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Cycle to Work scheme

Posted: Tue Mar 08, 2011 10:56 pm
by sarahkeast
I am so excited, just got approval thru from Cycle to Work for my new bike. :sunny:

In my 'other' life I adventure race, trail run and mountain bike race. :scratch: Not very 'ish' but a heap of fun. Anyways, my race bike, the love of my life [apart from kids, most of the time] is 6 years old and very well used, parts were wearing out and she needed some significant money spent on her to keep her up to speed for racing. I had heard about the scheme and how it is a good saving, so thought I would give it a go. Found the bike I wanted, applied yesterday and have been approved already. The scheme is meant for bikes up to £1000, so I am paying a little extra to top it up, the rest is taken form pay packet before tax and NI and will save me about £400 on purchase price. Very excited. :cheers: :cheers: :cheers:

Oh and I wouldnt dream of riding new bike or race bike to work. I use my old bike, which was my second race bike and now has a basket and carriers on it. :rabbit:

Well worth looking into a scheme, see if your employer offers similar.

Re: Cycle to Work scheme

Posted: Wed Mar 09, 2011 8:26 am
by fruitcake
congrats re new toy :cheers: My old work offers that scheme - its brill, loads of folk took advantage of the offer - and all the bikes were bought throught the local independant bike shop too so helped spread the dosh locally

Re: Cycle to Work scheme

Posted: Tue Mar 22, 2011 4:54 pm
by JillStephens7
What's a residue value please Susie?! :scratch:

Jill

Re: Cycle to Work scheme

Posted: Tue Mar 22, 2011 7:52 pm
by Big Al
JillStephens7 wrote:What's a residue value please Susie?! :scratch:

Jill


TAX !

It will have to go down on your tax form as a payment in kind so to speak and where you could pay 5% of the value that has now changed to 25%. At least that's the way it was explained to me.

Re: Cycle to Work scheme

Posted: Tue Mar 22, 2011 9:14 pm
by sarahkeast
Yeah, something like that, but there is a way around I believe, a small payment or something deferred. guess I should have checked it a little more thoroughly....