Cyclescheme is an employee benefit scheme that provides savings of 25-39% on the price of a new bike and cycling accessories (or even more with our offers). As an employee you pay nothing upfront but in monthly instalments which are taken in a tax efficient manner from your salary by your employer. It’s completely free to join and easy to administer online. There is no longer any limit on the amount of money you can spend.
Not only do employees save but the employer will generate a NICs (national insurance contribution) saving up to 13.8% of the bike’s value.
Here how Cyclescheme works.
- The employer registers with Cyclescheme. They will then be able to access promotional resources to help promote the scheme to their employees.
- The employee then chooses the bike and any accessories they want and apply via the Cyclescheme website. The employer reviews the application.
- Once the employee receives their bike they start monthly repayments via their salary. After a 12 months period the employer will have recovered the cost of the bike / equipment and also generated up to 13.8% in NIC savings. When the repayment period ends you keep the bike and any additional equipment by making a small additional payment.
In addition to tax free savings, the Cyclescheme provides other benefits such as
British Cycling
Offer 25% off any British Cycling membership package.
Bike Register
Employees can choose to have their bike auto-registered on Bike Register.
Bikemo
Cyclescheme employees get 14 days free bike insurance cover and further discounts for cycle insurance.
Santander Cycles
Cyclescheme participants enjoy access to the UK’s only city bike hire scheme offering the flexibility of city bike hire with Santander Cycles saving employees 32-42% on the cost of annual membership
For more information see
https://www.cyclescheme.co.uk/
Also read about the Cycle To Work Scheme: https://www.savvycycling.co.uk/uk-employee-tax-free-cycle-purchase-schemes/cycle-to-work-scheme/
