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023 9266 6500 Cycle World Bike Shop, 373 London Road, Hilsea, Portsmouth, PO2 9HJ
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Electric bike experts

CYCLESCHEMES

Are you an employer already signed up on a cycle to work scheme. If yes - which scheme

 
  • Cycle To Work SchemeCycle PlusBike To Work SchemeHalfords Cycle To WorkBikes NHSSalary Exchange
 

If no - but would like to join a "Cycle to Work" scheme, 

 
Save up to 42% 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.
 
  • Pay monthly direct from your gross salary and save 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!

 

 

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.

The amount of gross salary sacrifice in this instance will be £41.66 per month, meaning the net payment will only be £24.16. Over a 12 month period this equates to £290.

Because the payments are made out of your gross salary the actual net cost means that the employees save between 32 and 42%.


Who does the bike belong to at the end of the 12 month period?

 

In order to preserve the tax benefits of the scheme, there can be no guarantee or obligation to transfer ownership to the employee immediately after the hire period has ended. However, employers generally choose to offer ownership of the equipment rather than other options.

The most attractive option for Companies is to re-lease the bike to the employee for a further 36 months at zero cost and at the end of this period for the employee to pay a small sum (usually 3% or 7% of the equipment value*) and ownership is then transferred from the Employer to Employee
 

*the lower figure is for an equipment value of less than £500 and the higher one for equipment value of £500 or more. These figures include VAT.


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. 


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. Some Employers with a Credit licence can however exceed the £1000 threshold.

Giant Ladies and Mens Road Bike Hire