Cycle to Work
Cycle to work scheme.
Save £££s off your next bike …. And all thanks to the Government.
Do you want to save money and help save the environment at the same time? Then why not ditch the car and get ‘On Your Bike’ with our superb cycle to work scheme. We have teamed up with a number of cycle scheme providers, to offer huge savings on the cost of a new bike for anyone who cycles to work. These savings have been made possible by the Government's "Green Transport Plan" which aims to get more people out of cars and on to bikes by offering generous tax benefits on cycles and cycle safety equipment. Employees will typically save up to 42% of the retail cost of bikes and accessories.
How does it work?
Your employer buys the bike and equipment, then leases it to you through an interest-free salary sacrifice scheme. In short, this means you'll pay less for your bike and will be able to pay in installments. 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. Enabling employers to make bikes and cycling equipment available to their staff at greatly reduced prices. They can save up to 42% off the normal retail price. Cycle to Work is a scheme is part of the Government’s Green Transport Plan.
Employee Benefits.
Here are some of the benefits available to employees should their employer choose to run a Cycle to Work scheme for them:-
- Employees can save up to 42% off the retail cost of bikes and accessories.
- Formby Cycles have the most extensive choice of top cycle brands in the UK: Haibike, Giant, Lapierre, Cube, Trek, Cannondale, Whyte.
- Formby Cycles have trained mechanics in store and we have some of the most experienced sales and customer service staff in the industry to make sure you get the best advice when choosing your new bike and accessories.
- Our store is open 6 days a week, so we are always on hand if there are any problems and a full manufacturers guarantee apply to all purchases from Formby Cycles through the Cycle to Work scheme.
Saving's Example.
Savings can vary based on the cost of your bike and accessories, also your annual salary. Your employer's HR department should be able to tell you how much you will save.
| Items | Cost | You pay |
|---|---|---|
| Bike | £1000.00 | £720.00 |
| Helmet | £50.00 | £36.00 |
| Accessories | £100.00 | £72.00 |
How do I get a cycle to work bike?
Step 1. Contact Your HR Department - Consult your employer or HR department to determine the availability of this scheme and understand the specific terms and conditions.
Step 2. Choose Your Bike and accessories - Your cycling to work scheme can include a bike and accessories, as long as they fall within your voucher amount. It's best to contact the store to make sure the items you have chosen are currently available.
Step 3. Get Your Voucher - Once you know which scheme to use and have decided how much you wish to spend you can apply for your cycle to work voucher. The process is slightly different for each scheme.
Step 4. Redeem Your Voucher at Formby cycles - Once you have received your voucher just call into the store to redeem your voucher and collect your items.
Green Commute Initiative is a Social Enterprise aiming to transition commuters from cars to bikes to enhance health and well-being, while also mitigating pollution and congestion.
Our cycle to work scheme caters to individual needs, whether you're a seasoned cyclist or new to riding: This personalized approach is a crucial aspect of its broad appeal. Additionally, we have the ability to onboard any cycle retailer in your vicinity if needed.
Formby Cycles accept Halfords Cycle Scheme Vouchers for a broader bike selection. If you're limited to the Halfords Cycle to Work scheme but want quality bikes and gear from top brands, we've got you covered.
Bike 2 Work enables employers and employees to work together to take part in the Government’s Cycle To Work Scheme. Save up to 42% on the cost of bikes/equipment. Improve your general health and well-being.
Is the UK's leading source of tax-free bikes for the Government's Cycle to Work scheme. It's a beneficial program where all participants benefit - employees receive significant discounts on new bikes,
Caboodle Cycle Scheme is a Government endorsed initiative enabling employees to acquire a new bicycle for commuting to work. This program allows employees to lease a bike from Caboodle for a duration of either 12 or 18 months, and subsequently cover the cost through a salary reduction agreement with their Employer
This officially endorsed employee benefit allows employees to obtain bikes and accessories through their employer, with costs deducted from their salary pre-tax over a set period known as salary sacrifice. It is a cost-efficient option that encourages eco-friendly commuting and contributes to a healthier workplace.
Our Cycle to Work Scheme offers a healthy alternative to expensive rush hour trips. Utilize our Cycle to Work salary sacrifice benefit to help your team save up to 42%* on new bikes, high-vis gear, and safety accessories for their commute
To find out more.
Simply call us on 01704 835720, visit our store, or email us at formby.cycles@taskersgroup.co.uk
