How to buy a cheap bike, cycle hire schemes & more
Here is how to save hundreds of pounds if your employer has a Cycle To Work scheme.
It is a a tax-free benefit that spreads the cost of buying a cycle and safety equipment.
Basically you are being loaned the bicycle, and a monthly repayment is taken from your pre-tax salary. When the loan period ends you can buy the bike at a reduced cost. Your employer will scheme to go with as there are several so you may not get the best deal, however the final cost should still be cheaper.
When you have chosen a cycle, ask your employer and you will be given a voucher for the price of the bike. Take it to the shop.
While the bike is always your employer’s property during this loan period, you have to maintain and insure it.
If your desired bike is sold out, you may have to buy a different one. You cannot ‘top up’ the voucher with your own money ie you can’t buy a bike more expensive than the original. A cheaper bike does not mean you get the difference in the cost.
For more info go here: https://www.moneysavingexpert.com/travel/how-to-save-money-on-buying-a-bike/
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