Cycle Scheme question

[Paul_L]

I'm coming to the end of my second C2W bike. Both of these have been for pretty modest priced bikes (£600 roadie and a £350 hydrid commuter).

My plan for a third bike is to get a new roadie, but to get something the next step up from what i've got now (Spesh Allez 27 which is now 2 years old) something in the £1000 to £1500 range.

Our company limit is £750, so couple of questions;

If i went for a £1000 bike could i pay £250 towards it and still finance the £750 on the C2W scheme?
If i went for a £1500 bike, would many bike shops do a finance deal on my £750 and do the other £750 on C2W scheme?

These may seem like dumb questions but i know the C2W has lots of conditions attached.

 

[edwardd67]

Have a look on the Bikes,accessories forum, there's a topic on there about CTW and topping up.
Regards
Ed

 

[addictfreak]

[QUOTE 1283339"]
I got a Carbon Ribble last year. The voucher was for the max £1000, I just made a payment on a card for the rest. There didn't appear to be any problem.
[/quote]


I did a similar thing a couple of years ago, voucher £1000, cash payment £500. No problems.

 

[Norm]

Beware.

1. You are not buying the bike, you are renting it, so you've just sunk £500 into something that the company owns.
2. The final payment is on the original purchase price of the bike. That could be taken as £1,500, so you've just increased your tax liability.

 

[2Loose]

Beware.

1. You are not buying the bike, you are renting it, so you've just sunk £500 into something that the company owns.
2. The final payment is on the original purchase price of the bike. That could be taken as £1,500, so you've just increased your tax liability.

That's the bit I'd be most worried about.

 

[GrumpyGregry]

watch out if you leave your current employment before the end of the scheme. They don't have to let you have the bike, it's theirs, so you wave goodbye to your £500

 

[Grizzly]

Cycling Active has an article on CTW and the new tax rules. Some places wont do a deal due to the problems with payment and market values and what to base them on.

 

[edwardd67]

watch out if you leave your current employment before the end of the scheme. They don't have to let you have the bike, it's theirs, so you wave goodbye to your £500

Got made redundant at Christmas, C2W scheme runnning till April 2011 . Just waiting on word to see how much i owe to clear bike.

 

[Norm]

Cycling Active has an article on CTW and the new tax rules.

They do indeed. And, just like the last article that they had, it is wrong.

Also, just like the last article that they had, it was mostly written by cyclescheme, although I wouldn't suggest that there was any direct correlation between those two points, or that there was any bias inherent in using a company with a very strong commercial interest in the subject.

 

[bad boy]

I thought this was all clear these days.

We received an email from cyclescheme.co.uk stating the options after the 12 month period and it seems very straightforward, do people now look upon the scheme in a negative light since the clarification ?? I'm going to do it again for sure in feb.