Cyclescheme Employer: How does the cycle to work scheme work for employers?
The cycle to work scheme allows employees to obtain commuter bikes and cycling accessories through their employer, whilst spreading the cost over 12 months and making unbeatable savings through a tax break.
Cyclescheme makes the implementation, coordination and administration of the cycle to work scheme a doddle.
Cyclescheme in 3 easy steps:
1
The employer
registers with Cyclescheme - this only takes about 5 mins. Once registered the employer will be able to access free of charge promotional resources to help them publicise their exciting new employee benefit.
2
The employee visits their
local bike shop or browses online to decide what they want; they then apply via the Cyclescheme website. The employer reviews their request and if they are eligible pays for the equipment.
3
The employee receives their bike and starts their salary repayments. After 12 months the employer will have recovered their costs and generated up to 13.8% in savings. The employee will be given their
ownership options.
The cycle to work scheme savings:
£
Employees save
up to 42%
on the cost of the bike and/or accessories (or more with our offers) - calculate employee savings
here.
£
Employers save up to
13.8% on the cost of cycling equipment they process (e.g. for every £1,000 spent the employer can recoup up to £1,138) - calculate employer savings
here.
Employer checklist:
✓
You pay your workforce via Pay-As-You-Earn (PAYE).
✓
You have the right to enter into a legal agreement on behalf of the business or organisation you work for.
✓
You are able to pay for your employees' bikes (don't worry, you will recover these costs from their gross salaries).
For a more granular set of employer steps, please read ' What's the end-to-end process for setting up and running a cycle to work scheme?'.
Ready to roll? Register for Cyclescheme.
