What is cyclescheme?
Cyclescheme is a provider of the Government's Cycle to Work scheme which saves you money on the cost of purchasing a bike or cycling equipment by paying the costs via salary sacrifice. Paying by salary sacrifice means you don't pay income tax or national insurance or interest on the payments.
The scheme works by your employer buying the bike and or equipment and leasing it to you and deducting lease payments from your salary as a non-cash benefit before tax and NI is deducted. Overall you save a minimum of 25% if you are a standard rate taxpayer.
Who are cyclescheme?
Cyclescheme are an independent company who provide services that help companies to administer the Government's cycle to work initiative.
Your employer must have joined Cycleshcme to use this method to purchase your bike and or cycling equipment.
More information can be found at www.cyclescheme.co.uk
How to use cyclescheme to purchase from The Cycle Guy?
Which bikes and accessories can be purchased via cyclescheme?
The Government restricts cyclescheme vouchers to a maximum of £1,000. Cyclescheme also set a minimum purchase of £100.
Some employers allow their employees to add to this but the salary sacrifice will be limited to a maximum of £1,000. Please be aware that even if the employee adds to the voucher value, your employer will retain ownership of the product until the end of the lease agreement.
Sale bikes and custom builds
Please be aware that bikes and or accessories reduced from full RRP are subject to a surcharge of up to £150 when purchased via cyclescheme and is payable separate from the cyclescheme voucher. The level of surcharge will depend on the price reduction being offered and is to cover the fees charged by cyclescheme. Surcharges may also apply to custom builds.