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Thinking I might give it a go as work commute is changing (thank god!)
I want to build up a Salsa Fargo but would prefer to do it myself.
Could I (in theory at least) ask JE James to source me a Fargo frame, 29er front forks and other bits up to a grand and then put my own bits on to complete the build?
How much are monthly repayments on a grands worth of bike under the scheme?
cheers amigos!
I've been paying £90.04, which works out at around £53 something if I recall correctly.
It needs to be a complete bike, but you could get your lbs to build up a salsa f&f into a low rent ss model with careful selection if parts.
Personally, I wouldnt bother unless you are a higher rate tax payer and your company can claim the tax back.
Just finished the cycle scheme at work, and I almost wish that I had just gone for a one of payment(on a discounted bike) rather than bother.
HR at work are all confused about the final payment amounts ,so have told people to wait till they figure it out (which suits me ).
I am not sure about all the new changes to the scheme (tax wise )but I get the feeling that less people will be diving in for a bargain ,when shopping around may be a better option.
I got my email from Cyclescheme last week after an 18 month period with my final settlement payment.... on a £1000 voucher, with 21% settlement the saving i made was.....£27.
Think of it as interest free bike, not a massive saving. Or just buy one from your lbs and haggle a discount for loyal customer etc. The scheme is not worth doing any more.
By tax, I mean VAT
Technically you have to buy a whole bike, not a frame & some components
Calculate your payments here: http://www.cyclescheme.co.uk/employee,intro.htm
See what your final payment & other options might be here: http://www.cyclescheme.co.uk/employer,intro.htm
The amount you will pay will depend on how your employer's scheme is set up. The links above are to a commercial middle man company who take a slice from the bike shop so using them may well limit what deals are available to you and may not give the same payment figures.
I've just set up an internally run scheme at our place, and the savings are at around 44% for basic rate and just over 50% for higher - including final payment and tax due on that final payment.
The issue around "topping up" is a bit murky. If you were to buy a complete bike worth over £1k and pay the difference then the ownership of the bike being hired to you would be unclear and that is definitely a problem although lots of people have done this in the past. If your employer buys some components and you buy some more then I think the ownership is clear, but the question then is whether your employer is "making a bike available to you" as that is what is required for the tax break. Even if you reckon you pass that test, you almost certainly cannot use HMRC's simplified rules for establishing the value of the company-owned components when determining the final sale price.
At a practical level, whether you can do it will depend on how your scheme is administered.