Cycle To Work
The Cycle To Work scheme is a government initiative designed to encourage the use of cycles as a means of transport, in particular to and from work.
It allows employers to "loan" or lease cycles and safety equipment to employees as a tax-free benefit. The employee then pays for the bike and equipment typically over a 12 month period, after which the the employee is able to take ownership
The benefits to the employee is that the payments are deducted from your PAYE pay before tax and other contributions, thus effectively reducing the price of the bike by as much as 40%.
There is a lot of confusion about how the scheme is administered and managed by different employers so we suggest you read the information below to understand how the scheme works.
How It Work
In it's simplest form, you're employer buys the bike, then sells it to you on a 12 month payment plan
There are two ways for your employer to purchase your new bike:
- Buying direct from the shop
- Buying via a third provider, like CycleScheme.co.uk
If your employer is buying the bike direct, perhaps using a company credit card, they need to simply contact us and we will do the rest.
If your employer is using a third party providers you should contact us to obtain "purchase quote", which you then submit to the third party provider, who will in turn provide you with a "purchase voucher".
If you are unsure which method your employer uses for the purchase, contact your HR dept.
Once you have established the payment method you need to order the bike with us, either online or in-store.
Upon payment from your employer or the presentation of your "purchase voucher" we will then prepare your new bike and contact you when it's ready for collection.
We are proud to work with all the leading Cycle To Work providers, to ensure you get the right bike at the best value.
We are also happy to work directly with your employer for direct purchases.
If there is a supplier not listed that you wish to go through, get in touch and we'll sort it.