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HI,
Just wanted to ask a quick question,
Is there one of the cycle-to-work type schemes out there where an external finance body can layout the initial cash, then re-coupe the monies from our business ?
Therefore leaving us to bear the cost of administering the scheme, and not stumping up the cash ?
Asking on behalf of the managers at my place, as the co. are quite keen on providing this, but the up-front cash is a major stumbling block.
Advice, and help are greatly appreciated !
Cale
Hi Caledonia, the company i work for appears to be doing this!
http://www.singletrackworld.com/forum/topic/cycle-to-work-scheme-4
Couldn't tell you how though! 🙁
cyclescheme.co.uk do this.
Cheers for the quick responses.
cyclescheme.co.uk suggests that you have to 'hire' the bike for a year then pay a circa. 5% fee at the end of the deal to actually 'own' the thing. Is that not a bit restrictive, as raplacement/upgrades of parts would be on a bike you didn't own.
??
the whole scheme is based on you hiring the bike from your employer.
charlierevell works for cyclescheme i think.
With cyclescheme you treat the bike as being yours.
all of the cycle-t-work schemes under the government initiative work the same way - if the bike is yours, then you don't get the tax reduction
Hiya All!
Jambo you are correct...
As nbt says, all Cycle to work schemes are hire, with the possible option from your employer to buy in the end. If it was a buying agreement it would go on P11D and you'd pay tax.
But whats the likelyhood that at 12 months the employer wants to keep your bike?
Your looking at a bike to cycle to work on for 50%+ of its use, what 'upgrades' would you need to do?
You'd look after the bike like it was yours tho, so if your wore out a BB you'd need to replace it.
As for the original question, yes you can Finance it and make it cost neutral to the Employer. There is no need for any of the scheme to cost you or the employer in anything other than a small amount of time.
Thanks Charlierevell,
Apologies for the delay in replying, but i'm not allowed STW at work.
I was looking through the cycle scheme website, and wondered if you had any recommendations on finance companies ? i.e. a list of regular providers of this for the ctw scheme ?
It may be there, but I'm just not finding it.
Thanks again for your help on this.
(I can sniff a nice new HT out of this !)
Hello again,
We have a finance company we use to run the schemes, it can work out very well for the company (depending who they are) due to corporation tax etc..
If you pm me your email addy I can send you some more details.
Email in member header.
Charlie
Hi Charlie,
It's not in the header.