CITY BIKE HIRE is Cyclescheme's city bike offering - perfect if you can't have a bike of your own or if you want a multi-modal commute. BikeBiz Best Retail Services '12, '13 & '14, Earn at least minimum wage after the salary sacrifice has been taken from your pay, Be paid and taxed via Pay As You Earn (PAYE) system, Agree to your initial Hire Agreement (where you pay to loan the bike tax-efficiently - saving 32-42%) -, Agree to an Ownership Option (we recommend the 'Own it later' option - which costs only 3-7% of the value of the bike) -. provider. See this weeks best-in-market deals... With Cyclescheme offers you can boost your scheme savings even more. The Cycle to Work Scheme makes cycling more affordable for employees who need a bike straight away, but can’t afford one upfront. It’s a one-time deal. The idea behind the scheme is to create avid cyclists, not penalise those who live in the saddle. How often can I use the scheme? Employees can benefit from a new tax-free bike and equipment once every four years. invite them Bikes don’t come cheap, but the Cycle to Work Scheme could help you make a serious saving. The government guidelines state that you should use your bike and accessories for commuting for at least 50% of its usage however you do not have to log your bikes mileage and we thoroughly encourage you to use your bike in your spare time! When you get a bike via the cycle to work scheme it's vital that you get in the saddle and ride to work! Q: What is the Cycle To Work Scheme? The cycle to work scheme is an employee benefit that enables working adults to save 25-39% (often more) on the cost of a bike and/or cycling accessories.You can calculate your potential savings here.. Employer Code instead. The guarantee pledges that "if your new bike of choice is available in a UK retailer - we will get it for you". We always recommend the 'Own it later' option as this ensures that you save the maximum amount of money (and save a minimum of 25%). BOX 3809, Bath, BA1 1WX. The scheme can feel complex, but in practice it's easy. If Cyclescheme handles your employers' ownership options, you can either: No. Do I have to cycle to work every day? Running a Cycle to Work scheme for your business couldn’t be simpler, in fact, we take care of all the work on your behalf. It is possible to get two bikes – if for example you travel by rail and cannot take your bike on the train you can get a bike for each end of the journey as long as your employer allows this. The Bike to Work Scheme is a way for people in the UK to get a bike at a discounted rate through their employer. Rule 7 - can I get a bike for someone else? Use the HOW IT WORKS section to help you understand the scheme, find out how much you can save and to apply to join! For example, if you used the bike 10 times in a year, at least 5 of those journies must be work-related. If you know your employer hasn't registered with Cyclescheme you can You can take part year after year; for example, getting a bike in year one, … If they haven't signed up, The cycle to work scheme is a salary sacrifice arrangement, to partake in the scheme you must: To be able to join the cycle to work scheme your employer does need to register to join Cyclescheme. if you cannot find what you're looking for, Cyclescheme also operates an 'Any bike guarantee'. The scheme works because it's your bike and you are riding it to work (generating your tax break) - you cannot get a bike for anybody else. The scheme applies to bikes and equipment up to the value of €1,250 and ‘e-bikes’ and related safety equipment up to the value of €1,500. Premier Partners for Singletrack issues & exclusive subscriber perks, Metcheck MTB Weather Forecasts At A Glance, Singletrack Wisecracker Headset Spacer Bottle Opener, Singletrack Salvation â Intimate Cycling Chamois Cream, Sweet Protection Ronin Max RIG Glasses Review, Darkfest 2021: Dropping in For Sessions on the Full Course, Readers’ Rides Bike Check: Andy’s Geometron G1, This topic has 3 replies, 3 voices, and was last updated. In short, no! You’ve probably heard of the Cycle to Work Scheme, but if you don’t know how it actually works … Of course, this is just an approximation - if you are riding to work 4 days and week and then also riding your bike in the evenings and weekends this is absolutely fine. As an employee you can use the scheme once every 4 years. It sets out how such schemes typically operate, and what is needed to ensure that the tax and National Insurance benefits can apply. Read More A Cycle to Work scheme is designed to promote healthier journeys to and from work and reduce pollution by allowing employees to save money on a new bike and/or accessories. Get your timing right. You also need to agree to the terms of the scheme, these are summarised below: Insure the bike (to protect yourself against theft and accidental damage) - 14 days free Insurance on new bikes and exclusive saving with Bikmo. Use the SHOP NOW section to help you decide what you need, where you might like to shop and what offers are available to you. Your manager or an HR colleague will have this on hand. Does anyone know if this is a (new?) The employee pays their employer back through a salary-sacrifice arrangement. The Cycle to Work scheme is an initiative implemented by countries like the UK and the Netherlands. 12 months is usual, but it's between you and your employer to decide that. Options for Cycling to Work Overview 2.1 This document primarily concerns Cycle to Work schemes using the salary sacrifice process. Standard schemes ensure that you will save a minimum of 25% on the cost of the bike and / accessories, however many people save more (particularly with our. 1999 to promote healthier journeys to work and to reduce environmental pollution. Yes. The Cycle to Work Scheme was introduced in January 2009 to encourage people to cycle to work. If your budget is tight, remember that many retailers allow sale bikes and Cyclescheme has weekly offers too! You can 'invite your employer' to sign up using our free and easy tool. Yes. It also sets out whether the associated hire agreement may be regulated or exempt. Cycle to Work Partner Store Scheme. And that's it. An example that would not be acceptable would be an applicant requesting 2 bikes where 1 bike is not for them. Using the Bike to Work scheme, your employer can help you obtain a brand new bike and safety equipment worth up to €1,250 for a regular bike, and up to €1,500 for an electric bike. Cyclescheme's easy to follow processes and unrivalled retail network means saving 25-39% on a bike and / or accessories has never been easier. On top of a new bike, you can use the scheme to pay for cycling parts and safety accessories. Here at The Bike Institute we offer FURTHER discounts for organisations who want to partnership with our store. Pedelecs, e-bikes and related safety equipment can be purchased to the value of €1,500. Under the scheme, employers pay for bicycles and bicycle equipment for their employees. Higher limits improve access to e-bikes, cargo bikes, handcycles and even everyday bikes like Bromptons. I took out an agreement last January and it comes to an end this december. The guidelines do state that ‘at least 50 per cent of the cycle’s use must be for commuting to work purposes.’. What is the cycle to work scheme? Guidance for employers who want to put in place a cycle to work scheme. How to save money & spread the cost on a new bike. Encourage a healthier workforce, and reduce your tax bill. The employee is not liable for tax, PRSI or Universal Social Charge on their repayments. Don't worry, getting employers to sign up is easy! The cycle to work scheme has seen well over 1,000,000 people across the UK save money on a bike and/or accessories to use when cycling to work. A bicycle and safety equipment can be purchased to the value of €1,250. It's vital that you decide what to do with the bike after your tax-efficient hire period. Cycle to work scheme: How often can you participate? Paid back my last one in 6 months IIRC. A: The Cycle To Work Scheme is a Government-backed initiative to encourage people to bike to their place of work.By purchasing your Juicy Bike through this scheme you can make big savings! Over 2,000 retailers - in-store, online and click & collect. You can get an amazing bike for less than a grand. You're all set to start your application. do I have to choose an ownership option? By picking certain times in an employee's life cycle you can positively influence … The cycle to work scheme is awesome as it enables you to get all manner of cycling gear at a significant discount (whilst also spreading the cost). Being physically active is essential for a healthy lifestyle. My company does the cycle to work scheme. Download our Partner store brochure or … I took advantage of the cylce to work voucher scheme 2 years ago (May 2008) to buy a nice new road bike. How the scheme works. You are eligible to apply for the Cycle to Work scheme once every 5 tax years. ours is set so that you can only be taking one during any hire period. I took advantage of the cylce to work voucher scheme 2 years ago (May 2008) to buy a nice new road bike. If any employees have already availed of the Cycle to Work in 2009, 2010, 2011, 2012, 2013 or 2014 they are now eligible to re-apply for the scheme, irrespective of what month the original application was made. How much can I spend on my bike and accessories? To avoid the new HMRC stipulation that, should the company sell me the bike at the end of the hire I have to pay FMV of 25%, they have put a new hire agreement in place for a further 3 years (with no hire payment ). This is because the employer pays for the bike and / or accessories (in the first instance) and they organise for your monthly payments to come tax-efficiently from your salary. It isn’t. Cost of bike/ticket: €250: €500: €750: €1000: Tax relief saving: 51%: 51%: 51%: 51%: Tax relief saving: €128: €255: €383: €510: Net Cost: €123: €245: €368: €490: Standard rate taxpayer: 20% Tax + 7% USC + 4% PRSI = 31% ; Cost of bike/ticket: €250: €500: €750: €1000: Tax relief saving: 31%: 31%: 31%: 31%: Tax relief saving: €78: €155: €233: €310: Net Cost: €173: €345: €518: €690 The definitive guide to the Cycle to Work Scheme. It's win-win. If you can't find your employer but you know they're on the scheme, please enter their You might well be able to join them. In reality, cycling to work is usually cheaper, more fun and often quicker than other forms of transport. Historically the cycle to work scheme limit was £1,000. I've looked on the cycletowork webiste but cannot see this information (although I may have been blind). We’ll outline all the options available to you for funding, scheme limits, ordering periods and agreement durations, and once you’re happy, we’ll send you a supply agreement and implementation plan to kick-off your new Cycle to Work scheme. Special offers on bikes less than £1,000. The cycle to work scheme is part of the Governments Green Transport Plan. For example, if you need a hybrid for regular commuting and a folding bike for city meetings or a bike for summer and a bike for winter, it's acceptable to get both at once. Technical answer: You should use the bike and/or accessories mainly for commuting to and, if relevant, between workplaces. https://www.sustrans.org.uk/.../the-cycle-to-work-scheme-explained What is a cycle to work scheme? Rule 6 - do I have to choose an ownership option? It's vital that you decide what to do with the bike after your tax-efficient hire period. Welcome to Bike to Work, we are here to help you take advantage of the recent Government initiative offering tax free bikes for cycling to work. to get on board. invite your employer. If at the end, you decide to keep the bike/equipment, Bike2Work will retain your deposit. Are you a company or organisation that want to introduce your staff to the cycle to work scheme? At least 50% of the bike and/or accessories use should be for work purposes. That means if you use the bike 15 times in a year, approximately 8 of those journey's should be connected to your commute or work use. Even if you’ve never ridden a bike before, learning how to do so is easier than you think.. Cycle to work scheme implementation guidance for employers - GOV.UK Cookies on GOV.UK Your employer must first sign up for the scheme. Contact UsPrivacyForum RulesPremier ClubClassifieds RulesLink RemovalLogin/cookie issues?Newsletter Settings, Viewing 4 posts - 1 through 4 (of 4 total). I'm sure I was told that I would be able to particiapte again 2 years later (i.e. More information on the new Government guidance. Part of. 3.3 Cycle to work scheme survey results ... cycling more often as a direct result of the scheme. before tax is assessed or deducted). Rule 2 - what does my employer have to do? The savings are generated by employees paying for their bike and/or accessories from their pre-tax salary (i.e. You can get any accessory that keeps your bike wheels turnings, for instance: You can shop with any one of over 2,000 Cyclescheme retailers - in-store, online, click & collect and brand direct. Employees can apply for a bike and accessories once every 5 years. Whatever option you choose, you can request another bike straight away if you wish. The second aspect we look at is whether people are cycling further, looking at the length of the trip and whether this is increasing, as well as the number of journeys to and from work being made by bicycle. We'll cover everything from who can join the scheme, how to do it and what happens at the end. Do you know how long the hire period is? There is a rule of thumb that the Department for Transport asks you to adhere to, this is that 50% of the bike's use is for a work-related journey. I thought (perhaps wrongly) that it was the 12 months you paid the money back. © 2021 Cyclescheme Limited, P.O. You can secure a bike for work at an unbelievable price - it's like a sale on top of a sale! You cannot get action cameras or GPS computers. The most attractive option for Employees is to pay a small refundable deposit to Bike2Work Scheme (either 3% or 7% depending on the original cost of the bike/equipment) and continue to lease the bike/equipment from Bike2Work Scheme for a further 36 months. The topic ‘Cycle to work scheme: How often can you participate?’ is closed to new replies. The four-year span between tax breaks is counted by tax year. Use the HELP & SUPPORT section to find answers to your questions, locate our contact details and find quick links to useful tools. Use the EMPLOYER section to learn about the cycle to work benefit from an employers perspective and to register your business on the scheme. You can use the bike and equipment to cycle to work and in leisure time. Cyclescheme is the UK's most popular cycle to work benefit, creating more cyclists than any other requirement of the scheme? I'm sure I was told that I would be able to particiapte again 2 years later (i.e. However, upon recieving my work benefit package yesterday it shows that I am still not eligible and have to wait annother year (i.e., you can only get a voucher every 3 years). How much can I spend on the Bike to Work Scheme, and how often can I use it? Cyclescheme tracks when you are next eligible to apply. Your employer has registered with Cyclescheme. The Cycle to Work Scheme is a tax incentive encouraging employees to cycle to and from work. The Cycle to Work initiative gives your employees the opportunity to sacrifice part of their salary in return for one bicycle and/or allowable safety equipment, which should be used primarily for part or all journeys to/from work. Yes. The scheme allowed me to buy a powerbike from a local supplier and I now cycle to work every day. This is because employers recoup the full cost of your bike and up to 13.8% of its value on top! It's vital that you decide what to do with the bike after … Please note the scheme does not allow you to obtain a bike for someone else. 2. However, it is worth noting that you can get more than 1 bike on the scheme as long as they are both for your commute. The plan - which aims to cut congestion on the roads, improve the health of the nation and have a positive impact on the environment - is a part of the 1999 Finance Act. The initiative was first introduced by the government 20 years ago and many thousands of people have benefited ever since. In a modern world where the car is king, people have started cycling to work in ever-increasing numbers.. Not sitting in queues of traffic and the cost savings compared to driving/parking has made this particularly appealing.
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