Bike to Work Scheme value

It’s likely that a few of you will be thinking about the whole Bike to Work thing again. And I know that many are worried about the end-of-lease payment as it’s seldom quantified at lease start. I’ve just received a letter from my employer asking me to settle up or donate the bike to charity. They want £20…..

I thought the final payment was akin to a 13th month. i.e. no more than 50 quid (for a 1000 quid bike over 12 months).

The Tax Man considers 5% of the initial cost to be a “fair market value”.

Mine was a £1,000 bike (Focus Cayo) – over 12 months.

I paid £50 for a £1000 bike, if that helps anyone.