One of the most popular ways to buy a bike and equipment at the moment is through the Cycle to Work Scheme, which is a Government backed initiative to promote healthier journeys to work and to reduce environmental pollution.
Most independent Bike Shops will accept the Cycle to Work Scheme, including third party providers such as Halfords Cycle2Work, Cyclescheme, Bike2WorkScheme, CyclePlus, etc… A big misconception is that independent stores cannot accept Halfords vouchers, but they can, so long as they are registered with them!!!
So here is a very quick summary of what it means…..
HOW IT WORKS:
- Save at least 25% on the cost of a new bike and equipment for work!
- You choose a bike, hire it for an agreed length of time (usually 12 months), then snap it up for a fraction of its original value.
- Cycle to Work operates as a Salary Sacrifice benefit.
- The Salary Sacrifice is taken from your gross salary (before tax) which means that you will pay less Income Tax and National insurance.
- You visit a registered retailer and chooses your bike / commuting gear.
- You access your personalised and secure Cycle Scheme area to request a certificate.
- Once approved, return to the retailer and order / collect your gear.
- The Salary Sacrifice then kicks in.
- At the end of the Hire Agreement, your employer or Cycle Scheme operator will contact you to talk you through your ownership options.
DOES THE BIKE HAVE TO BE USED FOR COMMUTING?
- You should use the bike and/or accessories mainly for commuting
- At least 50% of the equipment's use should be for work purposes
- However, it can also be used for non-work purposes and there is no need for you to keep a log of your journeys!!
DO I NEED TO GET A BIKE UNDER THE SCHEME?
- If you already own a bike, you can use the certificate to upgrade accessories and gear to help improve your commute
CAN I ADD MY OWN FUNDS TO THE CYCLE SCHEME?
- The max Certificate value available via the scheme for the vast majority is £1,000.
- If the total value of the equipment you require is in excess of your limit, you may be able to add your own funds to the Certificate value.
- You will not make a saving on anything over the maximum Certificate value and all Equipment will remain the property of your Employer during the Hire Agreement.
- Some Employers don’t allow this practice, so check first!!
Any questions on whether you or your employer can avail of the scheme, please do not hesitate to get in touch….
Why not have a look at our wide range of Commuting, Road, TT and Mountain bikes from BMC, Ridley, Orbea, Genesis, Saracen and Ridgeback…..