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Employees can now take advantage of a tax exemption that allows employers to provide cycles to employees as a tax-free benefit. A number of companies administer these schemes of which Cyclescheme.co.uk is the most widely used. It operates through independent cycle retailers like us but before you jump in and think you can save yourself $$$, first of all your company must be a registered Employer and you must be in permanent employment, over 18 and earning above the minimum wage
The amount you can save varies based on your personal circumstances and how much you want to spend. Cyclescheme offer a calculator on their website to help you work out what you could potentially save, assuming you and your employer satisfy the above criteria. Be aware though, you leave your job and you must either give the bike back or pay the outstanding debt and there is a limit on what you can spend.
So your Employer is signed up to the scheme and you now want a bike, what do you do next?
To keep it simple, the basic steps are outlined below. If you have any specific questions, you need to speak to your Employer about payment and authorisation of your purchase or drop in or call us if its about the bike itself.
Choose your bike
We give you an official Cyclescheme quotation
You go to the Cyclescheme website (link supplied by your employer) and enter the quote
Your Employer authorises your request (online)
Your Employer pays Cyclescheme
Cyclescheme sends a secure voucher to you in the post
You redeem the Voucher with us and take your bike home
We redeem the Voucher and get paid
We have a range of bikes available which will allow you to take full advantage of the scheme.
Drop in or call us NOW Tel. 01564 701860