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Are you an employer already signed up on a cycle to work scheme. If yes - which scheme
If no - but would like to join a "Cycle to Work" scheme,
Save up to 42% on bikes and accessories with WorkCycle at CycleWorld.
Choose from a great range of top quality manufactures including Trek, Marin, Cannondale, Giant, GT, Mongoose, Raleigh, Claud Butler, Brompton and many more. Every one catered for by the numerous styles and fashions available, from mountain bikes to dedicated road and race machines, folding bikes to hybrid and traditional cycles. The savings don't stop there, safety equipment and accessories such as helmets (VAT free), mudguards, lights, locks, reflective / safety clothing, panniers and racks can also be included in the Work Cycle Scheme. Who can apply? Anyone who is employed by a participating employer. |
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Just about everything you need to know about WorkCycle is covered on this page. If you have any additional questions, want to contact WorkCycle, or wish to refer your employer to the scheme, then please use the |
How does the scheme work? The amount of gross salary sacrifice in this instance will be £41.66 per month, meaning the net payment will only be £24.16. Over a 12 month period this equates to £290.
Because the payments are made out of your gross salary the actual net cost means that the employees save between 32 and 42%. Who does the bike belong to at the end of the 12 month period?
In order to preserve the tax benefits of the scheme, there can be no guarantee or obligation to transfer ownership to the employee immediately after the hire period has ended. However, employers generally choose to offer ownership of the equipment rather than other options. The most attractive option for Companies is to re-lease the bike to the employee for a further 36 months at zero cost and at the end of this period for the employee to pay a small sum (usually 3% or 7% of the equipment value*) and ownership is then transferred from the Employer to Employee
*the lower figure is for an equipment value of less than £500 and the higher one for equipment value of £500 or more. These figures include VAT. What is salary sacrifice? How do I take part in the scheme?
Once your Employer has signed up to the Workcycle scheme, getting a cycle and saving money couldn’t be easier.
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