Save money with Tax Free Bikes for Work
If any of the following blows your mind, don't worry as many people find Cyclescheme a little confusing. If this is you, then just give us a call on 01563 526800 and we'll walk you through the process for your type of voucher. Happy to make your own way? Then read on down this page or watch the video below and things will become clearer.
Cyclescheme say: "Beat the bus and take advantage of a tax-free bike for work through the Government's Green Transport Initiative. You could be saving time and money, and doing something good for yourself and the environment by cycling to work on a tax-free bicycle. If you buy your bike from Sprockets Cycles via Cyclescheme you could save up to 42% off a cycle and accessory package." We agree, but what this really means is that it's a great way to save a stack of money on a shiny new bike!
HOW MUCH CAN I SPEND?
The typical voucher limit for "Cycle to work" schemes is capped at £1000. If you have a "Cyclescheme" voucher then you may top-up your £1000. For example if you wanted a £1300 bike and your voucher was for £1000 you could supplement the extra £300 yourself. Please note hower that this can only be done by cash or card. Finance payment options are excluded from Cyclescheme top-ups. Specifically: We are happy to accept 'top up' payments from you if the cycle you want to buy is over the £1000 limit but you should ensure that your employer is happy for you to do this as should you leave your current employment there could be a conflict of ownership.
If you have a Halfords voucher you may not top-up your voucher amount as this would void your agreement with Halfords and your employer.
HOW DO I CHOOSE A BIKE?
Drop by the shop, or call us on 01563 526800 to talk to us about our comprihensive range of bicycles. One of our expert staff will help you save time, effort and money by guiding you through the process of selecting the perfect bicycle for you. Once you have decided on your bike and accessory package we will give you a free personalised quote for you to take back to your HR department to start the ball rolling. After around a fortnight you will be issued a "letter of collection" (LOC) that you bring into the shop to redeem against your new bike. Please note that Sprockets Cycles reserve the right to exclude chosen products from purchase with Cycle to Work vouchers. These may include products sold in conjunction with existing offers/vouchers, or sale/reduced items. If you are unsure, please do not hesitate to ask us.
Every employer's circumstances are different, and a Cycle to Work scheme can be run in many different ways. The calculator needs to know specific information about a scheme (eg VAT status, NI rates and any finance charges) and apply these to the savings calculation in order for it to be accurate to your particular situation. Get a specific savings quote for your circumstances by using the Cyclescheme savings calculator below.
WHAT VOUCHERS DO YOU ACCEPT?
At Sprockets Cycles we have partnered with the two biggest Tax-Free Schemes around; Cyclescheme and Halfords' Cycle2Work. Though If you can't see your voucher supplier listed, please contact us regardless and se if we can help. You may not even know that your employer is part of the cycle to work scheme as it can often be a small part of a larger employee benefits package, so ask your HR department direct if the scheme is available to you. If your employer is not taking part and wishes to do so, please direct them to the Cyclescheme employers page HERE where they can sign up for this awesome employee benefit.
HOW MUCH COULD I SAVE?
Depending on your choice and tax rate you can save up to 42% on the cost of a bicycle and accessories when purchased from Sprockets with a tax-free Cycle to Work voucher. To get a more accurate saving you can go to the Cyclescheme calculator at the foot of this page. Just input some basic details about your planned spend and salary, hit "calculate my savings" and hey presto, you're on your way to a new bike!