Tax-free Bikes for Work - Save up to 42% on any bike
Cyclescheme supplies tax-free bikes through The Bicycle Chain. It's a brilliant programme where everyone wins - employees make big savings on new bikes, employers get a healthier workforce and save money too! Cyclescheme helps employers of all sizes to set up and run successful Cycle to Work schemes.
Who can get a bike?
Employees paying PAYE, who have a contract that outlasts the duration of the salary sacrifice period are eligible, provided they are over 18 years old, earn more than the National Minimum Wage after the loan repayment has been deducted, and have completed the employer's probationary period (if applicable).
How much can I save?
Typical savings are between 30% and 50%., but the actual amount you pay depends on your personal tax band, and the way your company runs the scheme. Higher rate taxpayers will save more, employees whose company cannot reclaim VAT (the NHS, for example) will save less. If the employer uses external finance (ie your employer borrows the money to buy the bikes from an outside) then savings are normally about 5% lower. Finally, the fair market value payment needs to be taken into account when calculating the total savings.
Can I get any bike?
You can choose any bike, including electric bikes, providing your chosen Cyclescheme partner can supply it. Some bike shops may add an administration fee to quotes for custom bikes, because the profit margins are lower than those available on standard, mass-produced models. If your employer wants to supply bikes costing over £1000 (retail price including VAT) then they will need a Consumer Credit Licence, and this costs £725, so many employers limit the package value to £1000.
What's the process of getting a tax free bike for work through Cyclescheme?
The scheme uses a voucher system. Once your employer has entered into a contract with Cyclescheme, you need to sign an employee hire agreement that we supply. You visit your local bike shop for a quote on a bike and accessories, which you enter onto our extranet system. When we receive the quote we will invoice your company, and provide a secure voucher once the hire agreement is signed. You take the voucher back to the bike shop to collect the bike.
Do I have to use the bike for work?
You can use the bike however you like; a bike purchased under Cyclescheme should be used for work journeys at least 50% of the time. You don't have to cycle to work for a specified number of days throughout the year and you don't have to record your trips or mileage. You may not claim expenses for business trips made using the bike.
Come and visit our bike shop in Johnstone for more information on tax-free bikes for work.
Opening Times: Tue - Sat: 11.00am - 4.00pm
HUGE SAVINGS ON THE COST OF A NEW BIKE AND SAFETY EQUIPMENT
SPEAD THE COSTS OVER A YEAR AND SAVE ON YOUR INCOME TAXT AND NATIONAL INSURANCE CONTRIBUTIONS
CHOOSE FROM OVER 500 BRANDS
MARKET LEADING END OF HIRE PROCESS ENSURING THE BEST SAVINGS
Visit our shop - view location map
VISIT US: The Bicycle Chain: 3 Collier Street, Johnstone PA5 8AR
CALL NOW: Tel: 01505 335551