markis wrote:This seems to be a con, phoned up cycle2work hotline and asked how much I would save on a £1000 bike over 12 months at low rate tax bracket was told I would pay £56 per month for 12 months . So I thought that's a really good saving. Went on RM cycle2work employee offers filled in the application and it was not for 12 months but 18 months and get this at £53.55 per month, you work it out, I'm saving FA . Of course as I've registred for this scheme it wont let me register to cycleplus scheme.
you dont pay tax and ni on that£ 53 so it is a saving
markis wrote:This seems to be a con, phoned up cycle2work hotline and asked how much I would save on a £1000 bike over 12 months at low rate tax bracket was told I would pay £56 per month for 12 months . So I thought that's a really good saving. Went on RM cycle2work employee offers filled in the application and it was not for 12 months but 18 months and get this at £53.55 per month, you work it out, I'm saving FA . Of course as I've registred for this scheme it wont let me register to cycleplus scheme.
you dont pay tax and ni on that£ 53 so it is a saving
This is where it is confusing as it was not made clear, phoned the royal mail help line and didn't get any help. All I was told is that I would be making a saving as I would not pay tax or NI on the £53.55 that would be deducted each month, yet they didn't have the common sense to let me know exactly how much I would be paying. You state I would only be paying £36 per month over the 18 months which means I would pay in total £648 but this does not seem to be clear on the contract so I'm not sure about it.
Basically the bike shop needs to get paid the full price for the bike so the scheme allows you to pay for the bike at the full price from your gross wages which would be the £53.55.
Of course this £53.55 would never have ended up your pocket as you need to pay tax and ni on it.
So the actual amount that your take home pay is reduced is the £36.
An easy way to look at is that if you saved £36 from your wages each month it would take you 27 months to save up what you pay off in 18 months through the scheme.
Hi all. Looking for some advice. Basically i asked for the £400 voucher as the bike i seen on the website was around £300, but after going and seeing it etc i do t like it and fancy a different one which is more expensive. I thought i could just add on the difference but found out i couldnt and am not stuck with £400 LOC which i got today. Is there anyways i can cancel this or what should i do as i want to change it to £600 say.
Am looking to get a bike on cycle plus through Evans Cycles. Going tomorrow the look at the bike im interested in. How long does it take to get the letter after you apply. Also i know i can get lights and helmet but what about bike lock as part off the value.
joeyuk wrote:Am looking to get a bike on cycle plus through Evans Cycles. Going tomorrow the look at the bike im interested in. How long does it take to get the letter after you apply. Also i know i can get lights and helmet but what about bike lock as part off the value.
in halfords you can spend money on anything in the bike section even a coat, tool set ,anything get your form in before the 15th then its up to ten working days for voucher
Quick question. I applied for £450 today and they emailed me the hire agreement to sign and send back. It says sign at work in front of my line manager and then send it back. There is a box next to where i sign for office use, does my line manager have to sign there or just witness me signing mine. Seems a bit pointless signing at work if they don't have to sign to confirm it. This is for cycleplus.
I can't seem to find my documentation for my cycle to work scheme. I got a £500 Halfords voucher which I used in November 2012. I'm paying almost £ 6 a week and I'm still on phase 5. I'm pretty sure it was for eighteen months? When does the phase change and I start winding it up?
