Gaz Vickers
Well-Known Member
- Location
- Heywood, Lancashire
Essential! I can't recommend them highly enough!
First Ride
- Thread starter nickg
- Start date
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IanSmithCSE
Guru
- Location
- Worcester, Worcestershire
Good evening
[Does it cost the company anything at any time?]
Yes, it's an admin hell!
The legal position is that the company buys and owns the bike and leases it to you.
You will often find references to a £1,000 limit, this is a good example of the problem, there is no such limit!
There is no limit to the value of the bike, but to lease it to an employee the employer needs a Consumer Credit License (a formality for a mega corp, but a bit of a time consuming issue for a smaller company). The Act that created Cycle To Work granted a block exemption/licence for £1,000 and under, or is it under £1,000, fine if you know this.
Then your payments under the scheme come under salary sacrifice....If you leave within the lease period....., if you stop using the bike..... you thought that you were buying the bike but you are not.....
Can you see where this is leading for the poor payroll admin bod?
Bye
Ian
[Does it cost the company anything at any time?]
Yes, it's an admin hell!
The legal position is that the company buys and owns the bike and leases it to you.
You will often find references to a £1,000 limit, this is a good example of the problem, there is no such limit!
There is no limit to the value of the bike, but to lease it to an employee the employer needs a Consumer Credit License (a formality for a mega corp, but a bit of a time consuming issue for a smaller company). The Act that created Cycle To Work granted a block exemption/licence for £1,000 and under, or is it under £1,000, fine if you know this.
Then your payments under the scheme come under salary sacrifice....If you leave within the lease period....., if you stop using the bike..... you thought that you were buying the bike but you are not.....
Can you see where this is leading for the poor payroll admin bod?
Bye
Ian
OP
OP
nickg
Veteran
- Location
- Colchester, Essex
Thank you iansmith.
Well it just looks like I've got to save up my pennies for my new purchase.
Well it just looks like I've got to save up my pennies for my new purchase.
OP
OP
nickg
Veteran
- Location
- Colchester, Essex
Well just now, went out again, done 4 miles again, but done it 30seconds faster with average speed of 13.83 mph. So pretty happy.
I'm currently using edmondo to record my rides on my phone. But is there anywhere I can log all my ride info on line so its easy to monitor?
Defo need padded shorts though and a helmet.
I'm currently using edmondo to record my rides on my phone. But is there anywhere I can log all my ride info on line so its easy to monitor?
Defo need padded shorts though and a helmet.
Get In The Van
Senior Member
- Location
- West Lothian
a lot of folk on here use this www.mycyclinglog.com
gary in derby
Well-Known Member
- Location
- Derby
Dont mention H****ts
GentlyBenevolent
Well-Known Member
- Location
- Wigan-ish
In addition to my cycling log and endo, you've got:
Strava.com - it's a good motivator / competitive thing with automatic leaderboards
RideWithGPS.com - very detailed info about past rides and for future routes
Chain Reaction have a sale on at the mo - click - I've got a couple of pairs of the funkier 7 panel basic shorts. They do the job, and fit according to the size guide on their site. While they're not too expensive it's worth getting a pair, see how the fit works for you, then look at splashing cash when you know what to look for.
Also, watch for the lidl/aldi bike gear sales. The lidl leg warmers are working wonders now the weather's turning nippy.
terry_gardener
Veteran
- Location
- stockton on tees
Houthakker
A Happy Wanderer
- Location
- Lancashire coast
The other downside for a company is that it has to shell out the cash up front to buy the bike for you, but only gets it back over a period of time, so if say 10 people wanted to take it up, the firm would have to front up £10k then claim that back over a year or more. For some firms that cashflow hit is a struggle.
What if you leave the company within the lease period?
And does it really save much when you come to buy the bike from them at the end of the term?
Also you aren't eligible if the salary sacrifice takes your pay below minimum wage which I assume it would if you we're only pence above minimum wage (seems daft as low earners are more in need of cheaper deals).
And does it really save much when you come to buy the bike from them at the end of the term?
Also you aren't eligible if the salary sacrifice takes your pay below minimum wage which I assume it would if you we're only pence above minimum wage (seems daft as low earners are more in need of cheaper deals).
