Cycle To Work Scheme
Cycle To Work Scheme
Cycle to Work calculator
Cycle to Work’ is a government-backed scheme that enables you to make up to 42% savings on the price of a new bike and accessories, supported by your employer. Not only can you benefit from these savings, but the scheme also allows you to spread the cost and help you get commuting! Choose a bike, hire it for an agreed length of time from your employer using monthly pre-tax salary sacrifice (meaning you pay less tax) with no interest and then snap it up for a fraction of its value at the end of the hire period.
There is no price limit to the cycle scheme initiative, however, your employer may choose to set a spending limit so it’s best to check with them before choosing your bike.
Please note, the Cycle to Work scheme is only available to those who pay tax through PAYE (Pay as you earn). If your employer does not have a scheme, speak to your HR department who will be able to set one up!
How do I apply for the scheme?
Buying a bike through the Cycle to Work scheme is straightforward. Reserve your bike with us and apply for your voucher directly through your employer.
Please check details of your employer’s scheme before you reserve your bike with us.
Frequently Asked Questions
Who owns the bike?
The items purchased with your Cycle to Work voucher are owned by your employer and leased to you.
What happens at the end of the Cycle to Work hire period?
a. You can return the bike to your employer.
b. You immediately take ownership of your bike and pay a fee based on ‘fair market value’ set by HMRC.
c. You extend your hire agreement by 36 months for a single small refundable deposit (3% or 7%).
Can I buy more than one bike with my voucher?
Absolutely! However, you cannot purchase a bike on someone else’s behalf via the scheme and additional bikes must also be used for your commute.
My employer doesn’t have a cycle scheme, can I still apply?
Speak to your HR department who will be able to easily set one up!