Cycle 2 work

[Norm]

Come on Norm, it takes ages to research things on t'internet and this particular subject is not that clear.

On the contrary, if you refer to the base documents, this subject is remarkably simple. The DfT's guidance document contains most everything in 20 pages. This and the HMRC guidelines page and you are done.

What makes it unclear is when people write stuff which is either specific to their scheme as if it applies to all, or when people write stuff which is just plain wrong.

As an example from a PM I sent earlier this week...

...Cycle Active have a piece this month, in which it says, amongst other things;

• there is a 12 month minimum rental period (the guidelines say that there is "no fixed time period for which cycles and cyclists’ safety equipment must be loaned under a Cycle to Work scheme")
• bikes must be under the maximum value of £1,000 (this misconception comes from the requirement for anyone lending more than £1,000 to be licenced by the OFT)
• that you cannot have more than one bike on hire at any time (again, the guidelines specifically say that it is "possible to loan two cycles to one employee if, for example, that employee needed a cycle at either end of a train journey between their home and place of work")

If those errors are put about by people who others hold to be experts, what hope does anyone have in relying on the advice of others.

Again, the DfT's guidance pages are concise, accurate and easily understood. Little else is required.

 

[bigsean]

LoL, a bit worn out by the incorrect c2w comments Norm (and slap me if I ever got it noticeably wrong, I do learn...in the end )

Cyclist33, I am guessing the 5% you refer to is for your company scheme, as it was never 'supposed' to cost only 5% at the end of the 12mnth hire. I think the HMRC guidance always stated 'fair market value'.

Bigsean, what was your HR dept. doing deciding on a Finance decision? Sounds a bit random tbh.

Mercurykev, glad your company actually read and acted on the new(er) guidance. It's quite a good saving all round, interest free credit and a saving of 240 quid on a grand. Enjoy!

My company didnt say what they were deciding on.... just that a decision hadnt been made as to whether they wanted to be part of the scheme or not.... and yes i agree, very random

 

[marinyork]

My company didnt say what they were deciding on.... just that a decision hadnt been made as to whether they wanted to be part of the scheme or not.... and yes i agree, very random

It's not random whatsoever. Unfortunately/fortunately travel plans are routinely run through HR departments and C2W is a part of this.