Cycle 2 work scheme

[arnold cheshire]

If you return the bike before the end of the hire period, your employer will charge you a fee of £35 to cover the costs of disposing of the bicycle.

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As far as I can see, I have nothing more to pay and the bikes mine (when I finish paying for it). There is no final payment, no 10%.

its not worded correct but i believe they do charge £ 35 at the end

[richystran]

Things have changed, its a fee plus a percentage of the bikes value. It might be a £20 charge on a £1000 bike and then your tax code will be altered to get an extra £200 (fair second hand value) off you!

SO ON A £1000 BIKE YOU NOW WILL ONLY SAVE £70!

[arnold cheshire]

Things have changed, its a fee plus a percentage of the bikes value. It might be a £20 charge on a £1000 bike and then your tax code will be altered to get an extra £200 (fair second hand value) off you!

SO ON A £1000 BIKE YOU NOW WILL ONLY SAVE £70!

you would have a contract with it all on after reading this change i will not be re applying

[NewPostieUK]

Things have changed, its a fee plus a percentage of the bikes value. It might be a £20 charge on a £1000 bike and then your tax code will be altered to get an extra £200 (fair second hand value) off you!

SO ON A £1000 BIKE YOU NOW WILL ONLY SAVE £70!

Link?

Can you copy and paste your contract so we can see that?

How long has it been so, and which scheme is it?

There's nothing like that in my contract.

[arnold cheshire]

Things have changed, its a fee plus a percentage of the bikes value. It might be a £20 charge on a £1000 bike and then your tax code will be altered to get an extra £200 (fair second hand value) off you!

SO ON A £1000 BIKE YOU NOW WILL ONLY SAVE £70!

Link?

Can you copy and paste your contract so we can see that?

How long has it been so, and which scheme is it?

There's nothing like that in my contract.

its on the my royal mail website the cycle2work scheme

[SWIM]

what's the employer code please?

[A2B]

what's the employer code please?

There is no "employer code" you have to sign up to myroyalmail.com all the information is there

[A2B]

Things have changed, its a fee plus a percentage of the bikes value. It might be a £20 charge on a £1000 bike and then your tax code will be altered to get an extra £200 (fair second hand value) off you!

SO ON A £1000 BIKE YOU NOW WILL ONLY SAVE £70!

Link?

Can you copy and paste your contract so we can see that?

How long has it been so, and which scheme is it?

There's nothing like that in my contract.

Looks like it has changed but instead of a final charge of £35 you now pay £1 and then it gets confusing and will take a better man/woman than me to work out if you actually pay more from your pay packet. I started my C2W scheme late last year and this definitely wasn't in my paperwork so will be interesting to see what happens when my final payment is due

Please note this is the C2W scheme

"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."

[SWIM]

what's the employer code please?

There is no "employer code" you have to sign up to myroyalmail.com all the information is there

it says cycle2work is available through halfords.
halfords form is asking for employee code.
?

[A2B]

what's the employer code please?

There is no "employer code" you have to sign up to myroyalmail.com all the information is there

it says cycle2work is available through halfords.
halfords form is asking for employee code.
?

Have you looked at myroyalmail.com ? You can't just go direct to Halfords you need to apply for a LOC (basically a voucher) that covers the cost of the bike you want first, all the info is on the website

[mrwhisper]

Hi, my cycle2work final payment is this week, does anybody know if i can apply for the cycleplus scheme straight after they have taken the payment?

How much is your final payment?, mine is coming up and I heard you have to pay up to 10% of the value of the bike so could be £100 for me.

it was 35 pound, just checked my payslip. that was on the halfords scheme though.

[NewPostieUK]

Things have changed, its a fee plus a percentage of the bikes value. It might be a £20 charge on a £1000 bike and then your tax code will be altered to get an extra £200 (fair second hand value) off you!

SO ON A £1000 BIKE YOU NOW WILL ONLY SAVE £70!

No, you pay £1 and you pay tax on the £200, you don't actually pay £200.

[dpn1983]

Hi,

To save time by scrolling through this thread, I thought I'd just ask a few questions, regarding this scheme, straight up.

I am part time. Will this affect my application for cycleplus? What I mean is will my contract limit me to how much I will be given via a voucher? Ideally I am looking at a bike worth around £700.

Will the deductions be taken on a weekly basis?

Do I need to know what bike I want before making an application? The form on the website asks how much I want on the voucher.

Thanks.

[spiderj]

Part time...yes you're eligible

Best way is getting price beforehand

Weekly deductions

[dpn1983]

Part time...yes you're eligible

Best way is getting price beforehand

Weekly deductions

Cheers.