CycleScheme - Flexible, affordable, tax-freeMake big savings on a bike for work with Cyclescheme
How much can I save? This is an example of how savings are made for basic and higher rate tax payers on a £1000 bike package hired over a 12 month period. | | Higher Rate | Basic Rate | | Bike package retail price | £1000 | £1000 | | VAT saved* | £148.94 | £148.94 | | Income tax saved & NI saved | £348.93 | £280.85 | | Monthly repayments from gross salary | £70.92 | £70.92 | | Net monthly payments | £41.84 | £47.52 | | Total cost of bike package | £502.13 | £570.21 |
At the end of 12 months, under a separate agreement, the ownership may be transferred to the hirer for a fair market value payment of around 5%
| How does it work? | | | | - Talk to your employer and then get them to sign up with Cyclescheme
| | | - Visit C&D Cycles and choose your equipment - you will be issued with a quote for your bike package
| | | - Enter the quote online using our secure extranet system
| | | - After an eligibility check, a hire agreement will be sent to your employer, or directly to you.
| | | - You return your signed hire agreement to your employer, and a secure voucher is sent out.
| | | - You redeem the secure vouchure with C&D Cycles on production of photographic ID
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* VAT saving is not applicable to all companies. Consult your employer. |
