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Cyclescheme processed this with incredible speed
Being increasingly involved in Adolescent Outreach work in Camden the question of transport had become increasingly pressing. The e-mail about the Cycle to Work Scheme came at the right time. Time to bite the bullet, ditch the four wheels for two and join the cyclist's ranks. I have been surprised how energising and social cycling can be. Undoubtedly outreach visits have become much easier and it has been fun getting to know the back streets of Camden. My thanks to our Human Resources department and Cyclescheme who processed this with incredible speed - a shiny bike was with me within a week.
SG
Videos...
Get a bike for work the easy way
Welcome to Cyclescheme, the UK’s number one provider of tax free bikes for work through independent bike shops. We are very pleased to help you with information on one of the best government tax breaks so far. Our frequently asked questions should cover most queries on the general running of the scheme, and you can use our partner finder to see where your nearest participating shops are.
How it works
- Click here to see a short video about Cyclescheme
- You visit one of over 1,000 participating bike shops to select the bike and equipment that you want. Enter your postcode in the box on the right to find your nearest partner stores. You will be given a paper quote, and you can use Cyclescheme's online tool to apply for your chosen package by entering the details online and requesting a secure voucher.
- Once you have requested a secure voucher, your employer confirms eligibility and approves the request. Cyclescheme will send them an invoice for the bike package, and a hire agreement is sent to you to sign. As soon as the bike is paid for, the secure voucher is sent to you.
- Your hire payments are deducted from your gross monthly salary. At the end of the hire period your employer has the option to offer the bike to you. If you want the bike you pay a Fair Market Value payment to own it outright.
- You contact your chosen bike shop to arrange collection. You'll be asked for photographic ID when collecting the bike and equipment.
Help your employer help you!
A cycle to work scheme is a great incentive for employees, and companies can save money too - every bike processed through the scheme means an employer's National Insurance saving. Everybody wins, and it's time to let your employer know!
We have a full information pack to give to your employer when they contact us on your behalf, which will tell them all about how the scheme operates. They can even download it from this site. 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?”.
PAYE only - sorry
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.
How much could I save?
Enter your details below
Our calculator can show you the big savings you could make through Cyclescheme. Enter your employer code if your company is already running the scheme to make sure you get the most accurate figures.
FAQs
All you need to know
Over the last few years we've been asked a few questions... mostly about fair market value! click on the link below to read the Employer FAQs