CYCLE TO WORK SCHEMES
Everything you need to know about cycle to work schemes, what they are, how they work and how to buy a bike on a cycle to work scheme.
No more £1000 limit!
New legislation has seen the previous £1000 under the Governments Cycle To Work initiative. Employers are now able to request that their limit is removed completely or to set their own limit.
This new limit means that the whole value of electric bikes can be put through a cycle to work scheme. Electric bikes are perfect for commuting getting you to work faster, allowing you to take on a longer commute, they take the strain out of riding up hills and you can arrive at work without breaking a sweat.
You will need to check with your employer if they have a limit in place and ask them to apply for a higher limit through their chosen cycle to work provider.
What cycle schemes do we work with?
We accept all cycle to work schemes the most common being GCI the green commute initiative, Cyclescheme,Cycle 2 Work and Bike to Work.
ABOUT CYCLE TO WORK SCHEMES
What are cycle to work schemes?
Cycle to work schemes are the most cost effective way of buying a new bike or cycling equipment. They are a government backed initiative available to PAYE employees in the UK enabling you to save up to 42%% off the cost of a new bike and associated safety gear. There is currently no price limit put on the cost of the bike you buy, unless your employer has imposed their own limit. You can even buy an electric bike to make the commute easier, enable you take on longer commutes or simply arrive at work feeling fresh.
How do cycle to work schemes work?
Essentially your employer buys a bike for you to ride to work on and you are ‘hiring’ it back from them over an agreed period. At the end of the hire period, your employer will usually offer you the option to buy the bike for a nominal fee ( however this is at the discretion of your employer, so check with them first ).
Cycle to work schemes are salary sacrifice schemes meaning you agree to give up part of your pre-tax salary and in exchange you will not pay income tax or national insurance on the cost of your scheme payments.
You can save between 32% and 42% ( depending on your tax band ) on the overall cost of your new bike and accessories.
How much can you save by buying a bike through a cycle to work scheme?
The amount you can save is determined by your tax band, which is determined by your annual salary.
Here is an example: ( At the time of writing ) If you want to buy a bike for £2500 and earn under £50,000 you would pay £1700, whereas if you earn over £53,000 a year you would only pay £1450.
Enter your details to see how much you could save.
HOW TO BUY A BIKE THROUGH A CYCLE TO WORK SCHEME
1. The first step is to check that your employer is registered with a cycle to work scheme. You will need the name of the scheme and your 'employer code'.
2. The next step is to either come in-store or shop online and choose what bike and/or accessories you want to buy.
3. Then contact us to reserve your items and provide all the information you need to make your claim. This will avoid you being disappointed if the goods you wanted sell out while you are making your claim.
4. Next visit the website for your employers chosen cycle scheme, create an account and make your claim. You will need your employer code to complete this.
5. Once your employer has approved your application, you will receive your letter of collection.
6. Finally you bring this to us and redeem your bike and accessories.
CYCLE TO WORK SCHEME F.A.Q
Is there a limit to how much you can spend on a cycle to work scheme?
NO. There is currently no price limit put on the cost of the bike you buy, unless your employer has imposed their own limit.
Can I buy a bike and accessories on a cycle to work scheme?
YES. You can buy a bike and associated safety equipment. e.g You can buy helmets, shoes, clothing, luggage, pumps, lights and locks. The only items you are not allowed to buy are GPS ride trackers and navigation devices, bike racks for cars, cameras, turbo trainers or rollers, gift cards, nutritional products and foodstuffs.
I already own a bike, can I still buy another bike on a cycle to work scheme?
YES. You are allowed to buy a bike on the cycle to work scheme if you already own a bike.
I already own a bike, can I just buy accessories on a cycle to work scheme?
YES. You can buy accessories on their own but you are limited to accessories that you could use while commuting to work e.g You can buy helmets, shoes, clothing, luggage, pumps, lights and locks. The only items you are not allowed to buy are GPS ride trackers and navigation devices, bike racks for cars, cameras, turbo trainers or rollers, gift cards, nutritional products and foodstuffs.
What are you not allowed to buy on a cycle to work scheme?
You are not allowed to buy kids bikes or any of the following accessories; GPS ride trackers and navigation devices, bike racks for cars, cameras, turbo trainers or rollers, gift cards, nutritional products and foodstuffs.
Can I buy an electric bike on a cycle to work scheme?
YES. You are allowed to buy electric bikes through a cycle to work scheme. They are are a great choice for commuting allowing you to arrive at work in a much fresher state, ideal if your workplace does not have dedicated showers. You could even tackle a longer commute that would have been challenging on a traditional bike.
What cycle to work schemes do you accept ?
We accept all cycle to work schemes the most common being GCI the green commute initiative, Cyclescheme and Cycle 2 Work, Bike to Work.
What if the bike I want is on sale ?
In most instances due to the subsidy charged by the providers, this can not be done without passing on the subsidy charge to you the customer. In some circumstances this can be done with no additional charge. Please contact our instore team on 01823 252499 or email email@example.com who would be more than willing to discuss the options with you.