As part of the Government's Green Transport Plan Initiative, we are one of the suppliers of the Cycle to work Scheme. Any employees paying PAYE, over the age of 18 years old, earning more than the National Minimum wage following loan repayment deductions can qualify for the right package of bike, accessories and safety equipment.
How does it work?
Basically, you pay back the loan on your bike, accessories and safety equipment from your gross pay rather than your nett pay for the hire period - usually about 12 months. This means you can benefit from tax and national insurance relief, whilst helping to keep yourself fit !
Typical savings are between 30% and 50%, depending on your personal tax band, and VAT registration.
How do you go about getting a tax free bike for work?
Once your employer has entered a contract with Cyclescheme, you need to sign an employee hire agreement that CycleScheme supplies. Then come and visit us for a quote on your bike and accessories and we will enter it into the system. Once approved by CycleScheme your company will be issued with a voucher, which you can bring to us, in exchange for your bike! It's that simple.