Bike parts and components can now be included on the Evans Cycles Ride-to-Work scheme, possibly other companies too. It's a salary sacrifice scheme, deductions are from gross salary so you pay less tax and NI, saving you 32%-42% (depending on tax banding) on your purchase.
So if you need to upgrade or replace any parts to keep your bike in a good roadworthy condition, you can do so now with Ride-to-Work.
You can get any adult bike and a wide range of cycling equipment. You can select cycling equipment with a bike, or if you are already commuting by bike you can choose to get equipment only, with all the same tax savings.
A wide range of cycling equipment can be included on Ride-to-Work and scheme guidelines (as set by HMRC) advise a ‘common sense approach’ should be taken when considering items to include.
As a guide any items which help make you safer, keep your bike safe, or help with your commute can be included, as follows:
Helmet
Lights
Locks
Bags and racks
Cycle clothing*
Any high-viz items
Cycle cameras
Shoes
Mudguards
Pedals
Saddles
Tyres
Stems, seat-posts
Replacement bike parts to keep your bike safe on the road, for example
Brakes
Chains
Cassettes
Derailleurs
Groupsets
Wheels
Tools and maintenance items (e.g. pumps, puncture repair kits, multi-tools but not workstands)
Child seats and car racks can be included for example, when your journey to work involves using either piece of equipment as part of the commute.
*Cycle clothing needs to contain some high viz or reflective detail.
Minimum spend of £100, maximum £1,000.
Submitted for info for anyone wanting to get back in the saddle.
Top comments
fruit_bat
10 May 163#3
I didn't realise this thank you will help me. I got my bike on the scheme and could do with a few bits
Latest comments (36)
Cherried
31 Aug 16#36
know this is an old thread but im thinking bout doing this. kinda want a cannondale bike but not sure if its actually going to be cheaper doing it through evans 0% finance option instead. Whole tax free thing then paying a small fee at the end to OWN the bike thru cyclescheme might work out just the same as doing the shops 0% option??
Vanderlust
7 Jun 16#35
Chances of having Evans price match some discounted deep sections then using cyclescheme on it? :smile:
Haven't actually lined anything up, just theorising. Didn't know you could do this. Thiught it was only bikes still (or bike with accessory).
beckywilky
12 May 16#34
They were always included this isn't new..
gdglewis
11 May 161#13
Just remember you don't own the equipment it still belongs to the company you work for. There has been cases of people buying Brompton cycles in London and as they keep their value. The company has asked for them back at the end of the agreement.
stockdam to gdglewis
12 May 16#17
That's where the ROI scheme is different. You buy the bike or accessories and they are yours.
grahamsnelson to gdglewis
12 May 16#33
This has now changed
It's just a £70 payment at the end of the agreement and the bike is yours
Jase79
12 May 16#32
It's the way you portrayed the message ''Yeah this is nothing new'' not very polite to someone who took time to post the deal. So pee'd me off slightly.
robertoegg
12 May 16#31
Yep, this is correct. eg - 800quid bike, end of year 1 you can either pay VAT on 25% original value as decreed by govmt (£200) = £80 and it' s yours, or, you can extend the hire period at no cost until the final resale value becomes negligible (year 6 in this case, it being over £500). There are a couple of other options as well.
mpfree
12 May 16#30
Yes that's how I understand it too. Just started the agreement.
Although if you don't want to buy the bike at the end it can be given to charity for no fee.
I am also unclear what happens if the bike is "stolen" before the agreement ends... I don't think any fee would be applicable either
Rickardo
12 May 16#29
Sorry, my predictive text/ Swype keyboard changed £50 to 50%! This would about tally with your calculations then.
kick_u_in_the_nuts
12 May 16#28
NO - u should still go and boil your head for the complete weekend ! :stuck_out_tongue:
2scoops2
12 May 16#27
I am of the understanding the "final fee" differs as I did all my research on the t'internet but when I spoke with my payroll department I was informed the final payment (month 13) will be "tax on the residual value of the cycle" so the residual value will be between 18% - 25% (depending on the value of the cycle purchased)
So for example a cycle purchased at £500 would be valued at 25% of £500 = £125 (at the end of 12months)
The tax (20%) of £125 = £20
So final payment in month 13 with be £20
(extra markings for my working out)
Banterlicious
12 May 16#21
I've always had an issue with this scheme in that it is never made clear how you can actually OWN the bike at the end of the period, just a vague notion of paying 'market value' for a bike you have been paying for for a number of months/years.
Rickardo to Banterlicious
12 May 16#26
Unless you can make good tax savings you may be better off with a shop's own interest free finance option, if available. There may also be a small impact on your pension contribution as well.
It can seem a bit complicated, but basically, with Cyclescheme, you pay monthly for 12 (might actually be 10 for me) months, during which time your employer actually owns it. Then, I have the option of handing the bike back or paying a deposit (think mine is around 50%) so ownership is transferred to Cyclescheme for a couple of years, after which you have the option of either handing the bike back to Cyclescheme in return for your deposit, or keeping the bike. It's all clear when you do it and I could easily log in to my account to check these details if I wanted to, but you get the picture.
The final deposit/payment is in order to not breech HMRC rules about benefits in kind etc. otherwise they may be asking for your income tax savings back instead! When the schemes first started, I understand there wasn't this final payment, so some people really benefited.
hiscos
11 May 16#10
Anyone know whether they accept vouchers from cycle scheme
Rickardo to hiscos
12 May 16#25
Evans do accept Cyclescheme vouchers, and Cyclescheme allow you to buy equipment etc on its own, but your employer may have their own conditions.
I got a bike 4 years ago, then a year or so later I used the scheme to get a decent jacket, clipless pedals and shoes etc. Now I'm on a new bike, which I also included pedals, shoes and jacket to max out my allowance. If I'm happy with bike in a year or two, I'll upgrade some bits.
Just wish they did service/maintenance as part of it.
Sipo
12 May 161#24
Exactly, you bought them with a bike. Now you can buy wheels or other components without buying a bike at the same time, so you can get an old bike back in action.
calsop1
10 May 161#2
Yeah this is nothing new.
Edit bought a CS bike last year. Got an extra set of tires with it.
Begize to calsop1
12 May 16#23
I think it is on this scheme, there are a few different ones running.
Where I work, we're in Cycle To Work / Cyclescheme and I'm in the process of getting a bike and some extra's like lights, helmet etc. The guy at the shop had to double check as some of the scheme's don't (didn't) allow it.
jamgin
12 May 161#22
Yup, it amazes me that people still believe that everybody else is causing the traffic jams as they sit in daily queues going to work. I just chuckle at them every day as I sail by on my bike.
The question is, how bad does it have to get before the powers to be finally concede that the car is no longer king in this country and that money has to be spent on enabling people to cycle or at least use public transport.
calsop1
12 May 16#20
I purcahsed a set of road wheels with my giant bike and had no problem.
calsop1
12 May 16#19
Alright. Full story. Got my cyclescheme bike in october 2015. Got a giant cyclocross bike. I also got a set of wheels with road tires on so i can swap them out when i like. Enough for your dirt munchers ?
calsop1
12 May 16#18
Great way to encourage new users.
mikeydalby
11 May 16#5
I purchased my bike through the ride to work scheme a few years ago and you also lost the VAT.... then half way through paying for it the European commission forced a rule change and I had to start paying it..... thanks Europe
robertoegg to mikeydalby
11 May 16#6
to be fair, you already get a fair wallop off with income tax & Nat Ins being avoided. It would be interesting to see how many people actually use the bike to commute - cos I see hardly any others on the road on my commute (I'm implying here that it's simply a tax-avoidance scheme for some and not a health / congestion scheme as planned). I also think you are blaming the EU for clearly stating what the HMRC should have known in the first place.
Don't be surprised that it's our lot that are the fk-wits, not the EU.
Edit - actually, re-reading yours, it definitely wasn't a case of EU forcing a rule change, tthe European Court of Justice judgement essentially stated that since you'd pay VAT to hire a bike from a bike hire outlet, and you're effectively hiring the bike from your employer when you get a bike through a Cycle to Work scheme, that VAT is applicable to that too. And it's VAT before the payroll, so not 20% drop, but more like 11%.
Thanks UK HMRC / Goverment idiots for setting it up wrong in the first place.
JamieLewis15 to mikeydalby
11 May 16#16
Brexiter retards can't let a single thing go by without finding a way to attack the EU over it.
monkey42
11 May 16#15
states my work bike to work scheme has expired , only got the deal from work a month ago now can't do it , rubbish
gaijintendo
11 May 16#14
I guess I could use this to do up my old 60s/70s Falcon/Nishiki/Raleigh/WhateverItIs road bike - if only the system covered powder coating.
This is a pretty nice change.
kick_u_in_the_nuts
11 May 16#12
wow u been a member for over 2 years and can only make 3 crappy comments ?
as someone else commented - go boil your head
stockdam
11 May 16#11
I know the Republic Of Ireland scheme is that you buy the bicycle or components and then the company claims tax back for you. has the UK scheme now changed so that it is similar?
robertoegg
11 May 161#9
You can put a spin on it how you want. ie, the anti EU or the anti Government.
20 miles? that's quite some distance, like, from one side of the M60 to the other!
The fact you cycled every day for 20 years means you should be far healthier in mind and body than had you not :smiley:
It's claimed that 30,000 a year die from inactivity. 400,000 people a year are treated for obesity (alone, this number soars if you factor in linked diseases). Something like 70% of ALL car journeys are less than 5 miles. There is a blindingly obvious solution here!!
mbuckhurst
11 May 162#8
Lol, so it is the EU telling our Government how it should be run, if the Government set it up wrong in the first place, that is how they chose to do it, surely they should be defining how the tax system in our country works.
My wife got her bike on the scheme and used it until the company relocated her office 20 miles across Manchester city centre. I could never persuade my boss to buy into the scheme, so the fact I cycled every day for years counted for nothing.
mike
t77afy
11 May 16#7
shame does not include turbo trainers. the smart ones are a bit pricey.
Sipo
10 May 16#4
I don't think you could buy just a set of wheels or groupset on the scheme before now (officially that it). Or at least that's how Evans are now promoting this update.
fruit_bat
10 May 163#3
I didn't realise this thank you will help me. I got my bike on the scheme and could do with a few bits
andyb83
10 May 16#1
I did this scheme 4 years ago and even then you could use the voucher for anything you wanted from the shop!
![Fresh Breakfast Meat Box (Using code) @ Campbells Meat [Haggis / Lorne Sausage / Bacon / Black Pudding & More]](/images/topics/208684_1.jpg)
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Opening post
So if you need to upgrade or replace any parts to keep your bike in a good roadworthy condition, you can do so now with Ride-to-Work.
You can get any adult bike and a wide range of cycling equipment. You can select cycling equipment with a bike, or if you are already commuting by bike you can choose to get equipment only, with all the same tax savings.
A wide range of cycling equipment can be included on Ride-to-Work and scheme guidelines (as set by HMRC) advise a ‘common sense approach’ should be taken when considering items to include.
As a guide any items which help make you safer, keep your bike safe, or help with your commute can be included, as follows:
Helmet
Lights
Locks
Bags and racks
Cycle clothing*
Any high-viz items
Cycle cameras
Shoes
Mudguards
Pedals
Saddles
Tyres
Stems, seat-posts
Replacement bike parts to keep your bike safe on the road, for example
Brakes
Chains
Cassettes
Derailleurs
Groupsets
Wheels
Tools and maintenance items (e.g. pumps, puncture repair kits, multi-tools but not workstands)
Child seats and car racks can be included for example, when your journey to work involves using either piece of equipment as part of the commute.
*Cycle clothing needs to contain some high viz or reflective detail.
Minimum spend of £100, maximum £1,000.
Submitted for info for anyone wanting to get back in the saddle.
Top comments
Latest comments (36)
Haven't actually lined anything up, just theorising. Didn't know you could do this. Thiught it was only bikes still (or bike with accessory).
It's just a £70 payment at the end of the agreement and the bike is yours
Although if you don't want to buy the bike at the end it can be given to charity for no fee.
I am also unclear what happens if the bike is "stolen" before the agreement ends... I don't think any fee would be applicable either
So for example a cycle purchased at £500 would be valued at 25% of £500 = £125 (at the end of 12months)
The tax (20%) of £125 = £20
So final payment in month 13 with be £20
(extra markings for my working out)
It can seem a bit complicated, but basically, with Cyclescheme, you pay monthly for 12 (might actually be 10 for me) months, during which time your employer actually owns it. Then, I have the option of handing the bike back or paying a deposit (think mine is around 50%) so ownership is transferred to Cyclescheme for a couple of years, after which you have the option of either handing the bike back to Cyclescheme in return for your deposit, or keeping the bike. It's all clear when you do it and I could easily log in to my account to check these details if I wanted to, but you get the picture.
The final deposit/payment is in order to not breech HMRC rules about benefits in kind etc. otherwise they may be asking for your income tax savings back instead! When the schemes first started, I understand there wasn't this final payment, so some people really benefited.
I got a bike 4 years ago, then a year or so later I used the scheme to get a decent jacket, clipless pedals and shoes etc. Now I'm on a new bike, which I also included pedals, shoes and jacket to max out my allowance. If I'm happy with bike in a year or two, I'll upgrade some bits.
Just wish they did service/maintenance as part of it.
Edit bought a CS bike last year. Got an extra set of tires with it.
Where I work, we're in Cycle To Work / Cyclescheme and I'm in the process of getting a bike and some extra's like lights, helmet etc. The guy at the shop had to double check as some of the scheme's don't (didn't) allow it.
The question is, how bad does it have to get before the powers to be finally concede that the car is no longer king in this country and that money has to be spent on enabling people to cycle or at least use public transport.
Don't be surprised that it's our lot that are the fk-wits, not the EU.
Edit - actually, re-reading yours, it definitely wasn't a case of EU forcing a rule change, tthe European Court of Justice judgement essentially stated that since you'd pay VAT to hire a bike from a bike hire outlet, and you're effectively hiring the bike from your employer when you get a bike through a Cycle to Work scheme, that VAT is applicable to that too. And it's VAT before the payroll, so not 20% drop, but more like 11%.
Thanks UK HMRC / Goverment idiots for setting it up wrong in the first place.
This is a pretty nice change.
as someone else commented - go boil your head
20 miles? that's quite some distance, like, from one side of the M60 to the other!
The fact you cycled every day for 20 years means you should be far healthier in mind and body than had you not :smiley:
It's claimed that 30,000 a year die from inactivity. 400,000 people a year are treated for obesity (alone, this number soars if you factor in linked diseases). Something like 70% of ALL car journeys are less than 5 miles. There is a blindingly obvious solution here!!
My wife got her bike on the scheme and used it until the company relocated her office 20 miles across Manchester city centre. I could never persuade my boss to buy into the scheme, so the fact I cycled every day for years counted for nothing.
mike