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 Post subject: Ride to work scheme
PostPosted: Tue Aug 09, 2011 9:32 pm 
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Joined: Sat Oct 01, 2005 8:15 pm
Posts: 147
I know it's a perennial question, but...

My employer is offering a Cycle to Work scheme for the next six weeks.
Plus side: they're offering anything at all!
Minus site: it's through Halfords; they have not explained how much money I might save through the scheme; they have not explained what will happen at the end of the 'loan' period; they have not explained what would happen in the case of leaving the company (voluntarily or through redundancy).

Extra complication: I can get a 10% discount at Halfords through my wife's employer

Any comments or opinions?

Thanks in advance

Steve


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 Post subject: Re: Ride to work scheme
PostPosted: Tue Aug 09, 2011 10:49 pm 
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Joined: Sat Sep 24, 2005 12:21 pm
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Location: Gododdin
Some random thoughts:

The cycle-to-work scheme will probably save you a little money, but precisely how much will vary according to how much you "spend" in total - and on how you'd pay the upfront (-10%) cost in a one-er: the scheme effectively provides cheap/free credit as well.

On the other hand, it's Halfords. But then the simple 10% discount is at Halfords too. So the choice is between (a) two different ways of something cheap at Halfords; and (b) something full-price somewhere else.

Yes - check the scheme small-print on what happens when you stop making salary-sacrifice payments, or if you leave. This will vary between schemes and/or employers, though there was also a flurry of gossip around HMRC's guidance from about a year ago on "fair value".

FWIW, I'm "paying off" a bike through my employer's scheme and am glad to be doing so. That being said, I had a wider choice of shops and so was able to choose a bike I really wanted - and I plan to be riding it to work for the same employer until after its HMRC "fair value" has dropped to zero (five years)!

Not sure if it does, but HTH anyway

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 Post subject: Re: Ride to work scheme
PostPosted: Wed Aug 10, 2011 12:24 pm 
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I don't think it's worth it anymore, there's now VAT on the price too.

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 Post subject: Re: Ride to work scheme
PostPosted: Fri Aug 12, 2011 2:46 pm 
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Dumbrunner
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At worst, you'll be getting a bike with free credit, paid out of your gross salary. Seems ok to me.

The Boardman bikes (2009 was the last time I was professionally interested) are pretty damn good for the money too if you want a road bike.


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 Post subject: Re: Ride to work scheme
PostPosted: Sun Aug 14, 2011 9:52 pm 
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The scheme's still the best way to buy a medium-expensive regular bike if you don't have the money to hand.

(which is probably most of us!)

If you have a fist full of cash, you may get a better deal (and will have less paperwork). If your employer doesn't play, well, tough. And if you want a Cervelo P3 with custom wheels, well, the scheme isn't intended for you. ;)

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 Post subject: Re: Ride to work scheme
PostPosted: Fri Sep 09, 2011 6:37 pm 
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Thanks for all the advice chaps. In the end I didn't bother. The Halford's range doesn't have what I really want, and there is a strong possibility that my cycling habits may change dramatically in the medium future, so what I want may have to change anyway. If you were getting one of the standard bikes (the Boardman Hybrid seems to be the popular choice) the deal was quite good as they threw in some accessories as well which would cover the final payment 'gotcha'. If you didn't go for one of their bikes, you didn't get that part of the deal. And I do have a small fist full of cash earmarked for n+1 when life settles down slightly.

S


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