How much discount do you get with cycle to work scheme?

33%
With Ride-to-Work, you can get a tax-free bike, which for most people means they save a minimum of 33% of the cost.

Do I own the bike at the end of Cycle to Work?

Because it was set up to promote work journeys rather than cycling in general, your employer technically remains the owner of the bike once you finish the hire period.

Can I pay off my cycle to work scheme early?

Yes. If you would like to conclude your Own it later agreement we can organise this via a one-off payment. This payment cost will correlate to the age of the bike and HMRC’s valuation table for bike disposal.

How does Ride to Work scheme work?

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.

Is cycle to work a salary sacrifice?

Cycle to work operates as a ‘salary sacrifice’ employee benefit. This means that the employee agrees to give up part of their salary in exchange for a benefit – in this instance the benefit is a bike and/or accessories.

Can I buy 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.

What happens if I lose my job on cycle to work scheme?

If you leave employment or are made redundant during the Hire Period any outstanding salary sacrifice repayments will be taken from your final salary, from NET rather than GROSS pay i.e. without any further tax exemptions.

Does the bike to work scheme cost the employer?

Does the scheme cost anything for an Employer to implement? The scheme is free of charge to set up and costs nothing to run. The Employer makes the initial purchase and then leases the bike/equipment to the Employee via a salary sacrifice, until the full amount is recovered.

Can you claim tax back for cycling to work?

Claiming a Tax Deduction for Your Bicycle if You’re Self Employed. The easiest way is to use simplified expenses to claim for the cost of using your bicycle. You can claim a flat amount for each mile you cycle on your bike.

Can I buy a bike over 1000 on Bike to Work scheme?

Big news! Cyclescheme is no longer capped at £1,000. Budding commuters can now save on the exact bike, components and accessories they need to cycle to work. So, your Cycle to work benefit is more relevant and accessible than ever!

What is the maximum cycle to work scheme limit?

The cycle to work scheme does not necessarily have a limit. This is to ensure riders can get the exact bike they need to improve their commute, for example: you may need an e-bike to beat the hills or arrive at work sweat-free, or. you might need a hard-wearing bike with a titanium frame to support you cycling 365, or.

Is cycle to work worth it?

The Cycle to Work scheme also allows you to buy accessories alongside the bike and this is definitely something you should take advantage of. In fact, we reckon it is worth using the scheme to buy two bike locks, a good set of lights, a helmet and some high-quality bibshorts.