Cycle to work scheme?

[Teachtrinity]

Anyone got a bike through the cycle to work scheme? Is it worth it? Also any recommendations for an electric bike 😘

[boxlikeamarchhare]

is it worth it? - it is if you use it!

I bought a Brompton through the bike to work scheme. There is a financial limit (£1000 from memory) unless your employer is authorised to allow a higher limit under the consumer credit act.

I paid the excess up front as my Brompton cost more, then paid £83 per month for 12 months. Obviously you don't pay tax or NI on that as it is deducted from gross salary not net.

Your employer benefits, no employers NI and if VAT registered they claim the VAT back on the 'voucher' from the bike to work scheme.

[TemporaryPermanent]

Yes it was great. I paid about £400 over a year for a brand new bike that really fitted me, new helmet and viz jacket, new lick and bike basket. As a result I cycle to work every day and do a lot of shopping and errands on it. I've now had the bike 3 years. If I were doing it again I'd get proper paniers as well.

[RaggieDolls]

DH got a boardman road bike right at the top of the £1,000 cap. He doesn't cycle to work on it very often as he has a cheaper bike for that but it was a very good deal.

[cocomelon23]

Yes but it only gives you £1000. I put the extra towards it.

[SpringLake]

On the scheme we have, the t&cs are that it is just a lease bike, even though you pay out for it. There's no commitment at the end of the term, that it is yours to keep... although, I haven't heard of anyone having problems with that, yet...

[Spinnaret]

Depends on your company policy. They retain the right to charge you for it at the end of the lease period. Most companies don't. Mine do. I think I saved a grand total of £40 over the year.