Cycleshack have a Cycle to Work Scheme – the scheme that makes the most of the Green Transport Plan Initiative and the tax concessions offered by the Government. We also operate other schemes such as Cyclescheme or NHS Bikes, and the Green Commute Initiative.
How can it be possible to get a bike for around half price?
Your employer buys the bike and you pay them back by taking less salary over the following months.
Less salary = less tax and National Insurance to pay, so you save on these.
Do I have to ride my bike to work?
No. Although it’s called the ‘Cycle to Work Scheme’, it should really be called the ‘Get People Riding Bikes Scheme’. You don’t have to prove what you’re doing with your bike!
So how do I get signed up?
Ask your employer to contact us and we’ll do the paperwork. Then choose your bike and pick it up. The cost will be taken from your wages, usually over the next year.
What if I’m self employed?
The same applies – no problem. Contact us.
The benefits of Cycle to Work schemes for companies
• Improved Health & Productivity
• Improved Attendance and Emotional Health
• Save Money on Tax Free Bikes
• Improved Attendance Of Staff
• Environmental Benefits
• Reduced Parking and Congestion
• Low or Zero Cost Implementation
• Capital Expenditure
• Broader Benefits
Cycle to Work Scheme customers are not limited to any particular bike or accessory brand so you can choose the best for quality and value-for-money. This results in the best package of bike, accessories and safety equipment.
We work with Employers, under this arrangement, to ensure that Hire Agreement terms and conditions are written in full compliance with the Office of Fair Trading, Her Majesty’s Revenue & Customs, Trading Standards and the Department for Transport regulations.
A salary sacrifice happens when you give up your right to receive part your pay in return for the employer’s agreement to provide some form of non-cash benefit, in this case the loan of a bicycle and related equipment. A summary of the advice from the HM Revenue & Customs is available from their website HERE. You are paying back the loan on your goods from gross, rather than net, pay for the hire period – hence allowing you to benefit from income tax and NI relief.
If your employer is already registered with other schemes such as Cyclescheme or NHS Bikes, and the Green Commute Initiative we operate those too – so just come and choose your bike!
What are the actual savings?
Typical savings are up to 42% but the precise amount depends on your personal tax band. An individual being taxed at the higher rate will save a bit more (around 50%) than someone who pays standard rate tax. Adding the ability to spread payments over one year still means that great savings are to be made.
How do I do this?
The scheme is very simple – you will first need to get your employer on board with our scheme. We can send them an email pack containing a contract and general details on running the scheme. Once the contract is signed, we are in a position to supply an approved employee hire agreement for you to sign at which time you are free to go to your local bike shop for a quote. When we receive a copy of this quote we will invoice your company so we can provide a secure voucher once the agreement is signed.
That sounds long and complicated…
Actually, just pop in to any Cycleshack store and we’ll sort it out. It’’s much easier than it sounds, and we can contact your employer for you. You just fill out one form, and come back later to pick up your bike!
If your employer is already registered with other schemes such as Cyclescheme, Halfords or NHS Bikes, and the Green Commute Initiative we operate those too – so just come and choose your bike!