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Taking advantage of new legislation enacted in the Income Tax (Earnings and Pensions) Act 2003, an employer is able to provide a bicycle and bicycle safety equipment to employees to be mainly used to Cycle2Work.
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| You can save up to 45% off a new bike, helmet and accessories through Cyclescheme and Life-cycles In order to take part you will need your employer to run the scheme. Once your employer is on board, the scheme is available to UK tax payers who pay PAYE. Unfortunately this means the self-employed cannot take part. |
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What you save and how
- You do not pay VAT on the goods - saving you 17.5% immediately!
- The rest of the amount is deducted monthly from your wages before tax - this saves you another 22%
- It is also deducted before national insurance - this reduces your NI contribution saving you more money!
- You and your employer decide how many months to run the scheme over.
The Process (its easy!)
- You choose a bike and accessories up to the value of £1000 which are recorded on a quotation form.
- Take the quotation form to your employer who then requests agreement from Cyclescheme.
- Cyclescheme take care of all the paperwork and send you a hire agreement to your home.
- Return the form to Cyclescheme and wait for your vouchers to arrive in the post.
- Take your vouchers to the bike shop and collect your shiny new bike!
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| If you require more info please Email Or Contact the shop or visit the Cyclescheme website. |
