Cycle To Work Scheme, can you benefit?
The Government's Cycle to Work scheme is designed to make buying a bike far more affordable, employers that are signed up to the scheme allow their employees to save upto 50% from the list price of a new bike. The idea is that you will use your new bike to make at least 50% of your journeys to work with the year, however they realise this is not always possible.
Getting Started...
- Ensure your employer is registered with Cycle Scheme.
- Choose your new bike from the hundreds we have in stock.
- We Provide you with a quote including any accessories you might need.
- Take the quote back to your employer, they then send it off to Cycle Scheme.
- Within 10 days you'll recieve a voucher in the post, return the voucher to us and take away your new bike.
Is it open to everyone?
As long as you are paid via the PAYE system and have a employement contract greater than 12 months, then the scheme is potentially open to you, however your employer must to signed up to Cycle Scheme.
How Does Cycle Scheme Work?
The Cycle To Work Scheme is a salary sacrifice scheme, the bike and any accessories you choose are exempt from VAT, the remainder is divided over 12 monthly payments, each payment is withdrawn before your income tax and NI are calculated meaning you save from tax relief too. For more information on salary sacrifice see www.hmrc.gov.uk/specialist/salary_sacrifice.pdf
* Actual saving depends upon your tax band and wether your employer can reclaim VAT.