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Save upto 50% 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. If you are an employer and would like to know more then please view EMPLOYERS PAGE |
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- Pay monthly direct from your gross salary and save VAT, Income Tax and National Insurance.
- Choose from a quality range of bikes.
- Get fit and do your bit for the environment.
- Save money for yourself and your employer.
- Free Up the roads and carparks!
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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 WorkCycle Contact Form. |
How does the scheme work?
If you are a higher rate tax payer for example, and you choose a bike and accessories worth £500, you enter into a Hire Agreement with your Employer, who then deducts payments from your gross salary over a 12 month period. This is known as a salary sacrifice.
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Bike & accessories cost (including VAT)
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£500
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.00 |
| V.A.T. saving |
£74
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.47 |
| TAX & National Insurance saving |
£147
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.36 |
| 12 Monthly repayments (salary sacrifice) |
£20
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.93 |
| Total cost |
£251
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.16 |
| SAVING AROUND 50% OFF RRP |
£248
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.84 |
The above example for a higher rate taxpayer shows savings of over 50%, a standard rate (22%) taxpayer would pay £285.13, saving around 43%.To work out cost and savings on another price please use the Excel calculator.
Who does the bike belong to at the end of the 12 month period?
For a nominal sum the bike and safety equipment can be purchased from the Company at the end of the Hire period.
What is salary sacrifice?
Salary sacrifice happens when an employee gives up the right to receive part of their cash pay due under their contract of employment in return for a non cash benefit, which in this case is a cycle and any safety equipment needed.
What if I leave before the end of the Agreement?
If you leave during the term, any outstanding monies owed should be taken from your final Net salary, however if this is not sufficient to cover monies owed, you will be required to pay your employer any outstanding money by cheque / cash within a specified period.
Who is responsible for insuring/maintaining the bike?
It is the responsibility of the employee to insure and maintain the bike. We strongly recommend that it is put on your Household insurance though if this cannot be done then we are happy to refer you to Cycleguard and Endsleigh who both provide specialist cover.
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.
- Simply visit Cycle World, choose your cycle and safety equipment and we will supply you with a written quote for your employer.
- You then sign a written Hire Agreement for 12 months with Your employer specifying the salary sacrifice to be made. This is regulated by the Consumer Credit Act 1974, and is non cancellable.
- Once payment has been made by the employer, Cycle World will contact you when the cycle is ready to collect.
- Deductions are then made from your gross salary by your employer over a 12 month period.
If you're employer isn't registered or you are unsure then please complete the WorkCycle Contact Form, we will keep you informed every step of the way. You may like to inform your employer that further information is available from the Employer Pages.
Other benefits?
By belonging to the Workcycle Scheme you will not only get a free first service on the bike within 2 months of purchase but also a free safety check service at 12 months. Employees taking part will also receive 10% discount on accessories and clothing after joining the scheme and up to 20% off selected lines, including lights and clothing.
Is there a price limit that can be spent?
Under this Initiative the Goverment has provided a blanket Consumer Credit Licence to all participaitating Companies, allowing purchases for any one individual up to £1000. Should the Employee wish to spend above this limit then the Company will require its own Licence (fee around £275), which Cycle World be be happy to help them obtain.
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