Cycle to work scheme

Cycle to work scheme

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Hello

I run a small company and am director and employee. I've previously used an official cycle to work scheme however I wish to purchase a new bike and the company I wang to purchase from (Planet X) either charge an admin fee or don't allow you to purchase their sale bikes under the scheme.

Is there anything stopping me doing our own interna cycle to work ? Ie company buys bike and the deducts monthly amounts from my gross salary to cover ? And then do the asset transfer process at the end like you do with C2W?

Anything I should be aware of?

Replies (4)

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DougScott
By Dougscott
25th Apr 2016 17:14

Company buys bike


Anyone can set up a cycle-to-work scheme (we do at our large company of 300 staff) but you have to make sure all the paperwork is in order and the scheme is offered to all qualifying employees.

Of course your place of work can't be your home otherwise you can't use the bike "mainly to cycle to work" as the legislation requires.

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By Wanderer
25th Apr 2016 17:32

Watch consumer credit legislation if 'loan' is over £1,000.

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DougScott
By Dougscott
26th Apr 2016 13:47

Get out on Consumer Credit

Last time I read the Consumer Credit Act there appeared to be a get out if the loan activity was not in the normal course of the business, which I doubt a one off cycle-to-work loan would be....

 

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DougScott
By Dougscott
26th Apr 2016 13:49

And

...and I can't imagine anyone would come along and check, if lending is not part of your normal business.

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