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My employer is in the scheme, as is the shop that have a bike I'm considering. The Cyclescheme website has an online application form, but does anyone know if these get auto-approved if the employer is already registered, or do they still need to formally approve it? How long do online applications typically take? The bike is on a time-bound offer, and I doubt I'd get it sorted in time if I have to check with work first...
Never gone this route before but savings look difficult to ignore this time around. Also, anyone know what happens if you leave the employer during the 4 year term?
Bike is with PX so no doubt the deal will be repeated at some point, but I'm kind of feeling reckless enough to pull the trigger today!
Cheers
All need to get approved by the employer afaik. Cyclescheme then invoice the employer. Once invoice is paid then cyclescheme issue voucher.
Oh and if you leave before making all of the payments then you have to pay the outstanding in full without tax relief.
I think you need to check your employer's specific terms for using it, but in my experience of the main Cyclescheme scheme it isn't that quick on the turnaround. You need to submit a request, then get issued with a voucher which you can use with the seller.
The internet is full of "how long to get a voucher" questions and it does seem to depend on your company and how it does payroll changes. A few weeks seems quite normal from request to voucher, but it'll vary. So I wouldn't assume it's ideal for snapping up time limited specific deals, but you could always get lucky.
Cheers. Might look at 0% balance transfer options instead, but its difficult to get past the fact it's £200 off at the moment, and Cyclexcheme quotes an overall saving north of £700! Accept this is very much a first world problem, but I Hate paying rrp...
Edit: Anyone got experience of leaving their employer partway through a Cyclescheme arrangement?
The thing about paying off the remainder with no tax relief if you leave the employer is probably enough to kill it as an option for me...management restructures looming again, so never feel particularly secure...and certainly not for the next 4 years.
Oh and if you leave before making all of the payments then you have to pay the outstanding in full without tax relief.
Just to be clear, the original base hire period ( usually a year) not the extended almost free hire period that people add on to avoid BIK tax
I got my new bike from CRC via Cyclescheme in March. Did the online thing, they sent it to work who then did their thing followed by order being confirmed, all before stock ran out again. Took maybe a week start to finish?
Length of time is dependant on the size and structure of your company. In the company I work for the Cyclescheme is administered by HR, who review and approve the application. They then receive the invoice and this is then forwarded to Payroll who pay the invoice. After this the certificate is released to you so that you can buy your shiny bike. In theory it could be complete in a week or two.....
However in reality, the company didn't know that our Cyclescheme website stated that bikes can be purchased up to £10.5k (it was previously set at £1k),so this was escalated to Corp who then had a number of weeks of debate about affordability etc and then approved purchase. HR admistrator forgot to send invoice to payroll, payroll then waited for next payroll run etc So it was more like one and half months for me.
Fastest I've seen a Cyclescheme certificate issued from quote to collecting bike is 2 hours. The woman getting the bike did the payroll for her company 🙂