Cycle to Work Schemes
At Cog & Sprocket Cycles we support leading Cycle to Work providers to offer employees the very best choice of product. Halfords, Cyclescheme and Bike2Work schemes are all accepted. If you cycle to work, you can save up to 42% on a new bike or safety equipment, thanks to a government backed scheme that makes buying a new commuter bike much more affordable. The Cycle to Work Scheme is a salary sacrifice. This means the cost of a new bike and equipment is deducted from your salary as a non-cash benefit, so you save on tax and national insurance. Your employer effectively buys the bike and equipment on your behalf, then leases it back to you through an interest-free salary sacrifice scheme.
Choose your Cyclescheme package - you can choose from three options.
What bike and equipment do you want? Consider your commute. How far is it? What route will you take? What accessories might you need? Of course, we are at hand to guide you every step of the way. Every customer's needs are different and we are on hand to offer expert advice. Once we have picked out your bike and accessories, we provide a quote for you to take back to your employer.
Submit your application - This couldn’t be easier. If your employer is signed up with Cyclescheme, they’ll have a unique employer code to use when you apply via cyclescheme.co.uk. If your employer isn’t signed up, they can join for free in just a few clicks here.
On the application page, you’ll be guided through a simple form that asks for your work details, contact information, and the value of the Cyclescheme Certificate you’re applying for. When you submit the form, your employer will receive a copy of your Hire Agreement.
With your application approved and paid for by your employer, it’s time to exchange your Cyclescheme Certificate for your Cyclescheme package. Contact us and arrange a time to pop in and pick up your equipment.
Your salary sacrifice and Hire Agreement now kicks in. For the next 12 months, you’ll pay a set amount from your salary each month in exchange for the hire of your Cyclescheme package from your employer.
The deduction is made from your gross salary, so you make income tax and national insurance savings of 32% if you're a standard rate tax payer, or 42% if you're a higher rate tax payer.
When the Hire Agreement and salary sacrifice ends, you can keep your Cyclescheme Package by making a final payment for just a small amount.
For a Cyclescheme package under £500, you'll pay 3% of the original value; for a package over £500, it's 7% – so a maximum of £70 on a £1,000 package. The bike remains ‘hired’ for a further 36 months, but with no more monthly payments. Ownership can then officially be transferred to you at no extra cost.
This method of transferring ownership is why you save a minimum of 25% rather than a minimum of 32%. Many Cyclescheme participants will save more.
For a personalised savings figure, visit the Cyclescheme calculator and enter your details.