Autumn/Winter 2012
How the cycle to work scheme will
save you money!
Why getting a bike through your employer makes a whole lot of sense…
G
et a bike and safety equipment through Cyclescheme as part of the government’s Cycle to Work initiative and you’ll save yourself a whole lot of
money. The savings are made because you’ll initially hire the bike from your employer, and your hire charges are made via a salary sacrifice scheme. Your gross salary is reduced to take care of your payments before any Income Tax or National Insurance (NI) has been deducted, so you pay less tax and NI. This results in savings of up to 42%. Plus, at the end of the hire period, most employers are able to offer you ownership of the bike at a fraction of its original cost.
Here’s how it works… Once your employer has set up a programme with Cyclescheme, you choose a bike and any safety equipment from one of more than 1,850 independent bicycle dealers throughout the UK (go to www.cyclescheme.co.uk/partners to find your nearest Cyclescheme Partner Stores). Then your payments cover the hire of the bike and equipment from your employer, usually for 12 months. What happens next? Simple. Read on… 6
www.cyclescheme.co.uk
Maximising your savings! Do you want to keep the bike that you have? NO Send the bike back to Cyclescheme
YES
Do you want to pay as little as possible?
YES
NO You pay 18% or 25% of certificate value* to take ownership of the bike