CYCLE TO WORK SCHEME
The Cycle To Work Scheme is a government-backed initiative and an employee benefit scheme that enables employees to hire cycles for active travel and/or cyclist’s safety equipment from the employer, or from a third party, in return for a deduction from their earnings known as salary sacrifice which can result in significant savings on the overall cost.
In a nutshell: The employer pays for the employee’s bike, the employer reimburses the VAT, and your employees pay you back from their gross pay rather than their net pay. As a result, you incur no financial loss while the employee benefits.
HOW IT WORKS
The cycle to work scheme allows employees to obtain commuter bikes and cycling accessories through their employer, whilst spreading the cost over 12 months and making unbeatable savings through a tax break.
The Department of Transportation‘s website can be found here.
The employer registers with a Cycle To Work scheme. Once registered they will be able to access free of charge promotional resources to help them publicise their exciting new employee benefit.
The employee visits ST3IKE to decide what they want; they then apply via the Cycle to Work provider website. The employer reviews their request and if they are eligible pays for the equipment.
The employee receives their bike and starts their salary repayments. After 12 months the employer will have recovered their costs and generated up to 13.8% in savings. The employee will be given their ownership options.
Cyclescheme saves you 25-39% on a bike and accessories. You pay nothing upfront and the payments are taken tax efficiently from your salary by your employer. There is a 3-7% ownership fee you must pay at the end of your purchase.
Frequently Asked Questions
The amount you can save through the Cycle to Work Scheme has increased, despite the fact that the recent increase in NI was bad news for the majority of us. Because the programme is based on salary sacrifice and payments to your employer are deducted from your gross pay, the value of the Cycle to Work voucher is not subject to income tax or social security. Your savings will vary depending on how much tax you pay.
- Taxpayers paying the basic rate save 33.25%
- Taxpayers with higher rates save 43.25%
- Taxpayers paying a higher rate save 48.25%
Calculate how much you could save by using the GCI Savings Calculator.
Request a quote from us is simple, just place an order and select “Redeem a Cycle to Work Voucher” as payment option in the shopping cart.
You will receive instantly a quote, give it to your employer and they will complete the process with Green Commute Initiative.
As soon as the quote has been approved you will receive a voucher, send it to us by email or chat and we will process your pending order and send confirmation!
Yes, we will deliver the bike to your address at no cost the delivery cost in included free in your quotation.
We will process immediately your request with the Cycle to Work provider, the process normally takes 2-3 days to be cleared. Please then allow us 1-2 day to process the delivery of your bike. You will receive the shipping confirmation by email.
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