Cycle To Work Scheme
With Cyclescheme, you can get a bike tax-free, which for most people means they save about 32% of the cost. You can get just about any bike you like from a local bike shop, and it's good for your health and the environment too.
- Save money on the cost of a brand new bike and equipment, average saving is around 32%*
- Get Fit by cycling to work.
- Lose weight.
- Reduce your individual carbon footprint.
- Save money on your regular fuel bill.
- No stress having to find a parking space.
- Good scenic cycle routes away from the congested main roads.
- Easy to use online scheme
- Have a new bike and/or equipment within 14 days.
Scheme Description and Application Process Explained
The Cycle to Work scheme is a salary sacrifice scheme, this means that instead of making a 'direct' saving on the purchase you make the saving on your tax and NI contributions as the monthly deductions come off your gross wage (pre tax & NI.) Maximum certificate value £1000 for bikes and/or equipment.
In order to be eligible for a Cyclescheme voucher
- The deductions must not take you below the lower earnings limit.
- You must also be employed by Greater Glasgow and Clyde for the period of the hire agreement (6 and 12 month hire options are available if staff are on a contracted post).
- Not be within 2 years of retirement.
How To Apply
- Visit the Cyclescheme website in order to find a bike shop in your area that is part of the scheme.
- After you have found the right bike and supplier for you, ask them for a cyclescheme quotation form.
- Once you have the quotation form, enter your details into the online application form found on the Cyclescheme website (about half way down the page on the left hand side click the link 'Request Your Certificate). If required, our employer code is 6b370.
- You will sign your hire agreement during the online application process electronically.
- Travel Plan Department review your application and approve or decline it.
- Once approved, you should receive your certificate in around 7-10 days, longer if you choose a paper certificate.
- Contact the supplier to make sure your bike is ready for collection.
- Take the e-certificate/paper certificate to the supplier in exchange for your bike and/or equipment.
- Payments will be deducted from your weekly/monthly salary over 12 months, usually beginning the month following application.
End of hire agreement.
At the end of the hire period (12 months), Cyclescheme will contact employees to discuss the three options available.
- The most attractive option for employees and the one that NHSGG&C would always recommend will be to pay a small, refundable deposit (3% if under £500 or 7% if £500+ of the certificate value) and continue to use the bicycle or safety equipment for an extended period of up to 36 months upon which time the bike and/or equipment will be transferred to you.
- Hand back the bike and or equipment (not recommended)
- Pay the HMRC set fair market value, 18% if under £500 and 25% if £500+ (again, not recommended) which would make the bike/equipment 'yours' after 12 months however this reduces drastically the savings made through the scheme
More information on the end of hire process can be found here
For more information contact Cyclescheme on 0844 879 5101 or e-mail [email protected]