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Cycle 2 work scheme

21 Jan 2017, 09:46

I am considering the cycle 2work / cycle plus scheme. A couple of questions though.
Firstly can any type of bike be purchased as I'm looking to buy a new hard tail mtb. I already have an old touring bike i use for cycling to work. In other words must a bike purchased through this scheme be only used for commuting?

Secondly do you apply for it all online through mybundle, or do you need to speak to lino/dom about it?

Id be looking to spend £650 absolutely max on the bike, so at that price level is the scheme still worth it, or is it more beneficial when you are spending £1k+?

Cheers

Cycle 2 work scheme

22 Jan 2017, 11:31

Also, do these calculations look correct:

£800 voucher cost:

£10.44 weekly cost for 18 months.

Then at 18 months: Fair Market Value Price : 21% of initial purchase price = £168

So total paid would then be:

10.44x4x18 = 751.68
Plus the Final Valuation = £168

Giving a grand total cost of £919.68

:shock: Not exactly a scheme to save money...

Cycle 2 work scheme

22 Jan 2017, 12:45

greengiant wrote:Also, do these calculations look correct:

£800 voucher cost:

£10.44 weekly cost for 18 months.

Then at 18 months: Fair Market Value Price : 21% of initial purchase price = £168

So total paid would then be:

10.44x4x18 = 751.68
Plus the Final Valuation = £168

Giving a grand total cost of £919.68

:shock: Not exactly a scheme to save money...


I don't know if the scheme has changed or it's a different scheme but mine was nothing at all like that. I finished paying for mine about 8 months ago.

There was no 'Fair Market Value' or ' Final Valuation' or anything like that at all. I simply paid less than £2 a week, before tax for two years and got a £275 bike. It's mine forever, never used it for work, and I could have had any bike in my local independent shop.

Cycle 2 work scheme

24 Jan 2017, 17:05

greengiant wrote:Also, do these calculations look correct:

£800 voucher cost:

£10.44 weekly cost for 18 months.

Then at 18 months: Fair Market Value Price : 21% of initial purchase price = £168

So total paid would then be:

10.44x4x18 = 751.68
Plus the Final Valuation = £168

Giving a grand total cost of £919.68

:shock: Not exactly a scheme to save money...



The payment you make isnt taxable, so you pay less tax in your wages, so it would be more like £8.00x4x18=£576.00, and after it has finished they alter your tax code and you pay slightly more tax but nothing like you said, still a good deal if you ask me, I got a bike from halfords that was already reduced from £1000 and in reality over the 18 months paid around £600 for it on a £800 voucher, very good deal.

Cycle 2 work scheme

25 Jan 2017, 17:34

dohnut wrote:
greengiant wrote:Also, do these calculations look correct:

£800 voucher cost:

£10.44 weekly cost for 18 months.

Then at 18 months: Fair Market Value Price : 21% of initial purchase price = £168

So total paid would then be:

10.44x4x18 = 751.68
Plus the Final Valuation = £168

Giving a grand total cost of £919.68

:shock: Not exactly a scheme to save money...



The payment you make isnt taxable, so you pay less tax in your wages, so it would be more like £8.00x4x18=£576.00, and after it has finished they alter your tax code and you pay slightly more tax but nothing like you said, still a good deal if you ask me, I got a bike from halfords that was already reduced from £1000 and in reality over the 18 months paid around £600 for it on a £800 voucher, very good deal.


On request HMRC sent me a copy of P11D, tax year ending 2016, which stated Employer Benefits £198. This was the fair market value(21% of purchase price £950). So I had to refund (20% of 198) £39.60 tax. Initially I estimated I would save£209.80 tax & National Insurance reductions over the 18 month hire period. So I saved around £170 overall.
I understand the confusion that implies you have to pay back the fair market value to Royal Mail.

Cycle 2 work scheme

26 Jan 2017, 20:29

Thanks for that, it does clear things up! The wording does suggest that you pay the final market value to royal mail, which if that was the case would mean not much of a saving at all.

According to mybundle site the scheme closes in a few days...

Cycle 2 work scheme

30 Jan 2017, 17:00

I put my order in at the weekend on the mybundle site. It says pending 6/2/2017, so i take thats when they start processing my letter of collection?

Cycle 2 work scheme

30 Jan 2017, 23:42

Did you go to a bike shop and choose your bike first before putting in your application or just choose an amount you want to pay and go from there?

Cycle 2 work scheme

31 Jan 2017, 15:21

Deadly wrote:Did you go to a bike shop and choose your bike first before putting in your application or just choose an amount you want to pay and go from there?


Well, I went to a bike shop (an independent who uses cycle plus), had a nosy around, found a bike I liked / tried for size (hardtail MTB), then put an order in for the cycle plus scheme for the price of the bike. Now I need to be patient on the cycle plus voucher coming through...

Cycle 2 work scheme

31 Jan 2017, 16:56

greengiant wrote:
Deadly wrote:Did you go to a bike shop and choose your bike first before putting in your application or just choose an amount you want to pay and go from there?


Well, I went to a bike shop (an independent who uses cycle plus), had a nosy around, found a bike I liked / tried for size (hardtail MTB), then put an order in for the cycle plus scheme for the price of the bike. Now I need to be patient on the cycle plus voucher coming through...

:thumbup I visited Evans and they said to just turn up with the letter/voucher and there'll take it from there. I mistakenly thought you had to ask the shop to order a bike before you applied to cycle plus.

Cycle 2 work scheme

02 Feb 2017, 21:30

Hurry up voucher, lol! :whistle

Cycle 2 work scheme

09 Feb 2017, 16:22

I got a letter from HR today, giving me my copy of the cycleplus hire agreement. Nothing to be signed by myself though?

Hopefully it shouldn't be too long now till I get my letter of collection. Or does the 14 day cooling off period start from when I get the copy of the hire agreement contract? :hmmmm

Cycle 2 work scheme

12 Feb 2017, 20:53

I recently became employed by Royal Mail on a 1 year contract (As a postman). I wonder, am I able to apply for the cycle to work scheme ? I am gonna ask my manager in the morning but I saw this forum thread so I thought I would post on here also.

Does anyone have any advice on who to contact or what path to follow (if its even possible for me) to try and get a bike via a scheme?

Seems like a good value scheme to me.

cheers

Cycle 2 work scheme

07 Mar 2017, 00:21

greengiant wrote:I got a letter from HR today, giving me my copy of the cycleplus hire agreement. Nothing to be signed by myself though?

Hopefully it shouldn't be too long now till I get my letter of collection. Or does the 14 day cooling off period start from when I get the copy of the hire agreement contract? :hmmmm

Did it all go through ok? How long did it take from start to finish?

Cycle 2 work

10 May 2017, 13:05

Just need some help. I applied for the cycle 2 work just over a week ago and still haven't received any paper work so I can go get it. Anybody know how long it takes ?

Cycle 2 work

10 May 2017, 17:11

I did one about 5 years ago. The whole process from applying to picking up a bike took about 4 weeks.

Cycle 2 work scheme

12 May 2017, 19:52

Four weeks is about right, I've recently done it and my paperwork arrived a day or two after I collected the bike! The deductions from my wage started before I'd received the letter of collection too (by email).

Cycle 2 work scheme

11 Jul 2017, 14:08

Thinking of getting a bike through this scheme. If i applied for a £300 voucher then saw a bike for £350 can i just make up the cash difference? Likewise if i get a £300 voucher get to the shop and its on sale at £250 am i still obliged to pay back £300 despite the discount on the bike?

Cycle 2 work scheme

18 Jul 2017, 15:54

Some shops will allow you to put money towards the cost of the bike. But if the bike is less you still pay back the 300. But you can also buy things like a helmet or lights if the remaining money

Cycle 2 work scheme

22 Jul 2017, 21:35

Just been looking at the bike scheme myself....
Just been reading the black n white stuff. It says `At the end of the hire period, you maybe able to buy the bike at its `fair market value` or simply return the bike.
So are you basically paying dead money just to rent a bike ? Would be easier just to buy a bike out right.

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