With CycleScheme you can make BIG savings on a bike for work through your employer.
Your employer has to be willing to run the scheme before you can get your bike. This is because the scheme can only run through what is known as a salary sacrifice, where you agree to temporarily reduce your wages to pay for the hire of goods – in this case a bike and equipment. The scheme is available to UK tax payers who pay PAYE. Please note that the self-employed cannot take part in the scheme
The good news: once your employer is on board we help them administer the scheme and you should be on two shiny new wheels before you can say “where are my cycle clips?”.
What are the benefits?
- make big savings on the cost of a bike and safety equipment
- pay monthly and save VAT, National Insurance and income tax
- get any make or model of bike from your local shop
How does it work?
This is an example of how much a higher rate tax payer can save on a £500 bike package hired over a 12 month period:
Bike package retail price (inc. VAT) £500
VAT saved £74.47
Income tax and NI saved £174.36
Net monthly repayments £20.93
Total bike package price £251.16
- How much could you save - try the online calculator
- Download a flowchart of the ordering procedure
PDF - Download the CycleScheme FAQ's leaflet PDF
I'm interested, so what do I do now?
Come and visit us in our South Clerk St shop or call us for a chat on: 0131 662 8777 – we will issue you with a quote, your employer authorises the quote, CycleScheme issue a secure voucher which you can then use to collect your bike.
The CycleScheme website.
