Cyclescheme lets you get an e-bike for under RRP and spread the cost each month. You can save between 25 – 39% depending on your tax rate, employer and the price of your new e-bike.
What bike can I get on the cycle to work scheme?
With the scheme you can get any adult bike plus a wide range of cycling safety accessories. If you already own a bike, you can also apply for just accessories!
Can I buy electric scooter on cycle to work scheme?
Can I use Cyclescheme to buy an electric scooter? No, at this time Cyclescheme is only usable on e-bikes and cycling accessories.
Can you get 2 bikes on the cycle to work scheme?
No. The scheme works because it’s your bike and you are riding it to work (generating your tax break) – you cannot get a bike for anybody else. However, it is worth noting that you can get more than 1 bike on the scheme as long as they are both for your commute.
Do I own the bike at the end of cycle to work scheme?
The cycle to work benefit is a tax-efficient hire benefit. As such, you do not own the bike in the first instance (albeit it is in your care and you can use it as if it were your own).
Does the cycle to work scheme cost the employer anything?
Does the scheme cost anything for an Employer to implement? The scheme is free of charge to set up and costs nothing to run. The Employer makes the initial purchase and then leases the bike/equipment to the Employee via a salary sacrifice, until the full amount is recovered.
Can I buy a turbo trainer on the cycle to work scheme?
Yes. As of 2019 the government relaxed the rules of the scheme allowing you to purchase a frame, components, or clothing and accessories with the voucher. Car racks, turbo trainers, cameras, GPS and children’s bikes are not available through any Cycle to Work schemes.
Is my employer part of the cycle to work scheme?
If you are a working adult aged 16 or over, you are eligible to join Cyclescheme. Your employer needs to be signed up and your earnings should be more than the National Minimum Wage after the salary sacrifice is taken from your gross salary.
Can I buy a bike over 1000 on bike to Work scheme?
No, employers can set their limit at any value they see fit. This means that all schemes are not necessarily £1,000+. However, since offering the new solution as many as 90% of employers are deciding to offer the new ‘no limit’ scheme.
Can I pay off my cycle to work scheme early?
If an employee leaves the scheme early, the bike or equipment will remain the property of the employer. … Alternatively, to make repayment more manageable for the outgoing employee, the employer could split it over a longer period. This would require a new agreement to be drawn up and signed by both parties.