Halfords c2w scheme bike suggestions

[deckertim]

My company's new c2w scheme has just opened for registration and I am thinking of using it to buy a new bike. Currently I am riding a Dawes ultra galaxy, which is very comfortable to ride, but a little heavy. So I am thinking of getting something lighter. The scheme allows up to £2,000 payable over 3 years, although spending less than this would be preferable.

I don't think I want a really sporty bike as due to an old back injury I prefer a more upright style and on my current bike I have the top of the handlebars about the same height as the top of the saddle. I would also be riding the bike in all weathers and may even do some very lightweight touring, so clearance for mudguards is needed. I do a lot of training in the North Downs and prefer to spin rather than push hard so probably want a triple. As a result I think that an Audax style bike would suit me best.


Some bikes I like the look of:
Specialized Roubaix
Sabbath September
Thorn Audax Mk3

Of course, getting the bike I want through Halfords could be the next challenge!

I would be interested in hearing if anyone has had any success getting a non Halfords bike through their scheme and also any other options I should consider.
Thanks
Tim

 

[TheBoyBilly]

My ex got a Specialized Myka on the scheme last year and the Halfords Admin couldn't have been more helpful. Helen Deugard is a sweetie. Halfords being Halfords, they got a Sport in but not the Sport Disc as ordered. Another weeks wait followed. If I hadn't known my bikes it could have been painful though.
Specialized Secteurs are reportedly very comfy - so much so that I am seriously considering buying a 2010 Elite. The Tefosi CK7 is recommended in one of the bike mags this months if you want a more Audax-oriented ride. You really don't need the full £2k to get a seriously nice bike. You can pick up a nice Condor Fratello from the Condor guys themselves (built to your spec with handy in-store advice) as they accept vouchers, as do On Your Bike in Tooley St. SE1 (and many more dealers)

Bill

 

[jig-sore]

may i point you towards the boardman range ?? good quality bikes at fair prices. their hybrid is worth a look. but i think you will have to wait for new year before you get to see the new range.

 

[chrishodges]

I am also looking at profiting from the cycle to work scheme in the near future. I think it depends on the company. From the research I have done my company only seems to work through Halfords with the scheme where as other companies work with a wide range of companies.
I think it best to ask around within the company. If your LBS participates in the scheme you might be able to convince the company to set up a link with them.

 

[TheBoyBilly]

There are a few threads on the subject of the Cycle2Work schemes now that the HMRC have got involved. You may or may not be aware that after the hire period (as opposed to hire purchase) you will very likely to be asked for 25% of the value of your voucher as a one-off payment to secure ownership - hence this being a 12-month hire scheme. You can pay it ( in my case £235 for an £800 voucher) or take the bike (plus any accessories bought with the voucher) back to your dealer and call it quits. OR, as I have, defer ownership for a few years as the value of the bike comes down on a pre-determined scale, so that after (I think) four years the amount payable is about 5%. It certainly isn't as attractive a scheme as it was but do your sums and it could still be worthwhile. There are folk on these forums that know the legal ins and outs much more than I do.

Bill

 

[amnesia]

There are a few threads on the subject of the Cycle2Work schemes now that the HMRC have got involved. You may or may not be aware that after the hire period (as opposed to hire purchase) you will very likely to be asked for 25% of the value of your voucher as a one-off payment to secure ownership - hence this being a 12-month hire scheme. You can pay it ( in my case £235 for an £800 voucher) or take the bike (plus any accessories bought with the voucher) back to your dealer and call it quits. OR, as I have, defer ownership for a few years as the value of the bike comes down on a pre-determined scale, so that after (I think) four years the amount payable is about 5%. It certainly isn't as attractive a scheme as it was but do your sums and it could still be worthwhile. There are folk on these forums that know the legal ins and outs much more than I do.

Bill

I have just received details of next year's scheme with my company and what you have explained above is not their understanding.
At the end of the 'loan period' you pay an amount equal to the TAX on the FAIR MARKET VALUE as defined by HMRC.

We have been given an example that indicates the FMV for a £1000 voucher would be £250 - so tax (at basic rate would be £50).
Interestingly, the FMV gets lower as a percentage the less your voucher is worth... a £100 voucher has a FMV of just £18, so you would only pay a few quid in tax.


So, you're not paying the FMV to purchase the bike, you're paying the TAX on the FMV at the end of the loan period. This makes it practically the same as last year's.


Of course, my HR department could be hopelessly wrong, but if those are the terms and conditions of the contract I'm signing........

 

[adscrim]

I have just received details of next year's scheme with my company and what you have explained above is not their understanding.
At the end of the 'loan period' you pay an amount equal to the TAX on the FAIR MARKET VALUE as defined by HMRC.

We have been given an example that indicates the FMV for a £100 voucher would be £250 - so tax (at basic rate would be £50).
Interestingly, the FMV gets lower as a percentage the less your voucher is worth... a £100 voucher has a FMV of just £18, so you would only pay a few quid in tax.


So, you're not paying the FMV to purchase the bike, you're paying the TAX on the FMV at the end of the loan period. This makes it practically the same as last year's.


Of course, my HR department could be hopelessly wrong, but if those are the terms and conditions of the contract I'm signing........

It's more like £80 on £250 FV but the idea is correct and pretty clear in the guidance HMRC provided. They even use the example of transferring the asset at a value far below the FMV, saying that this is acceptable providing tax is paid on the difference.

HMRC don't care how much the asset is tranferred for, just that you pay the tax on the FMV of the asset.

£250 is a bit steep on a voucher of £100 though

 

[amnesia]

£250 is a bit steep on a voucher of £100 though

Sorry - typo... meant £250 on a voucher of £1000

 

[ed!]

Hi Tim,

These are the list of places near where I am based (London) that would accept the Halfords voucher:

- On Your Bike - Tooley Street, London Bridge
- Condor Cycles - Clerkenwell (they will charge 10% of the bike value for building) [edit - I went there yesterday, and they reckon 5%, but wasn't completely sure]
- Pearsons - London Borough of Sutton
- Action Bikes - Twickenham, Northumberland Avenue, Dacre Street, East Sheen and Wimbledon
- Edwardes Cycles - Camberwell Road

If you want to get it through the Halfords channel, once you've chosen the bike (assuming it's one they don't offer in store), just give them a call and tell them that's what you want. From what I was told last year, they will try source it for you and then get it delivered to store, else put you in touch with someone that can deal with you directly (probably one of the aforementioned stores).

I got mine from Condor last year. Knowing that I wouldn't get my voucher until January, I was still able to still get the bike beforehand by paying out of my own pocket, then getting a refund once the voucher arrived.

I'm thinking of getting another bike from Condor and have already built up another CX bike using their bike builder tool. They also do bike fitting using an adjutable bike frame, so you can see what geometry type bike works for you. I have seen some Specialized and Cervelo bikes in there, so it's possible they could order something for you.

The other thing to bear in mind is that ideally you want to have paid for your bike before the end of the year as VAT will go up therefore bike shop prices probably will too. Either that, or you factor that in with the voucher amount you select as places are not allowed to let you top up (although you might find some places that will).

Unfortunately I know nothing about any of the bikes that you have chosen, and irrespective of what people say, your best bet is to just try them out - I'm sure Evans have the first two.

On a slightly separate note, do you have any idea what there approach is to transfer of ownership fees at the end of the term...? The Ts and Cs didn't make any reference to it.

Cheers,

Ed