Cycle to Work schemes
The Cycle to work scheme is a government initiative that allows an employee to purchase a bike and safety equipment while making savings and spreading the cost over a 12 month period.
The idea behind the bike to work scheme, which is part of the government’s green travel plan, is to get people out of their cars and using bikes to both cut congestion and to reap the health benefits that cycling can bring to both employee and employer. Buying a bike on the scheme is easy and real savings can be achieved.
How Does It Work?
- First you get your employer to sign up for the scheme (if they aren’t already!).
- Then you call in to choose your bike and safety equipment, we give you a quote and you then apply for the scheme.
- The bike is then bought by your employer who reclaims the VAT(if applicable), at this point you normally receive confirmation or a voucher.
- You then come into the shop where we swap this voucher for your bike and equipment.
The VAT free price is then deducted from your wages
If you’d like to know more about cycle to work schemes just call into the shop.
As a salary sacrifice typically over a 12 month period, the salary sacrifice is off your gross wage, so you do not pay income tax.
The actual discounts available are based on your own personal tax circumstances but generally speaking you would expect to save at least 30% on the SRP.
We currently work with the following providers, if yours isn’t listed we can normally sign up with them.