The Cycle to Work Scheme is a tax exemption initiative introduced by the government in 1999, designed to promote healthier living and reduce environmental pollution.
The scheme allows employers to loan cycles and cyclists' safety equipment to employees as a tax-free benefit. At the end of the loan payment, the employee usually then has the opportunity to take ownership of the cycle for a small percentage fee, meaning an overall saving for the employee.The scheme also allows them the cost of a cycle to be spread, usually over a year.
Here’s how the Cycle to Work scheme works in three easy steps:
Your employer first needs to sign up to the government’s Cycle to Work Scheme. There are many providers that offer various packages with different terms. If your employer is not already signed up, below is a list of the schemes we would recommend, follow the links to find out more information about them:
You now need to get a quote from the bike shop for the bike and accessories you would like. The quote can be for value up to £1000 for both bike and accessories. Pop down to Ride Bikes Wales and we will help you find the perfect bike and supply you with a personalised quote you can take back to your employer.
Take your quote from us to your HR department or the person in your workplace who is organising the Cycle to Work Scheme and obtain a voucher for the price of the quote. Bring the voucher to us at Ride Bikes Wales and we will have it processed. This can take anywhere from a matter of hours to a couple of days dependent on the scheme your workplace has opted for. Generally our bikes leave the shop the same day vouchers are presented to us.
(For more detailed informartion on how the Cycle to Work scheme runs in your workplace, and for full terms and conditions, please contact your HR department)