How to save up to 50% off on your next eBike with the Cycle to Work Scheme
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- čas přidán 2. 09. 2020
- Henry explains how you can get a brand new eBike with the Cycle to Work Scheme. By using our recommended providers, you pay nothing upfront and the payments are taken tax efficiently from your salary by your employer. To find out more about our providers use these links:
Fully Charged: www.fullycharged.com/finance/...
Green Commute Intiative: greencommuteinitiative.uk/
Cyclescheme: www.cyclescheme.co.uk/
Bike 2 Work Scheme: www.bike2workscheme.co.uk/
Cycle Plus: www.cycle-plus.co.uk/
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If you’re getting 50% off that tells me your rich af and don’t really need the 50% off
Hi sorry this might be a dumb question but i have asked about the cycle to work scheme in work tofay and they are going to get back to me, can you clarify for me though if they enroll on it and agree to get me a bike is it them that pays for it and im paying them back or is it funded by the goverment amd they are paying the goverment back? Thanks for any answers
It’s a great scheme with no downside, unfortunately I work for a company where the boss hates cyclists and rants about us on a regular basis and will not implement the scheme. Hopefully the government will eventually make it law just like pensions.
Let's hope so!!! Thanks for getting in touch.
Your boss sounds like a pillock
No downside apart from you cannot get on the scheme. I have a conditional offer of employment from a company that works primarily for a huge energy supplier and their supposed role is to reduce carbon emissions and reduce congestion. They are fighting me hard in relation to the cycle to work scheme and I am finding it nothing but hypocritical.
If I get no joy I will come on here and expose them for the hypocrite liars they are. Watch this space.
There is @Mike Bikes in Fermoy too
So if I am the owner of my company and total employees is one (myself) I can not only use this but then It's my property anyway after the rental period?
Just been accepted again (first time was 2018) I lived 25 miles from work so I was surprised they gave it me then as I was never using for work lol. Then I’ve just applied again 3 weeks ago and even though I work from home full time now they’ve accepted 🤣🕺
You make it sound as if the scheme is worth it, when in reality it is not. Its a rip off.
@@whowhy9108 how is it a rip off as it works out you get the bike cheaper because you don’t pay any tax on it?
@@whowhy9108How is it a rip off? My bike is worth £1500 without the scheme, but only £1,000 if I use the scheme.
@coreymichael1880 Was the payment at the end of the term really high? I've also been looking into it and saw many say it's not worth it
Yep, you have to buy the bike after the scheme period is up, until then it's not yours.
This depends on the cycle-to-work scheme provider. This doesn't happen with the Green Commute Initiative.
there should be only 1 scheme for all the employer and we should be able to use it in any store we want, my employer has a scheme with a limit of £1000 and I can only buy in Halford or Tretz (overpriced companies with really bad service...)
Great video. What happens at the end of your payment period? I've seen contradictory advice similar to a PCP car contract. Thanks
Me too, and the final cost was so high I gave it a miss
@@virgin26 cheers for the heads up
@@douglasmaxwell6547 not worth it, if you've got the money you may as well pay for it yourself....there's always a catch somewhere
What if someone made a quote on normal bike price without contacting bikeshop just price from website and soon he will get this voucher?
Hi there, you have to contact the bike shop to make sure the bike you are looking to purchase is within the total limit allowance of the Cycle-to-Work Scheme voucher your employer sets for you.
The bike seller (an Online store) is increasing the base price from 1450 to 1699 when we are selecting the bike to work scheme, plus on top of their is taxes shipping charges etc making the total cost pass 2000, which 1500 will be paid by comapny rest by the customer.
I am wondering what sort of benefit is there when the base price is up it feels like zero benefit
mmm we would probably suggest for you to buy from a selected retailer and not an online store. Where would you get the bike serviced, Ghilman? It's integral to make sure you have a dedicated service partner available.
@@FullychargedUK I have already ordered my bike.
The brand i was interested in i guess would not be available at a local store
Although the bike is coming from Dublin only.
Can this scheme work with small Ltd companies? I'm basically a one man band with my wife as an employee.
Yes, the scheme can work with small LTD companies. If you look at our Cycle-to-Work scheme page then you can find more information about the providers we work with: www.fullycharged.com/cycle-to-work-scheme/cycle-to-work-scheme
@@FullychargedUK OK then, I'm PAYE and my company is refusing to join the cycle to work scheme.
Can I setup also as a sole trader self employed and receive the tax relief that way.?
Question harry
How long approximately doyou wait once submitted your application
Keith, thanks for getting in touch! You wait approximately 10-15 days depending on the cycle-scheme provider. Hope this helps, Henry.
@@FullychargedUK thanks for getting back cheers
I thought it like gov pay off 50% of price or something like that :)
Wouldnt that be grand eh. Instead, we buy the same bike twice.
One problem we are all working from home now
A short term problem for some Stephen but there's nothing like looking to the future! Thanks for reaching out.
why do higher tax payers pay less ? It does not make sense to me...
Because they contribute more tax and national insurance and the savings come through tax and national insurance
@@johnwick-ip7gr they also can afford it. Even with this scheme a bike is very expensive for lower incomes
@@alidz9885 you can literally spread the cost over 4 years and it's interest free, so you can own an expensive bike without your income become affected, just cut down 1 solo food akeaway a month, health is wealth
@@johnwick-ip7gr interesting!
@@johnwick-ip7gr but you know that company will own it not you?
or you could just take the bike and sell it for insta cash
The scheme is such a rip off. You hire the bike from your employer, money gets taken off your account every month for a year and at the end, the bike you paid off you now need to buy off your employer. Oh and you also pay for the maintenance during the hire period.
Yeah, it seems that way to me. Is that truly the case then? It reads as though you essentially pay to rent it for a while with a tax deduction then at the end if you want to keep it you have to pay full price any way... So why would I not just buy the bike out right or go with a spread the cost klarna plan?
@@thatmoist7543 yup. It makes no sense that after you pay it off, the bicycle is then the property of your employer. Who the hell came up with such a "genius" idea?!
Ye you clearly don't understand. If you buy c2w bike that costs 1k and your salary is 38k it now becomes 37k the difference in net salary is actually around £60. So you pay £720 for a bike that cost £1k. And then pay the difference at the end. There is no rip off
@@filipegomes5024 and after all that, the bike isn't even yours.
The amount you pay to end the scheme is £1 you don't pay the cost of the bike if your company is saying different that's just your boss ripping you off
Is it capped in 2023? Can't use voucher + own money for decent ebike. Scheme should be more generous and encouraging for greener and healthier economy. I guess not many politicasnts who passes laws would cycle to work....