[Closed] Cycle2work and "fair market value"?

I think most employers just stick on the amount of the monthly payment you've been making

thats what i thought

Just come to the end of my first C2W - and Fair Market Value was a simple 5% of the bike price plus VAT.

Ours used to be a flat rate of a tenner but it's now 5% as I think they realised that was pushing it a bit.

Just finished mine as well, and they only want £30 here, and I was expecting it to be £50/5%... cracking!

ours states 'fair market value subject to a 10% min of the voucher value" if you wish to take title..

or 10% if you wish the employer to retain goods

5% + VAT here.

Yep ours was/is again I hope 5%+vat

ours wont state - does this not Fall under the murky waters of becoming “hire-purchase” schemes and thus liable to tax if stating the fair market value? I know some used to have a zero value, but most appear to be either 1 months hire (in value) or 5%.

it's only taken 4 years of badgering the comapny to finally do it and i'm now no longer in a position to do it... grrrr

Our company runs the scheme over 3 years, you pay the bike back over 12 months but you don't get the option to purchase until 3 years has passed. The scheme has only been running since xmas so I don't have a clue how they'll work out the final price. 🙄

My works place was one additional payment, unfortunatley i'm not entitled to it the barstewards 👿

they can not state in advance the exact cost to transfer title of goods otherwise it becomes hire purchase...

took 5 years were i am and we are on the 2nd intake now

afraid you can't state the actual amount til they actually offer it to you (only hint at what it might have been historically)

5-10% seems normal though.

Far mkt value is likely to be around 50% right? If a company did charge a fair price after taking the monthly payments you'd be right out of pocket.

I think I paid a tenner but that was a year or so ago...