Did you know that you can save more than 40% on the cost of a brand new bicycle and cycling equipment?
This is made possible by the Government’s Green Transport Plan which not only aims to reduce environmental pollution and promote healthier lifestyles but also make cycling to work a cost-effective option for employees. You can take advantage of the UK’s fastest growing and most sought after employee benefit today. Check the Bike2Work Scheme website for more details.
NHS Cycle to Work Scheme
Cyclescheme works with a network of independent bike shops to supply the nation with quality tax free bikes and equipment for work. They have a wealth of experience organizing no-hassle tax free bikes for employees. Hundreds of companies of all sizes have already benefited from their easy-to-follow system!
To contact them, call 0844 879 5101. But do have a look at all the details below first
Poweredbicycles work with the Cycle to Work scheme to help you take full advantage of the benefits of the Green Transport Plan. We can supply bikes via your employer with massive savings! We’ll take care of everything: the advice, the bike, the parts and accessories, the servicing and of course the paperwork. With Poweredbicycles as your partner, you’ll have the access to one of the best ranges of bicycles and cycling accessories also that all important specialist knowledge with all the advice you need to ensure you take full advantage of the Green Transport Plan and get the most out of your cycling.
Benefits for the employee
- Income tax, VAT and national insurance contributions are taken off the cost of the bike and can add up to a massive 50% saving on the RRP of the bike and accessories.
- No finance charges
- Spread the cost of commuting over 12 – 18 months
- Free cycle servicing for first 12 months, thereafter discounted.
- Heavily discounted parts and accessories on future repairs. This equates to more money each month for you to spend or save
For the employer:
- Make savings on national insurance contributions
- Bikes can be treated as a business asset to recover VAT.
- Zero cost to employer
- Offer a tangible benefit to staff
Which could mean:
- Reduced corporate parking and traffic congestion
- A healthier workforce
Also: No prior approval needed and no requirement to notify any authority. Goods remain property of the employer until term is over, encouraging staff loyalty but I suspect that an agreement as to disposal of the asset at the end of the term should be agreed before any purchase is made.
The Poweredbicycles Cycle to Work scheme makes it as simple as possible to take maximum advantage of the benefits on offer:
- Employer becomes a member of the Poweredbicycles Cycle to Work scheme
- Employee chooses bike and accessories from Poweredbicycles
- Employer asks Poweredbicycles for a voucher to cover the retail price of the purchase
- Poweredbicycles invoices the employer for the voucher amount
- Voucher is posted directly to employee’s home
- Employee redeems voucher at Poweredbicycles store or mail order service
- Employee’s salary sacrifice starts at next salary
Simple as that! Important points to be aware of:
- Bicycles bought under the Cycle to Work scheme must be used primarily for travelling to and from work, and they must be suitable for that purpose
- VAT may be reclaimed on bicycles if they are purchased to implement a green travel plan, reduce car use or increase staff health levels
- Leavers or retirees from your company become responsible for any outstanding amounts. These are usually subtracted from final salary payments, and become a taxable benefit
- At the end of the lease term, the employer may transfer title of the goods to the employee and this should have been previously agreed.
- The employer will need the cover of a group consumer credit licence for cycles bought under the scheme for up to £1000.00 and a standard licence if the cycle value is over £1000.00.