Committee Alan McLean Posted July 19, 2009 Committee Report Share Posted July 19, 2009 Hi folks, I got a bike on Cyclescheme lasy year. Can I set up a new agreement after 12 months (or earlier)? Cross season is coming up..... Anyone know? a Quote Link to comment Share on other sites More sharing options...
Frank Posted July 19, 2009 Report Share Posted July 19, 2009 Hi Alan, Speak to Mike Ferguson. I think he's doing a repeat after only a year. Cheers, Frank Quote Link to comment Share on other sites More sharing options...
Richard Binnie Posted July 19, 2009 Report Share Posted July 19, 2009 Alan pretty sure you can unless you work for the Bl*$dy MoD Quote Link to comment Share on other sites More sharing options...
David J Posted July 21, 2009 Report Share Posted July 21, 2009 I have done the scheme for the last four years without any problems. It isn't your company that is the main issue it is the HMRC tax rules. In short you cannot have two loans running at once but you can elect to start a new scheme before the end of your current loan. My company have used both the Halfords scheme and Cyclescheme. Cyclesheme is by far the better as it is through independant bike shops (including Dooleys) so you can get a sale bike. Because of the admin charge some shops will ask you to pay a small fee if you get a sale bike to protect their margin, however, if the bike is reduced by several hundred then this is worth paying. I have heard that many manufacturers will not honour the frame warranty if you get it from Halfords as they get many of their branded bikes from independant retailers and therefore by the time you get it it is considered second-hand. The majority of companies only offer up to £1000 to their staff as anything above this would require them to get a consumer credit licence. However, I have bought bikes more expensive than this and paid the difference in cash. A word of warning though the tax rules state that the bike is on loan from your company until you have made the final payment. It is also worth noting that you may have to wait up to three or four months to get your voucher - depending upon the way your company operates the scheme. Having said all that it is a great incentive and depending upon your tax band you can save 40-50% of the cost of a new bike. Hope this helps! Quote Link to comment Share on other sites More sharing options...
Committee Alan McLean Posted July 21, 2009 Author Committee Report Share Posted July 21, 2009 Thanks David, that makes sense. A Quote Link to comment Share on other sites More sharing options...
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