Q: So what is Cyclescheme?
Cyclescheme is the UK’s number one provider of tax-free bikes for the Government’s Cycle to Work initiative and Pedal Power are proud to be part of it.
The Cycle to w ork scheme is a UK Government annual tax exemption initiative introduced in the 1999 Finance Act to help promote healthier journeys to work and to help reduce the environmental impact from car engines. The scheme allows employers to loan bikes and safety equipment to their employees as a tax free benefit. As an employee you will pay your employer back for the bike through your salary, with the amount for the bike being deducted from your gross salary (i.e. before tax is deducted). At the end of your loan term you may like to buy the bike from your employer at a fair depreciated market value.
As an employer you will benefit from the scheme as every bike processed through the system means an employer’s National Insurance saving, Cyclescheme also help with the administration of the scheme.
Q: How does it work?
Choose your shiny new bike! Assuming you employer is signed up to the scheme it is time to find your new bike! Before visiting Pedal Power we recommend checking with your employer that they are part of Cyclescheme (if they are not, please encourage them to join) then come and visit us and we’ll happily go through the available bikes, check the frame size you need and help you choose the right bike.
Safety Equipment Now you have found the bike that suits you it is time to choose your safety equipment. We have a range of lights, locks, helmets, clothing and other accessories.
Quotation Form Once a bike and safety equipment has been chosen we will write a quotation form for you, this will have all of the details about the bike and accessories chosen. We also write our store code on the form which your employer will need when processing the paperwork. Once the document is completed you will get a copy which you will need to take to you r employer.
Obtaining your voucher Return your quotation form to your employer, they will need to process the form, they will confirm you are eligible and contact Cyclescheme. Cyclescheme will send them an invoice for the bike package, and you will be sent a hire agreement to be signed. Once Cyclescheme receive payment you will be issued with a secure certificate voucher. This voucher is what you need to collect your bike.
Ride your new bike away! Now you have received your voucher contact us to arrange collection, we’ll make sure your bike is ready to ride away. Then pop in and see us. You will need to bring your voucher and photographic ID, we will complete the remaining paperwork and then you’re ready to ride – it’s that simple!
For more details about Cyclescheme please visit their website – www.cyclescheme.co.uk or call us to discuss 01506 873123