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Title: Government Bike 2 Work Scheme Post by: Graham C on August 10, 2012, 10:57:56 AM Has anyone done the Bike2Work scheme to buy a new bike by any chance? Was thinking of registering my place and getting a new bike but I did read an article saying that it's not all it's cracked up to be. It was only one article and it was a long time ago mind.
Sounds like a good scheme? Title: Re: Government Bike 2 Work Scheme Post by: millidonk on August 10, 2012, 11:21:35 AM My work do it and offered it to me when I moaned about not getting my fuel subsidised but our London office gets tube allowance and shit. (I do a daily 108 mile commute. A bike isn't going to help much..)
Basically the comapny buy it, then lease it back to you and you pay it off monthly. As I recall its tax free. It's good if you want to get a proper expensive bike but can't afford to flick it in. Title: Re: Government Bike 2 Work Scheme Post by: kinboshi on August 10, 2012, 11:30:03 AM My work do it and offered it to me when I moaned about not getting my fuel subsidised but our London office gets tube allowance and shit. (I do a daily 108 mile commute. A bike isn't going to help much..) Basically the comapny buy it, then lease it back to you and you pay it off monthly. As I recall its tax free. It's good if you want to get a proper expensive bike but can't afford to flick it in. Hardly the attitude that's going to get you into the cycling team for Rio 2016. Title: Re: Government Bike 2 Work Scheme Post by: Eso Kral on August 10, 2012, 11:37:55 AM My work do it and offered it to me when I moaned about not getting my fuel subsidised but our London office gets tube allowance and shit. (I do a daily 108 mile commute. A bike isn't going to help much..) Basically the comapny buy it, then lease it back to you and you pay it off monthly. As I recall its tax free. It's good if you want to get a proper expensive bike but can't afford to flick it in. Hardly the attitude that's going to get you into the cycling team for Rio 2016. Title: Re: Government Bike 2 Work Scheme Post by: millidonk on August 10, 2012, 11:39:24 AM They actually said to me why don't you drive half way then cycle the rest. I just laughed. If they did a Cegway 2 work scheme I might take them up on that.
Title: Re: Government Bike 2 Work Scheme Post by: ACE2M on August 10, 2012, 11:43:09 AM Loads of my friends did it and seemed happy with it and they are all clever types - its about saving the tax. I recall numbers like £200 off an £800 bike.
Title: Re: Government Bike 2 Work Scheme Post by: LOJ on August 10, 2012, 12:50:53 PM Yeah its a great scheme. I've had 2 bikes so far, and if you are spending up to £1k, you get a decent tax saving at the end of it all and they take it out of wages monthly. only 1 downside, you cant sell the bike for 3 years after you have paid it off (in the terms & Cond), but dont think they would ever check. Title: Re: Government Bike 2 Work Scheme Post by: Graham C on August 10, 2012, 12:55:13 PM Cheers, will look into some more. I'll start out on my current mountain bike for a few days to see if I actually get in to cycling to work before setting it up but spending approx £500 or so on a road bike and saving some money would be ideal.
Title: Re: Government Bike 2 Work Scheme Post by: calella on August 10, 2012, 01:04:59 PM I did this twice with my last work and i got two bikes costing approx 250 but actually got vouchers for £400 and just spent the rest on accessories for the bikes.
The monthly amount they took from my salary went on as a credit so you paid less tax. I do recall having to pay an extra £10 at the end of the year for the bike to then belong to me otherwise i had to package it up and send it back to head office(lol at that). Would deffo recommend the scheme tho and also helps on the fitness element too. Title: Re: Government Bike 2 Work Scheme Post by: FallenAngelAlex on August 16, 2012, 08:23:56 AM Ive done it. I usually have a three mile bus ride (or walk on a nice day) before getting on a train. I got mine for the bus part. What comes out of my wages each month is only about six round more a month than what i would be spending on the bus so good news for me imo as i obviously get to keep the bike at the end (id have no place to keep a bus anyhow)
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