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Cycle to work, still worth it?
Looking at a new road bike, Ribble Sportive Bianco which will be ~£1000. As a higher rate taxpayer is it still worth doing C2W now (as I understand it), you don't get VAT off and final payment is likely to be £250?
Thanks for any advice
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3 comments
Yes it's still worth it. Unfortunately you will have to pay vat as they've changed the rules but it's still tax and NI free plus Ribble will let you pay up to £300 over and above the £1000 voucher the only thing you can't buy is tri stuff. I got myself the new sportive racing rather than the bianco but are the same bike anyway as didn't like the White and silver look but would recommend the bike to anyone as it's excellent value and rides great.
Either that or they let you pay the tax on the FMV at the end of the first year - that's how we do it at my workplace.
most schemes will now include a separate agreement after the 1yr salary sacrifice where the bike remains the property of the scheme operator for three years. then after that the bike's yours for 7% of its value, so it'd be £70, not £250.
The downside is that you don't actually own the bike for four years.