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Apologies if this one has been asked before.
I bought a bike last year on C2W through Cyclescheme
They list their options at the end of the term, but dont list the option of my employers filling out a P11D benefits form and me having the bike by paying the tax due on the 25% retained value ?
My Employers already complete a p11D form for other taxable benefits so this would probably the best option for me if its available ?
does anyone have any experience of dealing with Cyclescheme at the end of the hire period ?
Cheers
Dom
depends on the wording of the cyclescheme agreement..
some are setup so that at the end of the hire period the ownership reverts from you employer to cyclescheme..
is that happens you will not get the option of benefit in kind when you take title.
look at the wording in your agreement
Yes i paid the 13th month "deposit" to allow me to use the bike for another 3 years, at the end of which i can have my deposit back or keep the bike.
Seemed like the best plan to me. i've done this twice now and since paying on the first one i've not heard diddly so i guess thats it really.