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Salary Sacrifice: Cyclescheme, Bike2work, Bikes for the NHS
Cycle Gear - Ukbikesdepot.com offer to all our customers an excellent way of purchasing your new bike, which is called the Cycle to Work scheme. This government initiative was to reduce the carbon footprint. Typical savings on any brand new bike are about 32%. So for example, if you were to purchase a brand new Scott bike, for £900 retail, and £100 worth of accessories, you would pay back approximately £680 due to the salary sacrifice.
How do I save so much money?
The payment for the bike comes out of your salary before tax and national insurance. This then means your gross wage is less, meaning less tax and national insurance have to be paid. The employee saves here, and so does the employer on their NI contributions.
| Salary before scheme participation |
Salary during scheme participation |
|
| Monthly Gross Salary | £1,200.00 | £1,200.00 |
| Bike value including VAT Gross salary sacrifice total |
£500.00 £500.00 |
|
| MONTHLY GROSS SALARY SACRIFICE = £500 / 12 months (this amount appears on the hire agreement) |
£41.66 | |
| Monthly Gross Salary after salary sacrifice Monthly NIC contribution (12%) Monthly income tax contribution (20%) Net Salary |
£1,200.00 £144.00 £240.00 £816.00 |
£1,158.34 £139.00 £231.67 £787.67 |
| MONTHLY NET SALARY REDUCTION | £816.00 minus £787.67= | £28.33 |
| MONTHLY SAVING | £41.66 minus £28.33 = | £13.33 |
How do I sign my employer up to do this?
Ask your employer to visit www.cyclescheme.co.uk, these are an external company who sort out all the paperwork to make it easy. Once they are signed up, you can obtain a quote. Plenty of information is on that website, with benefits for all explained in great detail.
What bikes and equipment can I get?
Any bike on our website is eligable for the cycle to work scheme up to £1000 such as Ridgeback Bikes, Genesis Bikes, Saracen Bikes, and Scott Bikes. (see further down the page for bikes over this value). In that £1000 you can also get ANY accessories you wish to purchase. And even 2 bikes if they are both for you! Typical accessories purchased on the cycle to work scheme include Helmets, Lights, Locks, and Clothing.
What if the bike i want is over £1000?
This is where it gets slightly confusing. If your employer has a consumer credit license, you can spend any amount over £1000, however if not you are limited to putting just £1000 of the value through the Cycle to Work Scheme. If you want a bike over £1000, please give us a call and we shall see if there is a way round it.
My employer is signed up to the relevant scheme, what happens next?
Drop us an email on cycletowork@ukbikesdepot.com, stating what bike you would like and what equipment and we will discuss a price. Not all of our offer bikes will be available at the offer price, but we will try our best to make sure we can offer you an excellent price for the bike you are after. Typically from creation of quote, to the bike arriving at your door, 95% assembled, they take about 2-3 weeks to complete.
If anyone has any questions, please contact us on 01422 344602, or 01422 341963 and we will do our best to help you in any way.