Cycle to work scheme
Discussion
t.Done it twice now but depends what you want. some schemes are quite costly to the shop hence no sale bikes (well that was the line they span me anyway)
Just paid the final ownership balance on the latest bike which gave me around a 40% discount on a 3K bike so well worth it
I've never had reduced pension payments though, pension comes off your gross salary usually, and then C2W is an additional payment out after
Just paid the final ownership balance on the latest bike which gave me around a 40% discount on a 3K bike so well worth it
I've never had reduced pension payments though, pension comes off your gross salary usually, and then C2W is an additional payment out after
vxsmithers said:
Done it twice now but depends what you want. some schemes are quite costly to the shop hence no sale bikes (well that was the line they span me anyway)
All cycle2work schemes charge commission, hence why they will not accept it on sale bikes as by the time that is taken off, little or no profit for the dealer. WPA said:
vxsmithers said:
Done it twice now but depends what you want. some schemes are quite costly to the shop hence no sale bikes (well that was the line they span me anyway)
All cycle2work schemes charge commission, hence why they will not accept it on sale bikes as by the time that is taken off, little or no profit for the dealer. I bought my bike through C2W about 2 months ago. I spoke to the retailer before I requested my voucher and they let me have the bike for the sale price +15% which was still £700 less than RRP.
The retailer sent me a quote, I then requested a voucher from my employer for that amount. A few hours later the voucher was emailed to me which I forwarded to the retailer and 2 days later my new bike arrived. All very easy!
The retailer sent me a quote, I then requested a voucher from my employer for that amount. A few hours later the voucher was emailed to me which I forwarded to the retailer and 2 days later my new bike arrived. All very easy!
Depends on the scheme really.
Mine, if you extend the hire period by 4 years, there is no final fee.
Bought a couple of Bromptons via the scheme in the past. Pretty well halve price after tax & ni taken off.
Regarding pension. If a higher rate tax payer, who puts anything above the threshold into pension (no brainer at my age!) obviously this would be reduced as the cyclescheme had already reduced taxable salary.
Mine, if you extend the hire period by 4 years, there is no final fee.
Bought a couple of Bromptons via the scheme in the past. Pretty well halve price after tax & ni taken off.
Regarding pension. If a higher rate tax payer, who puts anything above the threshold into pension (no brainer at my age!) obviously this would be reduced as the cyclescheme had already reduced taxable salary.
horsemeatscandal said:
I've just got my first payslip with C2W contributions and can confirm it did not affect my pension.
Will also add that my scheme didn't let me top up with my own cash. Something to do with who actually owns the bike during the 12 month hire period.
When I bought my bike in January, the bike shop allowed me to top up but warned me that there was a theoretical risk that the C2W people could halt the 'hire' and take the bike back, leaving me out of pocket. In my case, this was a reasonable risk to take plus my bike was a custom build comprising a frame, wheels, groupset and finishing kit so it could have been argued that my C2W voucher was for the frame only.Will also add that my scheme didn't let me top up with my own cash. Something to do with who actually owns the bike during the 12 month hire period.
Agree on the pension front - no impact.
RicksAlfas said:
How does it work if you leave your job and haven't finished paying for the bike?
This was over 10 years ago but when I left a job part way through a hire period the outstanding payments were taken from my final net salary in a lump sum meaning I lost the tax benefit on the outstanding payments. The logic being I was no longer riding my bike to the workplace through which I entered the scheme so was no longer eligible for the tax saving.Steve vRS said:
When I bought my bike in January, the bike shop allowed me to top up but warned me that there was a theoretical risk that the C2W people could halt the 'hire' and take the bike back, leaving me out of pocket. In my case, this was a reasonable risk to take plus my bike was a custom build comprising a frame, wheels, groupset and finishing kit so it could have been argued that my C2W voucher was for the frame only.
Agree on the pension front - no impact.
Yeah, I reckon I probably could have worked something out if I was in store and/or it was a build consisting of different parts. I initially wanted a Cairn Rambler and when I asked them if they would discount down to my C2W voucher value then allow me to pay the rest separately, they were having none of it, which was a bit disappointing. Funnily enough, that bike is still on sale but £400 more than when I was going to buy it. Agree on the pension front - no impact.
horsemeatscandal said:
Yeah, I reckon I probably could have worked something out if I was in store and/or it was a build consisting of different parts. I initially wanted a Cairn Rambler and when I asked them if they would discount down to my C2W voucher value then allow me to pay the rest separately, they were having none of it, which was a bit disappointing. Funnily enough, that bike is still on sale but £400 more than when I was going to buy it.
That's a shame, I was able to top up my last c2w voucher to buy the Cairn eAdventure. Gotta love consistency from a company.Gassing Station | Pedal Powered | Top of Page | What's New | My Stuff