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Tax is complicated; the Cycle to Work option is not. Choose your bike, hire it for an agreed length of time from your employer/cycle to work provider.
It's like a year-round sale, with interest free credit available.
Decide on the package that suits you
With your application approved and paid for by your employer, it’s time to exchange your Cyclescheme Certificate for your Cyclescheme package.
Your salary sacrifice and Hire Agreement now kicks in. For the next 12 months, you’ll pay a set amount from your salary each month in exchange for the hire of your Cyclescheme package from your employer.
The deduction is made from your gross salary, so you make income tax and national insurance savings of 32% if you're a standard rate tax payer, or 42% if you're a higher rate tax payer.
When the Hire Agreement and salary sacrifice ends, you can keep your Cyclescheme Package by making a final payment for just a small amount.
For a Cyclescheme package under £500, you'll pay 3% of the original value; for a package over £500, it's 7% – so a maximum of £70 on a £1,000 package. The bike remains ‘hired’ for a further 36 months, but with no more monthly payments. Ownership can then officially be transferred to you at no extra cost.
For a personalised savings figure, use the Cyclescheme's calculator.
We are official partners of each of the schemes below: