What is Cyclescheme?
Cyclescheme is one of the several companies administering the Government’s ‘Cycle to Work Scheme’. In a nutshell, Cyclescheme allows you to get up to £1,000 worth of bike and accessories through your employer. You then pay a monthly ‘salary sacrifice’ to effectively ‘hire’ the bike and kit, over a 12 month period.
Save 25-39% on a new bike for work
Tax is complicated; the cycle to work scheme is not. 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.
If you’re an employer, no matter what the size of your company from one employee upwards, you can sign up to the scheme here.
Halfords Bike Scheme
We now accept Halfords Cycle2work vouchers….
Deers Leap Bikes are delighted to announce that we can now accept Halfords Cycle2work vouchers up to £1000. This means you can swap your vouchers allocated via the cycle2work scheme for a non Halfords bike such as one of our Treks, Mondrakers, Cannondales etc opening up your previously limited options.
How does it work? It’s really straightforward: employers buy bikes and lease them to employees to cycle to work on. You choose the bike and your employer recoups the bike cost though salary sacrifice (a regular reduction in your gross salary). This means you spread the cost, usually over 12 months, and make savings on your tax contributions; 32% for standard rate tax payers and 42% for higher rate tax payers. Your employer also makes a 13.8% saving on National Insurance contributions. At the end your employer will normally gift you the bike.
Any questions, we are here to help. Call us on 01342 325858