With Cyclescheme, you can get a tax-free bike, which means you can save up to 42% on the cost of a new bike and equipment!
Cyclescheme is the UK’s leading provider of tax-free bikes for work through independent bike shops. They pride themselves in giving you the best service available with the minimum of administration. Their scheme is run in strict accordance to the government’s green travel plan and conforms to the requirements of the HMRC, OFT and DfT. Cyclescheme also provide Hire Agreements for employees and a free secure website for Certificate processing.
How Cyclescheme works
Employees have 3 convenient choices for organising a quote for their Cyclescheme package:
Once you (the employee) have acquired your quotation, head over to Cyclescheme's website and apply for your Certificate.
Once you have requested a Certificate, your employer can confirm eligibility and approve the request. Cyclescheme will send your employer an invoice for the bike package, and a Hire Agreement is sent to you to sign.
As soon as the bike is paid for, an eCertificate is sent to you.
You can then contact us via email or call us to arrange your collection or delivery.
The cost of the bike is deducted via salary sacrifice. At the end of the hire period, you can pay a Market Value payment to make the bike yours. Cyclescheme can collect this payment for your employer.
Is it a Government Scheme?
Yes. Within the Government’s Green Transport Plan, there’s a tax exemption which allows employers to provide cycles and safety equipment to employees as a tax-free benefit. Technically speaking, you actually hire the bicycles from your employer, buying them at the end of the salary sacrifice period (normally a year, this could vary depending on your employer) for a Fair Market Value payment. Cyclescheme will collect this Fair Market Value payment for you, and we can also offer highly competitive finance packages from well known providers.
The employer buys the bikes and safety accessories at full retail price. The balance is recovered from a reduction in the employee’s gross salary, and employers also benefit from National Insurance contribution savings. The net result? You save money on every bike you process through the scheme!
Cyclescheme with Reduced/On Sale Bikes, and Parts and Accessories
If the bike you wish to purchase is reduced/on sale, the price will be subject to a 10% surcharge. Parts and accessories will be subject to a 15% surcharge. This is to cover the cost of the commission that Cyclescheme take.
Unfortunately we do not reserve/hold bikes while your cycle scheme voucher is being processed.