Royal Mail Group's Cycle2work scheme

[POSTMAN]

Royal Mail Group's Cycle2work scheme is relaunching at 10.00am on Monday 18th October 2010 .

https://www.cycle2work.net/employees/auth/index.html" onclick="window.open(this.href);return false;

Username: rmguser
Password: rmgbenefit

[BELIAL]

Cos you can't afford a car anymore what with prices going up and overtime evaporating

[daisy duck]

Hi. Does anybody know if I would still be elegible, as I was declared bankrupt over 2 yeas ago and wondered if they did a credit check.
Cheers.

[BettySwollocks]

Yahooooo.........

Been waiting for this,
got a bike through this a couple of years ago, me wants another

[BettySwollocks]

Hi. Does anybody know if I would still be elegible, as I was declared bankrupt over 2 yeas ago and wondered if they did a credit check.
Cheers.

I don't think they check, they may insist that u have worked with RM for a certain period of time though,
because u pay it back out of your wages each week over 18 months,
they would be reluctant to offer the scheme to new starters as there is more chance them not lasting long enough to pay for the bike.

[Stormproof]

Just finished paying for my bike last week.........don't know what I'm going to do with the extra £4 in my wages now

[axeman]

Just in time for park & loop ................. when you'll have all those extra vans in the yard and nowhere to park your private cars

[lufcpostie]

Anyone planning on using this scheme should be aware that HMRC have changed the rules with regards to "final value".No longer is a nominal value acceptable to purchase the bike at the end of the hire period, HMRC are now insisting on an inspection/valuation by a 3rd party to put a purchase value on the bike.This basically means any tax savings made using the scheme are at risk of being reduced (possibly to zero) if you have kept the bike in tip top condition.
A quote from another forum:
The next purchase window, due April, is being postponed for a few weeks.
This is because Personnel are having to work on new proposals from HM Customs and Revenue.
For those currently in the cycle purchase, salary sacrifice scheme there are no changes, but for the future HMRC are proposing some marked changes which are disappointing, fiddlesome and most likely a strong disincentive to buying bikes under this system. HMRC are proposing changes to the final transfer of ownership bit. At the moment, it involves a one-off payment of £20 or 3% of the initial loan. For the future, HMRC want owners to make a statement as to the condition of their bike after the 18 months (this will either be 'good', 'fair', or 'poor'). The information would have to be collated by [employer] and sent back to [scheme operater] who would then ask Halfords or whoever to value the bike on that basis. So for example, a bike initially purchased for £1000 might end up being valued at £500. Clearly this is subjective, open to abuse, confrontation etc. Also, people would be entering a contract without knowing what the final purchase price might be, although it would be easy to imagine it being greater than £20 or 3%. It flies in the face of incentives to try to get more people cycling to work and clearly there's a huge number of very negative things about it all.

[BettySwollocks]

Anyone planning on using this scheme should be aware that HMRC have changed the rules with regards to "final value".No longer is a nominal value acceptable to purchase the bike at the end of the hire period, HMRC are now insisting on an inspection/valuation by a 3rd party to put a purchase value on the bike.This basically means any tax savings made using the scheme are at risk of being reduced (possibly to zero) if you have kept the bike in tip top condition.
A quote from another forum:
The next purchase window, due April, is being postponed for a few weeks.
This is because Personnel are having to work on new proposals from HM Customs and Revenue.
For those currently in the cycle purchase, salary sacrifice scheme there are no changes, but for the future HMRC are proposing some marked changes which are disappointing, fiddlesome and most likely a strong disincentive to buying bikes under this system. HMRC are proposing changes to the final transfer of ownership bit. At the moment, it involves a one-off payment of £20 or 3% of the initial loan. For the future, HMRC want owners to make a statement as to the condition of their bike after the 18 months (this will either be 'good', 'fair', or 'poor'). The information would have to be collated by [employer] and sent back to [scheme operater] who would then ask Halfords or whoever to value the bike on that basis. So for example, a bike initially purchased for £1000 might end up being valued at £500. Clearly this is subjective, open to abuse, confrontation etc. Also, people would be entering a contract without knowing what the final purchase price might be, although it would be easy to imagine it being greater than £20 or 3%. It flies in the face of incentives to try to get more people cycling to work and clearly there's a huge number of very negative things about it all.

well that sucks donkey balls
i've just spent the last hour and a half checking out bikes.

[fishtank]

well that sucks donkey balls
i've just spent the last hour and a half checking out bikes.

Give them a couple of months and they will realise just how unworkable all that bollox is and they will change it back again.

"Erm what condition is your bike in?......."
"Let me think about that............. "

[Fishyfingers]

Just finished paying for my bike last week.........don't know what I'm going to do with the extra £4 in my wages now

Did the payment show up on your wageslip,i've had my bike for about six months no sign of it been taken off my wages,i phoned up payroll and they said it is been payed.

[Stormproof]

Just finished paying for my bike last week.........don't know what I'm going to do with the extra £4 in my wages now

Did the payment show up on your wageslip,i've had my bike for about six months no sign of it been taken off my wages,i phoned up payroll and they said it is been payed.

It use to show up on the old pay slip with the amount. On the new ones it was on there sometimes with no amount showing. Had a letter last month saying the final payment(£35) was being taken out of my pay in October but nothing showed up on that payslip either. To be honest it was a pretty shoddy system and you can't really tell how long you have or how much left to pay.

[not me]

Just finished paying for my bike last week.........don't know what I'm going to do with the extra £4 in my wages now

Did the payment show up on your wageslip,i've had my bike for about six months no sign of it been taken off my wages,i phoned up payroll and they said it is been payed.

should show as a bike2work payment
i know it did on mine and kept showing when they kept taking payments off after it was paid

[dazzlin72]

I have a bike and assume the amount is just deducted from wages as there isn't any notification on wage slip of amount being taken, how long left to pay etc.

[not me]

I have a bike and assume the amount is just deducted from wages as there isn't any notification on wage slip of amount being taken, how long left to pay etc.

it doesnt show whats left
only the payment taken