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Cycle Scheme 
You could get a tax free new bike at up to 50% off the recommended retail price. The Government’s Green Transport Plan allows you to lease a bike from your employer, exempt of Income Tax, National Insurance and VAT. You get to have fun cycling to work and get fitter in the process, the scheme not only allows you to buy a bike, but with it the relevant accessories, such as lights, clothing and safety equipment. Why do we get tax deduction? To encourage people to use their bikes as transport the government has given UK Tax payers an incentive, this has actually been running for a few years, but only up until recently has the public really been made more aware of it. How does it work? The basics are simple - your employer can contact Cyclescheme to register their company or organisation, Cycle Scheme then take on the bulk of the administration. You choose your bike from us and we supply a quote which you pass onto your employer listing the bike, plus any relevant accessories, Cycle Scheme will then issue you with a voucher, which you give us when you collect the bike. How do you actually pay? The scheme operates on a salary sacrifice where the discounted amount is deducted from your wages by you not paying your usual VAT, Tax and National insurance you are normally liable for. You pay the outstanding balance through your monthly wages over a predetermined period of time as agreed with your employer. This is a form of lease and at the end of the payment period your employer sells you the bike for a peppercorn fee - say 5% + Vat of the voucher value. Cyclescheme FAQs What if I am self employed
Self employed customers will need to check with their accountant, details of this government run scheme can be seen via the www.dft.gov.uk website, see ”Cycle to Work Scheme implementation guidance” for more detailed information. What if I work for a small business?
Customers who work for a small business would also use the ”Cycle to Work Scheme implementation guidance”, site to to get the information enabling you to purchase a bike as a one off transaction. Cyclescheme is generally used when employers have numerous employees, they simply use them to take over all the administration, where as a small business will often complete the administration themselves, which is infact far more simple and straight forward than many fear it to be, often no forms even need to be filled in, your employer simply needs to be able to show that the salary sacrifice relates to the bike purchase through the ”Cycle to Work Scheme”, many employers already operate a salary sacrifice scheme for ’child care’, so they are already familiar with the procedure. What if my employer is not with Cycle Scheme?
Like customers who work for a small business, you could also use the ”Cycle to Work Scheme implementation guidance”, site to to get the information enabling you to purchase a bike as a one off transaction. , this also applies if your other employer uses a different intermedery to ‘Cycle Sceheme’, many of whom may linked to a fewer bike shops than ‘Cycle Scheme, they may not stock the products you would like. You could therefore take over all the administration and as such chose a bike from a retailer of your choice, the administration is infact far more simple and straight forward than many fear it to be, often no forms even need to be filled in, your employer simply needs to be able to show that the salary sacrifice relates to the bike purchase through the ”Cycle to Work Scheme”, many employers already operate a salary sacrifice scheme for ’child care’, so they are already familiar with the procedure. Won't it cost the company?
No - in fact they'll save money too. The scheme works on a salary sacrifice system and the monthly deduction for the bike comes out of your gross earnings. It’s not subject to Employer’s National Insurance and profitable companies can benefit from corporation tax savings and actually generate funds.
Is the bike owned by the employer?
Technically you're actually leasing the bike from your employer, but it becomes yours at the end of the lease. Normally you then pay a small final fee to own the bike outright. Although leased from your employer it is in reality your responsibilty, don’t expect them to pay for maintenance etc  Click on this link to see a savings calculator
What do I do next? Talk to your HR to see if they are interested in the scheme and then contact us via the email link below with any enquires you may have
Guy Rowland Tel 01737 373227 email Guy@corridori.co.uk |
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