Cycle To Work Scheme
Tax is complicated, Cyclescheme isn’t.
You choose a bike, hire it for an agreed length of time, and then snap it up for a fraction of its original value. All while making huge savings (at least 25%!) and spreading the cost. Join Cyclescheme today in 4 simple steps.
How It Works
Frequently Asked Questions
At least 25% – all in! If you’re a higher rate taxpayer, you’ll save at least 35%.
Almost any item you need to cycle to work including lights, locks, helmet and clothing. Go for a bike, a bike and accessories, or just accessories – it’s your choice.
It’s an agreement between you and your employer. This details what you’re hiring, for how long and with what repayments.
This depends on how you get paid – weekly, monthly, 4 weekly, etc. Also, how long your Hire Agreement is in place for. For most people, this is 12 equal payments taken from your salary across 12 months.
A voucher that’s delivered direct to your inbox. Redeem this online or in-store for your Cyclescheme package.
Simple answer: tax. To benefit from Income Tax and National Insurance savings, an ‘Ownership Fee’ needs to be paid.
The Ownership Fee is a set percentage based on the age and value of your Cyclescheme package. At 4 years old, 3% needs to be paid on packages less than £500 and only 7% on packages over £500.