Subject: RE: bikes advice Cycle to work scheme is brilliant. basically your company buys the bike and owns it and you lease it from them at an agreed rate for a year. My firm let you decide how much you want to buy a bike for eg£500. they then divide this by 12 months so you repay £41.65 per month out of your gross salary which is equivalent to paying £20.80 per month if you are a 40% tax payer (NI is also saved ). Then at the end of 12 months your firm can decide what to do with the bike. Ours sell it to us for 1 months payment. So you would pay £270.40 for a £500 bike. You are obliged to use the bike for some of your journeys to work. I ride to the station on most days. You could ride to a friends house for a lift to work. They dont check up on you though so you use it as you see fit. ;- ) It doesn't work if you are going to leave your firm within the year and you have to buy a bike suitable for commuting so no kids bikes or bmx. MTB, hybrid or racer is fine. We use Evans and they are fairly relaxed so I could buy a £2000 TT bike using the max £1000 voucher plus cash. technically the bike is still owned by my firm for a year but in reality it is mine. Evans website has a guide on it with lots of info |