Cycle to Work Scheme
The Bike Rooms are pleased to offer tax fee bikes for work via Cyclescheme.
How Cyclescheme Works:
Visit one of The Bike Rooms stores either in London, Manchester or Swindon and select you bike and equipment; you will be given a paper quote. You can use Cyclescheme's online tool and apply for their chosen package by entering the details online and requesting a Certificate: Cyclescheme Calculator.
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 the you, the employee, to sign.
As soon as the bike is paid for, the Certificate is sent to you, the employee. You can then contact us at The Bike Rooms to arrange collection.
The balance of the bike is deducted from your salary. At the end of the hire period, you can opt to pay a Market Value payment to make the bike theirs. Cyclescheme can collect this payment for you.
Already own a bike? You can also use your certificate to purchase cycling clothing, accessories and safety equipment. Contact us in store on 0161 870 8195 for further details on what is included.
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, employees actually hire the bicycles from their employer, buying them at the end of the salary sacrifice period for a Fair Market Value payment. Cyclescheme will collect this Fair Market Value payment for the employer, 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? As an employer you save money on every bike you process through the scheme!
Visit the Cyclescheme website for more details or pop into one of our stores today! www.cyclescheme.co.uk