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Now factor in the 10% of the sale price that the likes of CycleScheme take for their administration role. So how much you save depends on the tax bracket you’re in – big earners will save more because they would have been paying more tax.The scheme allows employees to spend on bikes and equipment, tax-free, making a saving of up to 42% on the overall value.To get started, find out what scheme your employer is enrolled in, therefore where you can buy your bike from, and choose your bike.If you get a bike under the Cycle to Work Scheme, that doesn’t mean you’re only allowed to use it for your commute. Something to do with it not having a 12 month warranty. But realistically it usually works out much cheaper than this.Over the weekend, there will be hundreds of free and fun activities across the country, put on by an army of volunteers; the ‘I am Team GB Games Makers’.Toyota has teamed up with Team GB to re-launch the hugely successful participation campaign ‘I am Team GB’.If you’re self-employed, you still use the scheme if you have your own limited company.
And how much you save will depend on your tax bracket.The payments are except from tax – which is where you save the 42%.
Under the Cycle scheme it seems you can’t get a recycled/refurbished bike for the C2W. We are trying to promote healthier living and environmental benefits of cycling, yet this practice prevents the use of recycled bikes and insists that we buy in to the high carbon footprint ‘new’ market.My mates could all get £1000 vouchers and ‘buy’ a second hand bike off me.One of my work colleagues suggested it may be due to tax reasons, but as far as I know it’s got nothing to do with VAT has it?It would mean that folk selling stuff on who want to shift it quick may have to be a bit more realistic as to the price they’ll get.Oh and I’m not talking about £25 near the scrap heap refurbed bikes either, we’d be looking at the £200-500 range.Cyclescheme (a commercial company that some employers use to help administer a cycle to work scheme) may well impose other restrictions.Interesting. Even if they don’t cover the full cost, the HMRC-specified fair market value at which you’d normally sell to the employee is pretty conservative. I guess that the employer is liable if something breaks outwith wear and tear, as they own it, rather than the employee being required to make sure the bike is maintained and insured if they wish.If you set up a shop to refurbish bikes yes, in that you would have to be a registered company. I think that some of the Uni’s promote it, but other than getting my company to go solo on a scheme which would be difficult(whereas Cyclescheme’s approach is easy and the arrangements of loan extensions to adjust for the new guidance is most appealing for cost savings) is there any other option?Generally they recover the full cost of the bike during the hire period, or at least very close to it, so there’s not really any risk there. Cycle to Work With over 1.3 million plans currently in operation, cycling to work enables you to save up to 39% on the cost of a brand new bike! (other than VAT which is the same on second hand bikes).Edit – and I suspect Cyclescheme wouldn’t care as long as they are getting their slice of the action (10% of the sale price).I guess there may be a market for slightly higher end stuff to come in under the cycle to work scheme by the cheap bike recycled from a skip organisations that are cropping up. Launched 24 hours after Mr Johnson's anti-obesity campaign, the fix-your-bike voucher scheme is the latest move by the PM in his drive to boost cycling to … The Cycle to Work scheme lets you buy a bike and equipment – paying it off over the next year in monthly instalments. Something to do with it not having a 12 month warranty. Absolutely nothing requires them to be new bikes, and companies can buy whatever bikes they want from wherever they want.The topic ‘Bike to Work (cyclescheme) and second hand bikes’ is closed to new replies.Assume it’s to do with fraud?To me, this is a bit backward. doesn’t really make sense to me.Theres no tax on second hand bikes.Even if not using Cyclescheme, you can imagine an employer being reluctant to rent you a bike that is not covered by a warranty for the full rental period. You also have to be over 18.Bikes don’t come cheap, but the Cycle to Work Scheme could help you make a serious saving.
Now factor in the 10% of the sale price that the likes of CycleScheme take for their administration role. So how much you save depends on the tax bracket you’re in – big earners will save more because they would have been paying more tax.The scheme allows employees to spend on bikes and equipment, tax-free, making a saving of up to 42% on the overall value.To get started, find out what scheme your employer is enrolled in, therefore where you can buy your bike from, and choose your bike.If you get a bike under the Cycle to Work Scheme, that doesn’t mean you’re only allowed to use it for your commute. Something to do with it not having a 12 month warranty. But realistically it usually works out much cheaper than this.Over the weekend, there will be hundreds of free and fun activities across the country, put on by an army of volunteers; the ‘I am Team GB Games Makers’.Toyota has teamed up with Team GB to re-launch the hugely successful participation campaign ‘I am Team GB’.If you’re self-employed, you still use the scheme if you have your own limited company.
And how much you save will depend on your tax bracket.The payments are except from tax – which is where you save the 42%.
Under the Cycle scheme it seems you can’t get a recycled/refurbished bike for the C2W. We are trying to promote healthier living and environmental benefits of cycling, yet this practice prevents the use of recycled bikes and insists that we buy in to the high carbon footprint ‘new’ market.My mates could all get £1000 vouchers and ‘buy’ a second hand bike off me.One of my work colleagues suggested it may be due to tax reasons, but as far as I know it’s got nothing to do with VAT has it?It would mean that folk selling stuff on who want to shift it quick may have to be a bit more realistic as to the price they’ll get.Oh and I’m not talking about £25 near the scrap heap refurbed bikes either, we’d be looking at the £200-500 range.Cyclescheme (a commercial company that some employers use to help administer a cycle to work scheme) may well impose other restrictions.Interesting. Even if they don’t cover the full cost, the HMRC-specified fair market value at which you’d normally sell to the employee is pretty conservative. I guess that the employer is liable if something breaks outwith wear and tear, as they own it, rather than the employee being required to make sure the bike is maintained and insured if they wish.If you set up a shop to refurbish bikes yes, in that you would have to be a registered company. I think that some of the Uni’s promote it, but other than getting my company to go solo on a scheme which would be difficult(whereas Cyclescheme’s approach is easy and the arrangements of loan extensions to adjust for the new guidance is most appealing for cost savings) is there any other option?Generally they recover the full cost of the bike during the hire period, or at least very close to it, so there’s not really any risk there. Cycle to Work With over 1.3 million plans currently in operation, cycling to work enables you to save up to 39% on the cost of a brand new bike! (other than VAT which is the same on second hand bikes).Edit – and I suspect Cyclescheme wouldn’t care as long as they are getting their slice of the action (10% of the sale price).I guess there may be a market for slightly higher end stuff to come in under the cycle to work scheme by the cheap bike recycled from a skip organisations that are cropping up. Launched 24 hours after Mr Johnson's anti-obesity campaign, the fix-your-bike voucher scheme is the latest move by the PM in his drive to boost cycling to … The Cycle to Work scheme lets you buy a bike and equipment – paying it off over the next year in monthly instalments. Something to do with it not having a 12 month warranty. Absolutely nothing requires them to be new bikes, and companies can buy whatever bikes they want from wherever they want.The topic ‘Bike to Work (cyclescheme) and second hand bikes’ is closed to new replies.Assume it’s to do with fraud?To me, this is a bit backward. doesn’t really make sense to me.Theres no tax on second hand bikes.Even if not using Cyclescheme, you can imagine an employer being reluctant to rent you a bike that is not covered by a warranty for the full rental period. You also have to be over 18.Bikes don’t come cheap, but the Cycle to Work Scheme could help you make a serious saving.