Cyclescheme Employer: What is IntoCyclescheme?

IntoCyclescheme is the Cyclescheme solution for National Minimum Wage employees!

We offer an entry to cycling for your employees who are unable to participate in Cyclescheme, due to National Minimum Wage / Living Wage implications. This ensures all of your employees can take advantage of your Cycle to Work benefit, with 0% interest and spreading the cost of a bike package. 

IntoCyclescheme is a NET deduction arrangement which is suitable for weekly/monthly paid staff on or near National Minimum Wage / Living Wage. This means there are NO Tax or National Insurance savings! 

Employees can access all 2,600+ Cyclescheme Partner Retailers and a wide range of recognised brands in-store and online. 

Things to note -

• There is no restriction on the term length or the number of payments
• We suggest a scheme limit of £500, although this is at your discretion
• This scheme uses a loan agreement instead of a Hire Agreement, as such there is no VAT due on Invoices
• Salary deductions will also have no VAT consideration because this is a loan repayment
• The equipment is sold direct to the Employee by the retailer with the funds lent by the Employer therefore no 'End of Hire' payment is required
• The scheme operates using a NET salary deduction under FSMA exemption RAO 60G(3) as a borrower-lender agreement at 0% interest, permitted under NMWR 12(2)(b)

Click here to find out How it works...