Cycle 2 work scheme

[wabbithunta]

Yes, it's on your pay check every week.

yes it shows each week money being paid towards it but theres no way to track the amount ?
I dont keep a long back log of paychecks

Make a note of it then, each week, so you can keep track of it yourself?

[Postie45]

its too late for that now, i guess theres no other way to find out, thanks

[arnold cheshire]

its too late for that now, i guess theres no other way to find out, thanks

when did you buy the bike ? i think it goes out the next month after

[Postie45]

last April, so it shouldnt be too much longer till its all paid up.

[crezz]

hello again people, ive done two of the cycle to work schemes which always worked out well, ive decided I want a far superior bike that's fit for both types of riding I do so was considering the newest cycleplus scheme,.

anybody doing it/done it? the way I read it is that you save 29% due to saving money on tax and national insurance.. however, at the end of the term you pay a pound to transfer it to your name as oppose to the cycle to work scheme which is £35. however you also have to pay the hmrc fair market value ontop which is 21% of the purchase price,.. this to me is a crock of junk... that's only 8% saving yet bike shops often offer 10 or 15% off bikes. surely better to just buy a bike from store on a interest free credit card?

or am I totally wrong?

[NewPostieUK]

Where on earth did you get that information?

The scheme I'm with, it's £35 you pay but that's only if you DON'T want to keep the bike.

[NewPostieUK]

I want a far superior bike that's fit for both types of riding I do so was considering the newest cycleplus scheme:

The max you get get is £1000 with Cycleplus. I'm guessing you want a better bike than that.

[wabbithunta]

I'm looking at using this cycle to work scheme and rather than trawling through the posts on this subject, can someone tell me if your bike safety gear, ie lights helmet etc, are included in this or are the separate from the cost of any bike purchased through this scheme?

[spiderj]

Voucher is for x amount and spend on bike+accessories

[crezz]

to be fair the bike im after is sub £900 so could of got it. here is the info

copied and past from myroyalmail

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

[crezz]

sorry that pasted bit at the end aint in a box like original


16% of price paid is what you have to pay at the end if bike is below 500 and 21% if bike over 500

[dohnut]

sorry that pasted bit at the end aint in a box like original


16% of price paid is what you have to pay at the end if bike is below 500 and 21% if bike over 500

Is this just for the cycle plus scheme, or does it include the cycle to work scheme as well.

[crezz]

just the cycleplus scheme, the cycle to work scheme has only charged me £35 to transfer to me on the last two

[NewPostieUK]

I used to Cycle Plus Scheme to get a bike from my local dealer. I've looked through the contract and there is nothing at all like that.

[crezz]

when did you last do yours? something doesn't seem correct, all this info came from myroyalmail under benefits, need to be logged in to view though