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How does a Cycle to Work scheme operate?
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I was very impressed
I have recently purchased a bike through Cyclescheme. I just happened to be looking for a bike anyway and when the guys in the bike shop told me about Cyclescheme I got on the case with my employers immediately! It is such a good incentive to get a bike. It would have taken some saving for the bike I wanted so Cyclescheme helped me to get the bike and all the gear to go with it much more quickly. It only took a matter of weeks from enquiring through to actually getting my bike, I was very impressed!
Rebecca
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Is this a Government scheme?
Yes. Within the Government’s Green Transport Plan, there’s a tax exemption which allows employers to provide cycles and safety equipment to employees as a tax-free benefit. Technically speaking, employees actually hire the bicycles from you, buying them at the end of the salary sacrifice period for a Fair Market Value payment. Cyclescheme will collect this Fair Market Value payment for you, and we can also offer highly competitive finance packages from well known providers.
The employer buys the bikes and safety accessories at full retail price, including VAT which is reclaimed in the normal way, if applicable. The balance is recovered from a reduction in the employee’s gross salary, and employers also benefit from National Insurance contribution savings. The net result? You save money on every bike you process through the scheme!
What does it cost?
Cyclescheme’s core services are free of charge to employers. This includes customised Hire Agreements, Secure Vouchers and promotional materials needed to launch your scheme.
What other benefits does the scheme give?
Savings are great, but that’s not the end of the story. Running a Cycle to Work scheme also offers the tangible benefits of a fitter, more motivated, loyal and more productive workforce:
- Brighter, fitter, more punctual staff
- Enhanced benefits package promotes staff loyalty
- Liberated car parking spaces
- Reduced organisational carbon footprint
Register now!
Get up and running
If you're an employer, you can register for the scheme right here and receive all the info you need to get up and running.