With Cyclescheme, you can get a tax-free bike, which for most people means they save about 32% of the cost. Enter some details below to get a rough estimate for how much you could save...
You have entered an employer code for this calculation; the calculator has retrieved specific information about your scheme (eg NI rates and any finance charges) and applied these to the savings calculation to make sure it's as accurate as possible. However, your final savings may vary, depending on your personal tax circumstances, eg pension contribution, other salary sacrifice schemes or your personal tax allowance.
PLEASE NOTE: the calculator assumes a standard personal tax allowance of £7475 per annum - tax code 747L
You haven't entered an employer code for this calculation, so the figures shown below only represent the possible savings under Cyclescheme, not your actual savings.
Every employer's circumstances are different, and a Cycle to Work scheme can be run in many different ways. The calculator needs to know specific information about a scheme (eg NI rates and any finance charges) and apply these to the savings calculation in order for it to be accurate to your particular situation.
Your tax calculation
Total cost of bike and accessories:
£
Net cost of bike and accessories, including finance and admin costs (if applicable):
£
Income tax saving over hire period:
£
Employee NI saving hire period:
£
Employers' NI saving passed on to you***:
£
Final cost of bike & accessories:
£
Total saving:**
£
Gross salary sacrifice, based on month hire period (this should be the figure displayed on your hire agreement):
£
Net salary sacrifice, based on month hire period:
£
Percentage saving over RRP:
%
Fine tune your budget
What sort of bike is best for me?
For mostly road cycling
Light, nimble, fast and fun. Road bikes are not built entirely for comfort but will ensure a quick and graceful journey to work.
For on and off road cycling
Hybrids offer more comfort than road bikes and more speed than mountain bikes. They are ideal for commuters.
For flexible cycling
Folding bikes offer flexibility due to their space saving attributes. Great for trips to the train station and beyond.
