It’s a really cost effective way of getting your hands on a new bike and accessories and it’s a straightforward process too. Savings under the scheme can be over 40%, though this depends on your personal tax position.
Here’s how it works in practice with Cyclescheme:
- Come into store, choose your bike, & accessories and receive a written quote from us.
- Request your scheme voucher online from Cyclescheme or your employer.
- Your employer approves your purchase and pays Cyclescheme for the bike/accessories.
- You receive your hire agreement for signature and your scheme voucher.
- You redeem your voucher in store and pick up your bike and accessories.
- Your employer implements the salary sacrifice via payroll for the 12 months of the hire agreement.
We’ve put together a selection of our bike recommendations for Cycle to Work. Most are within the usual £1,000 limit, but you can go over this by simply paying the difference between the retail price and the £1,000 when you pick up the bike. Some employers allow their employees to make the salary sacrifice savings on bikes costing more than £1,000 – to find out if this applies to you, just check with your HR Dept or contact Cyclescheme or CyclePlus.