What
are the benefits?
Save up to 50%* on the cost of a bike and safety equipment
Pay monthly and save VAT, National Insurance and Income
tax
Get any make or model of bike from your local shop
Save your employer money as well through NI savings
Our secure extranet website means minimal hassle
How
does it work?
This is an example of
how a higher rate tax payer can save 50% on a £1000 bike
package hired over a 12 month period:
Bike package retail price (inc VAT) £1000
VAT saved £148.94
Income tax and NI saved £348.96
Monthly repayments £41.84
Total bike package price £502.10
[N.B. This is
ONLY
an example and not a quote. Please check with your local
retailer for more detailed information or check using their
calculator system at **
http://cyclescheme.co.uk/employee,calculator.htm
. *Please also be aware that savings are affected by
a company's tax status, finance arrangements and your
personal level of taxation.]
What
do I do next?
Talk to your employer and get them to agree
to use Cyclescheme
Choose your bike at a local participating cycle shop who
will then issue you with a quote
You enter a quote on a secure extranet site
Your employer authorises the quote for you
Cyclescheme issue a secure voucher which you can use to
collect your bike
Check out
http://www.bikeforall.net/content/cycle_to_work_scheme.php
as well .... and
http://www.ordnancesurvey.co.uk/oswebsite for
online maps once you have your bike, to help you with your
route planning!