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Cyclescheme

iainmentiainment
in Not Sports Related
I'm thinking of using the Cyclescheme to get a new bike.

Has anyone here used this? Is it worthwhile? What happens if you change jobs/get made redundant part way through the payment period? Do you lose the tax cut on all the loan or just pro rata to the month you're in?

Many thanks.

And in case you're interested I'll be getting a Genesis Tour de Fer 10 or a Ridgeback Expedition.

Comments

  • MrOneLungMrOneLung
    iainment said:

    I'm thinking of using the Cyclescheme to get a new bike.

    Has anyone here used this? Is it worthwhile? What happens if you change jobs/get made redundant part way through the payment period? Do you lose the tax cut on all the loan or just pro rata to the month you're in?

    Many thanks.

    And in case you're interested I'll be getting a Genesis Tour de Fer 10 or a Ridgeback Expedition.

    I know nothing of cycles, but you have named my condom of choice.
  • bobmunrobobmunro
    The loan is with your employer and you get the tax break (repayment from gross, not net) as long as you are employed by that employer and being paid by them. If for example you have paid off half the loan from gross and you leave that employment then you will need to repay the outstanding balance from net.
  • iainmentiainment
    bobmunro said:

    The loan is with your employer and you get the tax break (repayment from gross, not net) as long as you are employed by that employer and being paid by them. If for example you have paid off half the loan from gross and you leave that employment then you will need to repay the outstanding balance from net.

    Thanks.
  • jamescafcjamescafc
    iainment said:

    I'm thinking of using the Cyclescheme to get a new bike.

    Has anyone here used this? Is it worthwhile? What happens if you change jobs/get made redundant part way through the payment period? Do you lose the tax cut on all the loan or just pro rata to the month you're in?

    Many thanks.

    And in case you're interested I'll be getting a Genesis Tour de Fer 10 or a Ridgeback Expedition.

    Bought two bikes on the scheme through my employer and found it very easily to use on both occasions.

    Not to sure on the ins and outs but I borrowed £1200 each time and £100 was deducted from my gross salary. The saving is what you'd normally pay in tax and NI as I understand it.

    Keep in mind that when purchasing the bike and accessories, both stores made me spend the full amount of the voucher. Had some trouble when turning up and finding the bike I had intended to buy had been reduced by 25%. Excess was spent on tyres, lights, helmet etc
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