Cyclescheme at Law Cycles
Cyclescheme is the UK’s number one provider of tax free bikes for work through independent bike shops. We are very pleased to be affiliated to the scheme, and are very happy to help inform you about one of the best government tax breaks so far.
Leading providers of the Cycle To Work scheme in East Lothian, Law Cycles’ programme can supply bikes via your employer at a substantial discount.
Employee Benefits
Bicycle and Accessory Purchase
- Income tax, VAT and national insurance contributions savings can add up to 50% off the shop floor price of the bike and accessories.
- Choose from the finest range of bicycles available in the UK.
- No finance charges.
- Spread the cost of commuting**.
- Enjoy the health benefits of commuting to work.
- Make your salary go further each month.
- Save on fuel, bus or train fares.
Here is a typical example which illustrates possible savings under the Cycle To Work programme. Actual savings will depend on each individual’s personal circumstances and tax rate. You can use the calculator on the cyclescheme website: http://www.cyclescheme.co.uk/employee,calculator.htm
Bicycle and Accessory Purchase
Bike: £299.99
Helmet: £24.99
Lights: £14.99
Lock: £16.99
Total cost of bike and accessories: £356.96
VAT saving on bike and accessories (NB helmets are exempt from VAT): £49.94
Net cost of bike and accessories: £307.52
Income tax saving over hire period: £61.50
NI saving over hire period: £33.83
Final cost of bike and accessories: £212.19
Total saving: £144.77
Gross monthly salary sacrifice, based on 12 month hire period: £25.63
Net monthly salary sacrifice, based on 12 month hire period: £17.68
Percentage saving over RRP: 40.6%
Higher tax and national insurance rate payers will save even more than the above example.
*Actual savings depend on your personal circumstances and tax rate.
** Bikes purchased on the scheme must primarily be used for commuting.
How to Apply
- 1. Select your voucher amount. To get an idea of the value of the voucher you require, just come along to our shop in North Berwick. Select the bike and accessories that best suit your needs, we will be able to provide you with advice on what equipment is best for you. Our email/telephone contact details are on our website. Vouchers are available in any amount from £250 up to £1,000*. Remember the voucher amount is for the RETAIL price of the bike and accessories, the ACTUAL price you will end up paying will be around 50% less than the retail price.
- 2. Complete the forms. The next step is to inform the person at your work responsible for running the Cycle To Work programme of your desired voucher amount. They will fill out the necessary forms with you and order a voucher for your chosen amount.
- 3. Get your new bike! A voucher for your chosen amount will be delivered to your home address. You can then use this voucher to purchase your new bike and accessories with us at Law Cycles.
- 4. Save and spread the costs. The amount you select is split into 12 equal parts and will begin leaving your salary before deductions in your next pay. You take advantage of the savings and spread the payments across a 12 month period with no finance charges.
*Vouchers over £1000 are also available. Please consult your employer to see if spend greater than £1000 is available to you.
Full details about the scheme can be found at www.cyclescheme.co.uk
Coming Soon – WorkRiders Scheme
We will soon be offering the WorkRiders Cycle to Work scheme as well, as an easier to use alternative to Cyclescheme. The buying process has been simplified massively with with WorkRiders.
The WorkRiders Process
- Employers register their company online: Fast, Simple, Efficient
- Employee’s confirm their interest and join the WorkRiders program online: Easy, Clear, Informative
- The Employer will confirm online a purchase limit for each employee.
- The Employee will automatically be sent a personal WorkRider purchase card, valid for use at any Authorised Retailer (Over 1500 ACT members)
- At the retailer they can choose any bike and safety equipment they wish, pay with the WorkRiders card and ride away!
- No Delays, No Vouchers, No restrictions of choice
Contact us for more details on both these schemes.
