A great way to get your hands on a shiny new bike whilst saving up to 50%!
Called by a plethora of names, bike-to-work, cycle-to-work, salary-sacrifice, the fundamental principle is that your employer buys the bike and you hire it from them usually for 12 months. The discount is generated by your monthly payment being deducted from your salary before tax and national insurance – in effect giving you a discount of somewhere between 30% and 50% depending on your tax band and employer rules. When the initial hire period ends, ownership can then be deferred for a further period of time (rent free) usually a small final value payment needs to be made typically between 3% to 7% of the original value.
One of the original cycle-to-work schemes, Cyclescheme is the most widespread of the schemes available through independent cycle retailers and accounts for the majority of our cycle-to-work sales.
There are a few rules and restrictions governing the use of these schemes, which are set by HMRC (The Tax Office) for further information click here
You are allowed to include ‘safety equipment’, including mudguards, rack, panniers, lights, lock, helmet, clothing and childseats.
You are not allowed to include trailers, computers or anything patently not for use during a commute to work.
Read more about the scheme here
Initially the rules and regulations can appear a little complex but the process is actually very straight forward and both the scheme provider and Cycle Supreme do all the hard work for you.
Don’t forget we’re open 7 days a week and always happy to answer any questions and also advise on the most suitable type of bike to meet your needs.
We Are a Partner Store To All The Following Schemes: