Home › Forums › Bike Forum › £1000 on parts not bike on cycle to work scheme
- This topic has 21 replies, 13 voices, and was last updated 7 years ago by thegeneralist.
-
£1000 on parts not bike on cycle to work scheme
-
4roadsFree MemberPosted 7 years agoHi I am looking for an online company that would do £1000 of bike parts rather than a £1000 full bike.
Lots of companies are willing to give £1000 quote for a bike and then allow for a more expensive bike to be purchased but does anyone know of an online shop that would do parts only but give a bike quote for £1000 that has a good selection of quality parts for a bike build up as I have a frame.
cloudnineFree MemberPosted 7 years agoProbably cheaper to buy parts separately using discount codes and put them on interest free credit card..
ToastyFull MemberPosted 7 years agoEvans do parts I think, not a fantastic range of groupsets mind, they have lots of bits though.
I’ve been eying up a new groupset and wheels for my commuter/hardtail 🙂
vincienupFree MemberPosted 7 years ago… isn’t meant to happen.
The money is only meant to be spent on a whole bike / and or safety equipment, bike clothes etc. I believe the shop are meant to supply a frame number to the scheme.
Not saying there is no way round it or no one prepared to do it, but an open web forum isn’t the best place to ask the question, and I’d be surprised if any shops reply offering help. You’d probably do better asking in person at shops you have a good relationship with…
drovercyclesFree MemberPosted 7 years agoWhich Cycle to Work scheme provider? If it’s one of the ones we deal with, happy to help if we can.
One thing to bear in mind: your employer (or the scheme provider, it depends on exactly how it’s run) will technically own all of the bits attached to your frame until/unless at some point down the line they transfer ownership to you. It’s a theoretical thing really, and as long as you and your employer are happy to do this, no reason to worry.
ToastyFull MemberPosted 7 years ago… isn’t meant to happen.
The money is only meant to be spent on a whole bike / and or safety equipment, bike clothes etc. I believe the shop are meant to supply a frame number to the scheme.
So, if your gearing has worn out after a year of commuting, buying a new bike is the best solution?
From Evans FAQ
What cycling equipment can I get?
You can get any adult bike and a wide range of cycling equipment and clothing. You can select cycling equipment with a bike, or if you are already have a bike and are cycling to work you can choose to get equipment only, with all the same tax savings.
drovercyclesFree MemberPosted 7 years agoThe money is only meant to be spent on a whole bike / and or safety equipment, bike clothes etc. I believe the shop are meant to supply a frame number to the scheme.
Depends on the employer, and the scheme, IIRC.
BezFull MemberPosted 7 years ago“if you are (sic) already have a bike and are cycling to work you can choose to get equipment only, with all the same tax savings”
News to me. I could use some luggage and parts for the Brompton.
Is there still a worthwhile saving to be had these days? (At the higher tax rate.)
ToastyFull MemberPosted 7 years agoI just received the 42% discount here and didn’t hear anything else from my company, this was a couple of years back, mind. I’m not sure what is meant to happen these days, regarding the end of the contract.
Certain things aren’t covered, like cycling computers etc. The obvious stuff, gearing/wheels/locks/lights all seem to be though.
cynic-alFree MemberPosted 7 years agoLast I knew (18 months ago) it was only safety equipment (lights, reflective, clothing with reflective), luggage and things like puncture repairs that are allowed under the scheme beyond bikes.
Evans text there is vague – “a wide range of cycling equipment and clothing” implies it’s restricted and not “anything you want”.
IME larger retailers are more likely to stick to the letter of the law as they are more likely to be audited.
ToastyFull MemberPosted 7 years agohttps://www.evanscycles.com/b2b/ride-to-work-employee
As a guide any items which help make you safer, keep your bike safe, or help with your commute can be included, as follows:
Helmet
Lights
Locks
Bags and racks
Cycle clothing*
Any high-viz items
Cycle cameras
Shoes
Mudguards
Pedals
Saddles
Tyres
Stems, seat-postsReplacement bike parts to keep your bike safe on the road, for example:
Brakes
Chains
Cassettes
Derailleurs
Groupsets
Wheels
Tools and maintenance items (e.g. pumps, puncture repair kits, multi-tools but not workstands)
Child seats and car racks can be included for example, when your journey to work involves using either piece of equipment as part of the commute.Cycle clothing needs to contain some high viz or reflective detail.
Please note HMRC currently excludes the following items from the scheme:
Computers, including GPS units
Energy food and drink
Cycle cameras
I clearly need a Go Pro for my 2 mile commute.
thegeneralistFree MemberPosted 7 years agobut an open web forum isn’t the best place to ask the question, and I’d be surprised if any shops reply offering help.
This.
Go into the shop and speak to them. A friend of mine’s wife, who’s 5’3″ got a size Extra-Large bike on her company scheme. The guy in **** didn’t bat an eyelid and just asked if the large bloke skulking around by the accessories section wanted to try it for size instead.
Likewise I know someone who bought a kid’s FS in **** on C2W.
They were very nice and accommodating about it, and in return he doesn’t put the bike shop name on any forum
cheers
BezFull MemberPosted 7 years agoHm. So, if I’ve read my bumph correctly… Initial cost is 60% of the value, and then after 12 months there’s the transfer cost which is anything between 40% and 100% of 18% (for <£500 vouchers) or 25% (for >£500) of the value. So some Brompton luggage would come out between 67% and 78% of retail.
n0b0dy0ftheg0atFree MemberPosted 7 years agoWith looking at the Arkose X 2017 recently, I got thinking about these salary sacrifice schemes again and I’m not convinced they are the cheapest way to buy a bike these days for basic Income Tax payers…
Isn’t a vast majority of the NI and Income Tax savings now offset by these crazy transfer of ownership “fair price” rules, which are 16% of the RRP for bikes under £500 and 21% for bikes under £1k?
In which case, isn’t it going to be a better deal to buy the bike using 15% discount from Toyota club membership for Halfords, or 10% discount through British cycling for Halfords/CRC/Evans, especially if your employer allows you to buy vouchers for said shop at a discount of ~10%?*
I’ve read that some of these cycle schemes allow you to extend the hire period and then pay considerably less for the transfer of ownership (through a tax code change from HMRC), but this does not appear to be an option at my employer using the Halfords scheme, where I think I read it is a fixed 18 month lease before transfer of ownership.
* So I could buy a £900 Arkose X 2017 for ~£729 using BC and vouchers purchased at a 9% discount. I think I would pay more than that to use Cyclescheme.
cynic-alFree MemberPosted 7 years agoInteresting list there from Evans!
Bez you need to remember the payments are before tax and NI. Also check you employer for the final payment. Some, like mine, give it free, but you then pay the tax on that.
MoreCashThanDashFull MemberPosted 7 years agoImpressive list from Evans, options seem wider than I realised.
Had a great conversation at our local Evans last year when they were telling me how they could swing a sale price bike for me over the £1k threshold.
“So who is your employer sir?”
“HMRC”
“Oh…. 😳 “
As a standard rate tax payer C2W allowed me to buy a brand new Arkrose when they first came out with a 20% discount. Think I’d look seriously at a reduced price 2016 model and a 0% credit card if I was buying again.
freeagentFree MemberPosted 7 years agoI bought a Exposure Strada 1200 and a new helmet from Evans via C2W in December.
I’ll be getting new set of wheels via the same route at the end of this year.
DT78Free MemberPosted 7 years agoIt makes a lot more sense that you can buy things like tyres / drive / wheels on C2W each year than a whole brand new bike every year.
Sadly my company has just switched to the Halfords scheme – anyone know if they are also supporting c2w equipment? I could do with a new helmet and some consumables.
EDIT Halfords seems to disagree with Evans
What safety equipment is available through Cycle2work?
The cycle to work legislation doesn’t include a list of ‘approved’ products so HMRC stipulates that a common sense approach should be taken. Permitted equipment includes:
•Cycle helmets conforming to European Standard EN 1078
•Bells
•Bulb horns
•Lights including dynamo packs
•Mirrors and mudguards
•Cycle clips and dress guards
•Panniers, luggage carriers and straps
•Locks and chains that safely secure your cycle
•Pumps and puncture repair kits, tool kits and tyre sealant to allow for minor repairs
•Reflective clothing and reflectors
•Child seatsAccessories that are not available include forks, frames, Sat Navs, cycle computers, Go pro cameras, turbo trainers and cycle racks. Items such as frames and forks are cycle components not safety equipment: safety equipment is something you add to the cycle or the cyclist to make cycling safer.
More detail on HMRC guidance is available here
crashtestmonkeyFree MemberPosted 7 years agoI’ve read that some of these cycle schemes allow you to extend the hire period and then pay considerably less for the transfer of ownership (through a tax code change from HMRC
Cyclescheme, IIRC the largest scheme in the country does this, and it’s a legit tax loophole that HMRC sanctioned. Rather than paying a highish final valuation fee after 18 months I paid something like 60 quid to nominally hire the (£1000) bike for an extended period beyond those 18 months, at the end of which the bike is deemed to be worth zero so you keep it at no charge. You can still sign up to the scheme again after the first 18 months if you wish.
4roadsFree MemberPosted 7 years agoSounds like it can be done then. Cheers.
A friend I now know did it the other way and bought a £1700 frame on it and paid the rest on interest free finance with them.
4roadsFree MemberPosted 7 years agoToasty
I cant see in the cycle scheme where you can buy wheels – groupsets etc ? – is the link you sent only for Evans ?
Cheers
thegeneralistFree MemberPosted 7 years agon0b0dy0ftheg0at
You get the 10% Evans CTC/BC discount AND the C2W discount.
Evans don’t care that you’re getting it tax free. They get the same amount of cash as when Joe Bloggs pays with folding.
SO they give you the normal discounts anyway
The topic ‘£1000 on parts not bike on cycle to work scheme’ is closed to new replies.