Just in the process of getting new bike through cyclescheme.
Is it possible to add some money to it if you buy one over the £1000 limit? Also is it possible to get a discounted bike or is it the full retail price?
Think it depends on the shop/salesperson. I told the dude in LBS I had £1000 limit and he said I could go above this with a cash only settlement for the rest and he would complete the form for £1k.
da funk
Technically no you cannot top up the voucher & it is supposed to be at the RRP
Some shops will allow a top up, but if you lose your job then you lose the top up if still within the contract period and the company may well want the bike back, they may also wonder why you have a different bike to the one on the voucher
Some shops allow reduced price bikes, but some do not as some schemes admin charges can be quite high
I also have heard that some shops add 10% onto the price if it's cyclescheme bike
Thanks for the info, I might try my lbs to see if i can go over the limit with a cash top up. Mentioned it to my employer he said no probs. Work for a small family firm so shouldnt be a problem
You can add more money but this seems to add complications to the application.
This comes under another part of the scheme which you will find the info off of
the cycle to work scheme web site.
From the cyclescheme.co.uk website.
The Office of Fair Trading (OFT) has issued a group consumer credit licence to cover Employers implementing Cycle to Work Schemes that are limited at £1000 inc. VAT per Certificate.
Employers who have their own Consumer Credit Licence Category B (consumer hire) can allow employees to request Certificates of a higher value. Alternatively, employers wishing to increase the Cycle to Work Certificate value can apply for their own individual Consumer Credit Licence from the Office of Fair Trading. For further details please contact our Helpdesk on info@cyclescheme.co.uk.
Technically you cannot. The company needs to own the bike that they're going to rent to you, not share ownership of it.
If you work for small company and can influence what they do, then don't bother with Cyclescheme. Do it yourself and get a better deal - your LBS should be able to do you a better price if they're not giving Cyclescheme 10%.
You can also achieve better savings with it still costing your company nothing.
PDW. How do i go about doing it that way? is it just a case of my employer buying the bike then claiming vat and other benefits back?