Cycle schemes
- Thread starter tillson
- Start date
I think that the bottom line here is that Cyclescheme saves a basic rate tax payer in the region of 30% on the purchase of a new bike. A higher rate tax payer will save more.
My employer, for whatever reason, does not want to administer the scheme themself, so they use one of the, "Parasites," in my case, Cyclescheme. Therefore, my choice, and I suspect many other people's choice, is to either pay the full price or to use a cycle purchase scheme and save a healthy sum of money.
These scheme operators, or parasites as they have been referred to, charge the bike shop a commission. Some bike shops (50 Cycles used to. Don't know if they still do) pass that cost onto the customer, some don't. It's the customer's choice whether to accept it and the bike shop's choice whether to participate.
My latest purchase is currently going through Cyclescheme and I will save a considerable sum. I have no difficulty with these cycle purchase schemes.
My employer, for whatever reason, does not want to administer the scheme themself, so they use one of the, "Parasites," in my case, Cyclescheme. Therefore, my choice, and I suspect many other people's choice, is to either pay the full price or to use a cycle purchase scheme and save a healthy sum of money.
These scheme operators, or parasites as they have been referred to, charge the bike shop a commission. Some bike shops (50 Cycles used to. Don't know if they still do) pass that cost onto the customer, some don't. It's the customer's choice whether to accept it and the bike shop's choice whether to participate.
My latest purchase is currently going through Cyclescheme and I will save a considerable sum. I have no difficulty with these cycle purchase schemes.
Last edited:
I bought a Boardman Hybrid Pro on the cyclescheme in June 2012. My scheme has just ended and all i received from my employer (a FTSE30 company) was an email saying that they'd come to an arrangement to HMRC and ownership would be transferred to me automatically at no cost, and i i didnt want to keep the bike i should contact them. I had been expecting to have to pay a couple of hundred pounds at least.
That's a good result and I am pleased that it goes against my initial perception of these schemes.
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