Bike to work
My employer has recently started offering discounted bikes using the government's Bike to Work scheme. Under the scheme, employees can effectively buy a bike tax-free, therefore saving 30-40% on the original cost of the bike. It works like this:
- The employer buys the bike
- The employer allows the employee to use the bike
- The employer deducts the cost of the bike from employee's salary, over a 12 or 18 month period
- The deduction is made before tax, meaning no tax is charged on the amount paid for the bike
- At the end of the 12 or 18 month period, the employer can sell the bike to the employee for a nominal fee
So the employee (me) gets a 12 or 18 month interest-free loan on a
bike, and I don't have to pay tax on it. At the end of the 'loan'
period, my employer will likely let me have the bike for a very small
payment.
The scheme works well for the employer since they pay National Insurance contributions on my pre-tax salary, so if my pre-tax salary is reduced they pay less National Insurance for me. This should cover the cost of paperwork and adminstration in running the scheme.
I'm buying a Focus Cayo 2008 from Wiggle. It's one I've had my eye on for a long time, as the 2007 version got 3 lots of 10 out of 10 from www.roadcyclinguk.com and every review I've seen of the Focus road bikes is very positive. Focus is a German company and because Wiggle are the sole UK distributor they seem to be able to offer a very good price.
The Cayo's full-carbon and has Ultegra components. Hopefully it'll be a noticeable step up from my current trusty steed - a Trek 1200 with Tiagra components.
Unfortunately Wiggle tell me that stocks are low and so I won't get my bike until 'mid-december'! I was hoping I'd get the bike for my birthday next weekend but that seems unlikely now. All I can do is hope I get it before Christmas.
Then in the new year I suppose I'd better start cycling to work more often, otherwise the tax man might come and get me.
The scheme works well for the employer since they pay National Insurance contributions on my pre-tax salary, so if my pre-tax salary is reduced they pay less National Insurance for me. This should cover the cost of paperwork and adminstration in running the scheme.
I'm buying a Focus Cayo 2008 from Wiggle. It's one I've had my eye on for a long time, as the 2007 version got 3 lots of 10 out of 10 from www.roadcyclinguk.com and every review I've seen of the Focus road bikes is very positive. Focus is a German company and because Wiggle are the sole UK distributor they seem to be able to offer a very good price.
The Cayo's full-carbon and has Ultegra components. Hopefully it'll be a noticeable step up from my current trusty steed - a Trek 1200 with Tiagra components.
Unfortunately Wiggle tell me that stocks are low and so I won't get my bike until 'mid-december'! I was hoping I'd get the bike for my birthday next weekend but that seems unlikely now. All I can do is hope I get it before Christmas.
Then in the new year I suppose I'd better start cycling to work more often, otherwise the tax man might come and get me.
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Have you got this bike yet, I'm going to order one soon but I'd like to see some photos of the finish first. I asked wiggle and Focus and they both said no. Customer service? Anyway, good luck with the bike and if you get a chance to take soem photos and don;t mind emailing them that would be great...
Hi robc,
Got the bike just before Christmas but haven't had a chance to do a proper review yet. It really is a very nice bike - very light, great looking, a peach to ride, and such an amazing price! Shame that Wiggle have not been too helpful. Hopefully they're not getting the 'bigger than their boots' attitude which some companies develop when they're successful. Remember Wiggle: there are other retailers out there!
If you do decide to order a Cayo, please remember I'll only get rich if you buy using the Wiggle link on the www.tritastic.com pages!
Some pictures now online at: http://www.tritastic.com:85/main.php/v/cayo08/