selection to you, you will have to pay tax on the difference between the sale price and the fair market value.
As stated, the idea to save tax & then pay most of it back seems to be different from how the scheme used to operate, as I was told you paid a nominal fee, if you wanted to keep the bike, on completion of hire period.

Cycle 2 work scheme

21 Oct 2016, 20:13

With my previous bike the payments just ended didn't have to pay anything else

Cycle 2 work scheme

23 Oct 2016, 15:42

myroyalmail - cycle scheme states. "At the end of the hire agreement, you will have the opportunity to purchase the bike at fair market value"
EDIT from cycle to work guide Gov.uk
However, at the end of the hire period, the employer may choose to give the employee
the option to purchase the equipment under a separate agreement....
Alternatively, the employer may wish to allow their employees to continue to use the
cycles and cyclists' safety equipment you have supplied after the initial loan period
has ended, without transferring ownership. As long as the employee continues to meet
the conditions of the tax exemption (see section 4 above) no tax charge will arise.

I have emailed your.news@royalmail.com for clarification.

Cycle 2 work scheme

31 Oct 2016, 16:23

To this current day, do we still get to keep the bikes after our 18 month payment? Or do
Royal Mail demand the bike back? If not... is there a final payment?

Thanks

Cycle 2 work scheme

01 Nov 2016, 00:49

I left the business 12 months ago (IHR), having taken advantage of the C2W scheme 3 years or so back. The bike is still in my ex-wifes shed, unfortunately i couldn't take it with me when i moved 6500 miles away.
I doubt very much anyone in authority will recall you were part of this, if i may say, beneficial process.

Cycle 2 work scheme

03 Nov 2016, 16:52

smoothie262 wrote:To this current day, do we still get to keep the bikes after our 18 month payment? Or do
Royal Mail demand the bike back? If not... is there a final payment?

Thanks

I have copied & pasted this extract from a previous post;

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.



Age of cycle

HMRC Fair Market Value


Original price up to £499.99

Original price £500+

18 months

16% of the original purchase price

21% of the original purchase price

I completed 18 months of 78 weekly payments of £12.39 in February 2016. Wage slip deductions stated CyclePlus Final Payments £1.00

My bike purchase price was £950. x 21% = £199.50 = the fair market value. My tax code did not change in April 2016 as indicated, to refund tax that I am certain would be 20%( My tax rate) of the fair market value - unless anyone can correct me.

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