The Cycle to Work Scheme is a government backed, salary sacrifice scheme allowing PAYE employees in the UK to save up to 42% on the price of a new bike and/or accessories – making it the most cost-effective way to purchase a bike.
Recent changes in legislation mean the traditional £1000 limit is now removed, opening up a world of possibility for your new ride. Your employer is responsible for setting the limit of your voucher. There’s now no need to limit yourself to an ‘off-the-shelf’ commuter and hunt for cycle lanes to get to work – browse our range of mountain bikes and make commuting the best bit of your work day!
Cycle to Work is a salary sacrifice scheme, meaning the cost of your new bike and equipment is deducted from your salary as a non cash benefit so won’t pay tax and national insurance. Your employer initially buys the bike on your behalf and you ‘hire’ the bike from them for a set period, from 12 to 48 months, during which your payments are taken from your salary before tax deductions. Although your employer technically owns the bike through the ‘hire period’, the bike is yours to use how you like. At the end of the hire period, you can take ownership of the bike by paying a fee based on ‘fair market value’.
You’ll need to find out which scheme your employer uses, their employer code and what, if any, spend limit they have set. If your employer is not already enrolled in a Cycle to Work scheme, you’ll need to discuss this with them. You can of course direct them to either of our partners – Cyclescheme or Green Commute Initiative
Here’s the fun bit – virtually everything on our site is eligible for purchase with a Cycle to Work voucher. Choose from our range of bikes, frames, components, protection and ridewear. Fil your basket until you have everything you need to get you rolling. Don’t overlook the little essentials like lights, tubes & tools.
Need a hand finding the perfect ride or gear? We’re here to help – catch us on live chat, give us a call or drop us an email.
Once you’ve confirmed with your employer which Cycle to Work scheme they are signed up with, head over to the scheme providers website and claim your voucher. Depending on the provider, this may be referred to as a LOC, redemption code or a cycle to work voucher. Your HR department should be able to help you out here.
If you haven’t already been in touch with us by this point, now is the time to give us a call. Once we’ve got your order, we’ll build your bike and ship it to your door.