What happens at the end of the Cycle to Work agreement? Technically, you’ve hired your bike from the scheme for the length of your agreement and you’ve got a few options at the end of it: Enter into a new agreement, paying a small deposit to rehire the bike. Buy the bike from the scheme.
What are the benefits of cycle to work scheme?
Aside from unbeatable savings through the cycle to work scheme tax exemption, employers and employees can reap lots of great benefits. Whether it’s improving morale in the office, cutting commuting costs or helping to save the planet, it is a key perk of the workplace.
How much do you get on cycle to work scheme?
Own it now – you pay either 18 or 25% of the bike’s value (18% if the bike was initially under £500 and 25% if it was initially over £500). You now own the bike. Return the bike – if after your initial hire period you do not want the bike you can return it.
How does the cycle to work scheme work UK?
How it works. The cycle to work scheme allows employees to obtain commuter bikes and cycling accessories through their employer, whilst spreading the cost over 12 months and making unbeatable savings through a tax break. The employer registers with Cyclescheme – this only takes about 5 mins.
What happens at the end of the cycle to work scheme? – Related Questions
Can I spend more than my cycle to work voucher?
The amount of money you spend must not be more than the amount of your cycle to work voucher. Unfortunately, you are no longer allowed to top up cycle to work scheme orders with your own money.
Does the cycle to work scheme affect your pension?
Yes, there may be an impact on your entitlement to benefit payments such as statutory maternity or paternity pay, statutory sick pay and working tax credits, as these will be calculated on your reduced salary. There may also be an impact on your pension depending which pension scheme you are in.
How do you use the cycle to work scheme?
You choose a bike, hire it for an agreed length of time, then snap it up for a fraction of its original value. It’s like a year-round sale, with interest-free credit available in over 2,000 retailers nationwide.
How does the cycle to work scheme work for employers?
The cycle to work scheme allows employees to obtain commuter bikes and cycling accessories through their employer, whilst spreading the cost over 12 months and making unbeatable savings through a tax break.
Can I get 2 bikes on cycle to work scheme?
Can I get more than one bike? Yes! If you would like to get two bikes you certainly can – as long as they are both suitable and safe for you to ride, and your total doesn’t exceed your scheme’s maximum limit.
Does anyone check cycle to work scheme?
The employer has to check eligibility. Cycle to Work schemes do not permit the salary sacrifice to take an employee below the minimum wage and the employee has to be over 18 or 16 with a guarantor. Once approved, Cyclescheme issues an invoice to the employer.
Can you get electric bikes on cycle to work scheme?
For the most part, getting an e-bike on Cyclescheme is no different to a standard bicycle. You find your Cyclescheme Retailer, choose the e-bike that is best suited to you and your commute, and request a Certificate.
Can you get an electric scooter on the cycle to work scheme?
You cannot get micro-scooters or any type of motorised vehicle on the cycle to work scheme. The bike must be for you, i.e. not for your spouse or children.
How long does it take to set up cycle to work scheme?
The cycle to work scheme usually takes 3-14 days from application to redemption. The length of time it takes to go from doing your application to getting your bike and/or accessories can vary; many employees can collect their cycle to work packages directly after being approved.
How do you save money on cycle to work scheme?
You make a saving by paying for the bike and/or accessories directly from your gross salary (before tax). You sacrifice part of your salary, temporarily lowering your income slightly. Your income tax and national insurance are based on the lower figure, so the amount you pay is less.
Is cycle to work scheme free for employers?
Cyclescheme is free for employers and employees.
Can I use cycle to work scheme if I work from home?
The easement confirms that the Government supports the principle that employees working from home and using scheme equipment for exercise and/or utility journeys remain eligible for the cycle to work tax exemption.
Does Halfords do Cyclescheme?
Does Halfords Accept Cyclescheme? No, is the short answer. Halfords only accept their own Cycle2Work Letters of Collection for bikes and accessories.
What happens at the end of Halfords cycle to work scheme?
At the end of the 36 months you can either choose to send your bike back to your Cycle to Work provider (and your deposit will be refunded) or you take ownership of the bike. No further payments are needed.
How long does it take to get a Cyclescheme certificate?
On average it takes 3-10 days from your request to getting your Certificate (and your bike!) but this can vary based on scheme set up and some external variables. Please exercise a little patience, then get in touch with Cyclescheme or your workplace if you need more information or support.
Does NHS do cycle to work scheme?
We encourage our staff to live healthy lifestyles and as part of this UCLH has signed up to the ‘Bikes for the NHS’ cycle to work scheme.