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Panic over
Well apart from the fact that as mentioned it's less hassle for your company to charge you the 25% than it is for them to fill in all the forms so that the taxman charges you for the BIK. Hence as evidenced by this thread, that's exactly what a lot of companies will do.
the total cost to him of purchasing the bike will be £939.75; a 6% saving.
Making the scheme not particularly good value when you can typically negotiate a 10% discount by not going through the scheme (more if you're willing to shop around and/or go for last year's model in the sale). Not to mention that whilst the poor employee who's actually paying the money has only saved 6%, Cyclescheme (or Halfords, Evans etc.) has made 10%, whilst the employer is now making a whacking 25%+ profit.
Is it really worth the bother, seriously?
You can still get 0% loans in a lot of bike shops as long as you don't bank with the First Central Investment Bank of Nigeria or you could go totally crazy and save up for the ****er in the first place.
Hence as evidenced by this thread, that's exactly what a lot of companies will do.
Although that evidence is tiny.
Making the scheme not particularly good value when you can typically negotiate a 10% discount by not going through the scheme
Really, I got 10% off and went through cycle scheme.
[url= http://www.cyclescheme.co.uk/employer,intro.htm ]Cyclescheme response[/url] to HMRC new rules, 6th August, maybe not relevant to everyone...
Although that evidence is tiny.
Well have you seen any evidence of a company who aren't going to charge 25% following this new advice (ones where the scheme is administered by people who are cyclists don't count, as most aren't)?
C2W scheme needs scrapped anyway. Too many people ripping the arse of out it - including many on here.
Too many people ripping the arse of out it - including many on here.
That would be the impression you get from a forum like this. Most people buying a bike on the scheme don't come on here though - all the info I've seen suggests that the majority are using the scheme for its intended purpose.
I ride mine to work all the time, exactly what it's meant for. It's good 1/8 mile to work by bike and then I use it on my days of for leisure on occasions. Exactly like the scheme is about.
I got my C2W CX bike on the 31st of December 2009 and I've done 26 commute round trips on it (754 miles) some of them offroad on the Quantocks, I'm quite happy that I'm following the letter and the spirit of the scheme.
Sounds exactly like cricket to me (s****....)