Cycle to work ownership of bikes

[chipmonster]

Dear all

Just got a bike on cycle to work.

I managed to get the bike at cost price from the shop and hence a 42 % discount

Anyway after a year if I get the bike valued it will be worth what I paid for it.

Therefore using the inland revenue guidelines to own the bike after a year I would have to pay the same amount back to my employer.

Is this correct. If this is the case I am paying double for my bike and it's not worth doing.

Please advise

 

[kewb]

if bike costs say £500 on ctw you will pay about £400 and end the deal with a payment of about £50 ,
thats rough approximations btw  btw not actual costs .
its a damm shame our place dont wont or refuses to use it ,

i just saved to buy an ariel if i had ctw i would have a williers or peloton no need to ask me twice lol .

 

[chipmonster]

Thanks for that as I was really getting worried

 

[kewb]

Thanks for that as I was really getting worried

 theres guys on here that know much more than myself and could give you the full details im sure ,

but thats roughly how it works .

 

[marchammer]

My wife works for the NHS and got a voucher for £900 and her final payment was only a fiver

 

[4F]

Take a look at this thread https://www.cyclechat.net/

 

[wulz]

Hi ,

I work for the NHS in lothian.

Today i paid my final ownership payment of £42 on a vouncher which i recieved to the tune of £870.

I received a discount of 34% so it was indeed well worth doing.

you will de better from a discount point if your organisation is vat exempt. NHS are not so my discount worked out lower than the 40% others talk of.

Hope this helps

Willie

 

[ian emmerson]

I have just finished paying for my bike on cyclescheme. My monthly payments were £31 and after 12 payments my employer offered me the bike for a final payment of £31.

Ironically if i wished to return the bike to them for disposal etc then i would have to pay a fee of £50 !!

Needless to say i kept the bike for the lower figure.

Got the feeling they had no interest in the bike after the contract period