Cycle to work scheme

anthonyok · Post by **anthonyok** » 28 May 2020, 19:46

How much is deducted from your weekly pay packet for the £1000 cycle to work scheme ?
Thanks !

Post by **wallop** » 29 May 2020, 15:23

before tax and deductions about 13.88 after tax 9.44 or so.

anthonyok · Post by **anthonyok** » 31 May 2020, 13:29

So say i get a voucher for a £1000 bike would i only be paying say £700 back out of my wages? Ecuse me if i seem dull lol (its true )

Post by **wallop** » 31 May 2020, 16:44

Yep you end up paying about £680 for a £1000 bike.

anthonyok · Post by **anthonyok** » 12 Jun 2020, 19:17

I heard you could get a bill of the tax man at a later date for this ? Anyone heard of this ?

Rael, the IAK · Post by **Rael, the IAK** » 12 Jun 2020, 21:11

No issue with that, it's an approved scheme. I've done 2 with a previous employer. You pay for it via the salary sacrifice for a year, then pay a small amount to continue using it for the next 2 or 3 years, then it's yours.