Cyclescheme - Final payment

[Downward]

So when I 1st joined I was told by cyclescheme that they charged the 5% est + Vat fee to "purchase or scrap" the bike
I am not sure though this is the case. What happens is you apply for voucher for say £500. Cyclescheme invoice your company for £500 which your company pay.
When the voucher is redeemed at the LBS the LBS pay Cyclescheme 10% or in this case £50.

So Cyclesheme have their money so I assume your company will invoice you for the 5% est buy/scrap fee ?

 

[lazyfatgit]

I had a bike through cyclescheme, but left employment before scheme term was up. monies due for the remainder of the cost were paid out of final salary (lose out on tax benefits here unfortunately) and then cyclescheme invoiced me for the transfer of ownership (or arrange to have bike collected/sent back).

 

[Downward]

I had a bike through cyclescheme, but left employment before scheme term was up. monies due for the remainder of the cost were paid out of final salary (lose out on tax benefits here unfortunately) and then cyclescheme invoiced me for the transfer of ownership (or arrange to have bike collected/sent back).

Ooo that's interesting.

I will have to keep an eye out on that. If thats the case Cyclescheme are charging 15% Total + Vat for using their scheme.

If it's your company charging fair enough as they "own" the bike.
I shall have to query if cyclescheme come a knocking.

 

[I am Spartacus]

Which Labour MP owns Cyclescheme then?

 

[Downward]

Which Labour MP owns Cyclescheme then?

Hehe yeah I am not sure how they have "won" all this business.

I may have to have a nosy around and ask them how the the Tendering process was carried out. Bearing in mind the spend with them per annum is above the OJEU limit just for our company alone.

http://en.wikipedia.org/wiki/Official_Journal_of_the_European_Union

 

[Downward]

By jove excuse my cynicism it seems a competitive exercise was done.

http://www.cyclescheme.co.uk/pdf/opentender.pdf

Still it only went from April 09 so not sure how it sneaked through before.

http://www.nhstenders.net/modules.php?op=modload&name=News&file=article&sid=41656

Now thats interesting.

That will cover a fair few hospitals in Birmingham
Salary Sacrifice

Childcare Vouchers,
— Workplace Nursery,
— Staff Restaurant,
— Mobile Phones,
— Vehicle Leasing,
— Bus to Work,
— Cycle to Work,
— Park or Ride,
— Workplace Car Parking,
— Other.

 

[Downward]

Has anyone gone via cyclesheme and actually paid to transfer ownership ?
I don't know if I own the bike or not - My 12 months were up at the start of July

 

[addictfreak]

Has anyone gone via cyclesheme and actually paid to transfer ownership ?
I don't know if I own the bike or not - My 12 months were up at the start of July

My last monthly payment is due 1st Oct. Then there is one additional payment of £20 to tranfer owner ship of the bike to me. Should I not wish to keep the bike I can return it also for a charge of £20.

My employer sent me a letter detailing the above about 2 weeks ago. The value of my original voucher was £1000.

Hope that helps.

 

[Downward]

My last monthly payment is due 1st Oct. Then there is one additional payment of £20 to tranfer owner ship of the bike to me. Should I not wish to keep the bike I can return it also for a charge of £20.

My employer sent me a letter detailing the above about 2 weeks ago. The value of my original voucher was £1000.

Hope that helps.

Knowing our employer and how they cocked up the childcare vouchers they will take X amount for the old bike and the payment for the new scheme without notice

 

[iendicott]

I'd be interested to see how this pans out as I am pushing for this scheme at the NHS trust I work for. Another trust I have spoken to does this already and at the end of the year the trust gives you the option to purchase the bike for £1 to cover paper work.

 

[minemapper]

Last payment came out of my June paycheck. Haven't heard a peep from HR yet about transferring ownership. Suspect I won't. Getting ready to do another one for the missus soon.

 

[Maizie]

Anyone here have cyclescheme but it runs for longer than a year?

Our company, we pay 12 monthly payments, but the hire period is THREE years, and it's only after the three years (i.e. 2 years after the last monthly payment) that you (a) make your final transfer of ownership payment and ( can buy another bike through the scheme.

Any idea why they'd do three years? We are allowed to go for up to £3000 if we want, does that affect it?

Don't know if I can be bothered, chance of me having a job here in 12 months - nevermind 36 months - seem pretty darn slim...

 

[g00se]

Just a guess - but maybe the 3 year hire agreement is to stop you buying a new bike annually - that is, you can only apply for a new cyclescheme bike every three years?

 

[Maizie]

I was thinking it couldn't be as simple as that, but then when I think of the size of the company and the potential uptake, yeah, they probably don't want to run the risk of us all wanting a new bike every year! (Besides, they let you spend up to £3000, and they probably expect a bike that cost that much has a chance of lasting three years...)

 

[Theseus]

These sorts of things are generally controlled by accountants. My guess would be that they have to depreciate it off the books before you can take it over. This may not be possible to do over 12 months, but quite acceptable over 36.