What is the Cycle To Work scheme?
Cycleworks is partnered with the Bike2Work, Cyclescheme and Halfords Cycle2Work cycle to work schemes. All are designed to help you get outdoors riding bikes and enjoying yourselves whilst also benefiting from improved fitness and doing your bit for the environment.
All schemes are done through registered employers- see below for the steps to getting your new bike.
Standard Tax Band
Specialized Sirrus Sport 2015 - £500 Abus London Granit Plus 51 Lock - £69.99 Specialized Align Black Helmet - £30.00 Total cost of bike and accessories: £599.99
Income tax saving over hire period: £120.00 Employee NI saving over hire period: £72.00 Final Cost of Bike and accessories: £407.99
Cost to you each month: £34 Percentage Saving: 32% TOTAL SAVING: £192
Higher Tax Band
Specialized Allez Elite 2015 - £900 Abus London Granit Plus 51 Lock - £69.99 Specialized Align Black Helmet - £30.00 Total cost of bike and accessories: £999.99
Income tax saving over hire period: £400.00 Employee NI saving over hire period: £20.00 Final Cost of Bike and accessories: £579.99
Cost to you each month: £48.33 Percentage Saving: 42% TOTAL SAVING: £420
Part of the Government’s Green Transport Plan, cycle to work schemes aim to get more people cycling to work by offering up to a 42% saving on a new bike and safety equipment, such as helmets and lights.
Cycle Scheme Steps
- Check if your employer is signed up to one of our partnered schemes. If they are yet to sign up, please see the information to the right.
- Pop into one of the Cycleworks shops, choose your bike and any equipment that you need and we will give you a written quote to take to your employer.
- Get your quote confirmed. This may vary depending on which scheme you are using (see below)
Bike2Work – Your employers provides authorisation to Bike2Work Scheme and makes the quote payment. A voucher will be issued to you from Bike 2 Work.
Cyclescheme – You use your employers Cyclescheme web address to request a certificate. Your employer will confirm the eligibility of the quote and an invoice will be sent to them for your bike package. Once everything is sorted and the bike is paid for (more details below), then a certificate will be sent to you which you can exchange for your new bike and equipment.
- Exchange the certificate/voucher for your new bike and ride it away!. Please bring some form of photographic ID with you, such as a passport or driving license.
- Make your monthly payments. Once you have collected your bike the monthly payments commence.
Info For Employers
All schemes enable your employees to get a bike tax-free with the average saving being over 30% of the cost of the bike. The schemes are free to join, help reduce your businesses carbon footprint and help improve the fitness of your employees.
The schemes are really easy to apply for and their websites provide plenty of information for you as well as employees looking to take advantage of a cycle to work scheme.
More information can be found by clicking the logos here.