MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
So I’ve just been looking at getting a new bike through “Cycle Scheme” and my employee (Never done it before), and whilst reading the FAQ I noticed that you don’t have to “extend” your hire agreement (for a small fee) at the end of the stated term you can give the bike (and gear/ accessories ) back and then walk away without paying anymore.
This got me thinking….
1: What happens to the bikes that are “returned” to Cyclescheme.co.uk ? I realise it’s probably very few, but some people must walk away ?
2: Are they buyable by the general public ?
3: How do I buy one of these “returned bikes” ?
Does anyone know ?
I believe the bikes go to charity.
It depends upon the company you work for too. Mine use Evans scheme and after the 12 months the company let me keep the bike with no further payments due.
I believe the bikes go to charity.
Oh that's very noble and all that, but BOOOOO ! LOL
It depends upon the company you work for too.
We use: CYCLESCHEME.CO.UK
Mine use Evans scheme and after the 12 months the company let me keep the bike with no further payments due.
Which means that technically you're liable to tax on the residual value of the bike as a "benefit in kind". (See Revenue and Customs Guidance Notes). [url= http://www.hmrc.gov.uk/manuals/eimanual/eim21667a.htm ]http://www.hmrc.gov.uk/manuals/eimanual/eim21667a.htm[/url]
You do not have to run a "Scheme" to take advantage of the tax free benefit. I run one for our company, there is no Scheme.
Its just a salary sacrifice for the amount you want to pay for the bike.
If anyone didnt want their bike Id probably sell it here on STW, or keep it as a company bike. Afterall we own the bike and own the balance sheet.
Ah, the company bike... 😯
cyclescheme own the bikes as far as I can gather, until the final "loan" payment is made... and then its yours. Any people not wanting to pay that final payment can give em back to Cycle Scheme.co.uk
I assume that not many people choose to give the bikes back as the final payment is around £70.00 for the company I work for. But just on the off chance that someone did hand a bike back I wondered what they (cycle scheme) did with them? as my employer doesn't take the bikes back.
... EMail to cycle scheme coming up...
Ah, the company bike...
😀 There's a few of those here ! some are built for speed, and some for comfort, personally i've NEVER tried either for size - pun intended!! 😯