2023 Subscriptions gregbalden Posted October 4, 2009 2023 Subscriptions Report Share Posted October 4, 2009 Hi all, I was looking on the ribble website, and saw the advert for the cycle to work scheme. Am I correct in saying that (and correct me if I am wrong) that you get a sum of money from your employer they go to ribble pay for the bike you picked and then you pay it back with a number sums of your pay check before it gets taxed? A few questions for those who have participated in it....is there a lower age limit ? I am only a part time shelf stacker in somerfield can I apply? how much are the instalments you pay at a time? (hypothetically if you buy a £1000 bike)and Can you buy any kind of bike? Greg Quote Link to comment Share on other sites More sharing options...
2023 Subscriptions Ramsay Posted October 4, 2009 2023 Subscriptions Report Share Posted October 4, 2009 Greg, As far as I'm aware (although, if someone else can correct me if I'm wrong..) you have to get your company to sign up/agree to a scheme. For example, my last company did their cycle to work through Halfords, although Halfords can get you almost any production bike in the UK for your agreed price limit (I actually got them to get me a Ribble). The company pays for it and you "lease" it for a year and then pay them a small sum to "buy" it from them. The small sum for my £1000 bike was about £30. The way it saves you money is that (like you said) it is taken out of your gross salary and therefore you pay for it before tax! As mentioned above, you have to pay over a year (12 months), in equal installments. When I did it, there was a limit of £1000, but some companies can do something extra to effectively lift the limit, but I've forgotten what that is!! As far as bikes go, then there are no guidlines. You have to sign up to say that at least 50% of your journeys to work are by bike (not necessarily the c2w bike!), but I know people who bought full suspension downhill bikes that have never been near their work. Hope that's of some use. Basically the first step is speak to your employer. Ramsay. P.S. - no idea about age limit, although I would say that if you pay tax and work, then there should be no reason that you shouldn't be able to, but.......... Quote Link to comment Share on other sites More sharing options...
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