Cycle to Work

[Mikeyabosbht1986]

We operate a Cycle to Work Scheme on behalf of an employer..



List price of an electric bike is £2,600.00 and is to be repaid over the course of 36 months for a monthly-paid employee.



The repayment basis is incorrect as we did not claim the 12% NI relief correctly on the £2600/36 = £72.22 per month repayment (£72.22 x 0.88) for the first 10 months.



We have repaid £710.98 thus far and the current Loan Balance (Incorrect) is: £1,889.02. I have amended the pay schedule and the final loan balance should be: £1,929.80, with a repayment of £670.20 with the NI relief. The Employee should be subject to £40.78 extra in tax relief for the 10 months.

 

[JEREMY HAWKE]

Nearly 80 quid a month for a feckin push bike
The insurance on the E class is no where near that

 

[Opinion87]

Is there a question here and if so, did I miss it?

 

[The Byre]

Yes - has the whole world gone completely mad, or is it just the select few that seem to have taken leave of their senses?

 

[Mr D]

And to think it was about £20 for a zeta kit to convert a normal bike to an electric bike. 30 years ago.
Only a 15 mile range on one battery but hey was enough to get to work and back for most people I knew had one.

The NI relief that was not done correctly - the employee paying more because of that or not?