Part of. Employees can apply for a bike and accessories once every 5 years. However, it is worth noting that you can get more than 1 bike on the scheme as long as they are both for your commute. In short, no! The guarantee pledges that "if your new bike of choice is available in a UK retailer - we will get it for you". The scheme can feel complex, but in practice it's easy. Read More It's vital that you decide what to do with the bike after your tax-efficient hire period. Your employer must first sign up for the scheme. I'm sure I was told that I would be able to particiapte again 2 years later (i.e. 1999 to promote healthier journeys to work and to reduce environmental pollution. The cycle to work scheme has seen well over 1,000,000 people across the UK save money on a bike and/or accessories to use when cycling to work. You are eligible to apply for the Cycle to Work scheme once every 5 tax years. Do I have to cycle to work every day? That means if you use the bike 15 times in a year, approximately 8 of those journey's should be connected to your commute or work use. How much can I spend on my bike and accessories? The second aspect we look at is whether people are cycling further, looking at the length of the trip and whether this is increasing, as well as the number of journeys to and from work being made by bicycle. Here at The Bike Institute we offer FURTHER discounts for organisations who want to partnership with our store. The topic ‘Cycle to work scheme: How often can you participate?’ is closed to new replies. If Cyclescheme handles your employers' ownership options, you can either: No. When you get a bike via the cycle to work scheme it's vital that you get in the saddle and ride to work! My company does the cycle to work scheme. Get your timing right. Use the SHOP NOW section to help you decide what you need, where you might like to shop and what offers are available to you. The plan - which aims to cut congestion on the roads, improve the health of the nation and have a positive impact on the environment - is a part of the 1999 Finance Act. You cannot get action cameras or GPS computers. In a modern world where the car is king, people have started cycling to work in ever-increasing numbers.. Not sitting in queues of traffic and the cost savings compared to driving/parking has made this particularly appealing. Use the EMPLOYER section to learn about the cycle to work benefit from an employers perspective and to register your business on the scheme. At least 50% of the bike and/or accessories use should be for work purposes. Cyclescheme is the UK's most popular cycle to work benefit, creating more cyclists than any other I thought (perhaps wrongly) that it was the 12 months you paid the money back. You might well be able to join them. Bikes don’t come cheap, but the Cycle to Work Scheme could help you make a serious saving. And that's it. invite them if you cannot find what you're looking for, Cyclescheme also operates an 'Any bike guarantee'. BOX 3809, Bath, BA1 1WX. The scheme applies to bikes and equipment up to the value of €1,250 and ‘e-bikes’ and related safety equipment up to the value of €1,500. The idea behind the scheme is to create avid cyclists, not penalise those who live in the saddle. The scheme works because it's your bike and you are riding it to work (generating your tax break) - you cannot get a bike for anybody else. To avoid the new HMRC stipulation that, should the company sell me the bike at the end of the hire I have to pay FMV of 25%, they have put a new hire agreement in place for a further 3 years (with no hire payment ). It aims to promote cycling to and from work and to reduce environmental pollution. For example, if you used the bike 10 times in a year, at least 5 of those journies must be work-related. 3.3 Cycle to work scheme survey results ... cycling more often as a direct result of the scheme. BikeBiz Best Retail Services '12, '13 & '14, Earn at least minimum wage after the salary sacrifice has been taken from your pay, Be paid and taxed via Pay As You Earn (PAYE) system, Agree to your initial Hire Agreement (where you pay to loan the bike tax-efficiently - saving 32-42%) -, Agree to an Ownership Option (we recommend the 'Own it later' option - which costs only 3-7% of the value of the bike) -. I took advantage of the cylce to work voucher scheme 2 years ago (May 2008) to buy a nice new road bike. It's vital that you decide what to do with the bike after your tax-efficient hire period. It isn’t. to get on board. It's win-win. Higher limits improve access to e-bikes, cargo bikes, handcycles and even everyday bikes like Bromptons. Rule 7 - can I get a bike for someone else? For example, if you need a hybrid for regular commuting and a folding bike for city meetings or a bike for summer and a bike for winter, it's acceptable to get both at once. do I have to choose an ownership option? The cycle to work scheme is a salary sacrifice arrangement, to partake in the scheme you must: To be able to join the cycle to work scheme your employer does need to register to join Cyclescheme. Does anyone know if this is a (new?) Please note the scheme does not allow you to obtain a bike for someone else. I took advantage of the cylce to work voucher scheme 2 years ago (May 2008) to buy a nice new road bike. How the scheme works. The four-year span between tax breaks is counted by tax year. Of course, this is just an approximation - if you are riding to work 4 days and week and then also riding your bike in the evenings and weekends this is absolutely fine. Historically the cycle to work scheme limit was £1,000. You can take part year after year; for example, getting a bike in year one, … The Cycle to Work Scheme was introduced in January 2009 to encourage people to cycle to work. You can get any accessory that keeps your bike wheels turnings, for instance: You can shop with any one of over 2,000 Cyclescheme retailers - in-store, online, click & collect and brand direct. If you can't find your employer but you know they're on the scheme, please enter their Do you know how long the hire period is? If they haven't signed up, The government guidelines state that you should use your bike and accessories for commuting for at least 50% of its usage however you do not have to log your bikes mileage and we thoroughly encourage you to use your bike in your spare time! More information on the new Government guidance. Guidance for employers who want to put in place a cycle to work scheme. I'm sure I was told that I would be able to particiapte again 2 years later (i.e. Running a Cycle to Work scheme for your business couldn’t be simpler, in fact, we take care of all the work on your behalf. We'll cover everything from who can join the scheme, how to do it and what happens at the end. I took out an agreement last January and it comes to an end this december. If any employees have already availed of the Cycle to Work in 2009, 2010, 2011, 2012, 2013 or 2014 they are now eligible to re-apply for the scheme, irrespective of what month the original application was made. CITY BIKE HIRE is Cyclescheme's city bike offering - perfect if you can't have a bike of your own or if you want a multi-modal commute. See this weeks best-in-market deals... With Cyclescheme offers you can boost your scheme savings even more. It sets out how such schemes typically operate, and what is needed to ensure that the tax and National Insurance benefits can apply. invite your employer. Technical answer: You should use the bike and/or accessories mainly for commuting to and, if relevant, between workplaces. However, the Government recently announced its intention to allow scheme providers such as Cyclescheme to work with employers to offer staff cycle to work packages of any value. In reality, cycling to work is usually cheaper, more fun and often quicker than other forms of transport. Rule 6 - do I have to choose an ownership option? The Cycle to Work initiative gives your employees the opportunity to sacrifice part of their salary in return for one bicycle and/or allowable safety equipment, which should be used primarily for part or all journeys to/from work. Cyclescheme's easy to follow processes and unrivalled retail network means saving 25-39% on a bike and / or accessories has never been easier. It’s a one-time deal. The savings are generated by employees paying for their bike and/or accessories from their pre-tax salary (i.e. © 2021 Cyclescheme Limited, P.O. Using the Bike to Work scheme, your employer can help you obtain a brand new bike and safety equipment worth up to €1,250 for a regular bike, and up to €1,500 for an electric bike. Under the scheme, employers pay for bicycles and bicycle equipment for their employees. As an employee you can use the scheme once every 4 years. Cycle to work scheme implementation guidance for employers - GOV.UK Cookies on GOV.UK Special offers on bikes less than £1,000. You can use the bike and equipment to cycle to work and in leisure time. Use the HOW IT WORKS section to help you understand the scheme, find out how much you can save and to apply to join! You can get an amazing bike for less than a grand. Employers are not obligated to offer such a scheme, but because an increased scheme limit improves inclusivity it's widely accepted that most employers will embrace the change. I've looked on the cycletowork webiste but cannot see this information (although I may have been blind). https://www.sustrans.org.uk/.../the-cycle-to-work-scheme-explained A bicycle and safety equipment can be purchased to the value of €1,250. You’ve probably heard of the Cycle to Work Scheme, but if you don’t know how it actually works … Don't worry, getting employers to sign up is easy! This is because employers recoup the full cost of your bike and up to 13.8% of its value on top! requirement of the scheme? Download our Partner store brochure or … Paid back my last one in 6 months IIRC. How often can I use the scheme? The cycle to work scheme is awesome as it enables you to get all manner of cycling gear at a significant discount (whilst also spreading the cost). If your budget is tight, remember that many retailers allow sale bikes and Cyclescheme has weekly offers too! Cost of bike/ticket: €250: €500: €750: €1000: Tax relief saving: 51%: 51%: 51%: 51%: Tax relief saving: €128: €255: €383: €510: Net Cost: €123: €245: €368: €490: Standard rate taxpayer: 20% Tax + 7% USC + 4% PRSI = 31% ; Cost of bike/ticket: €250: €500: €750: €1000: Tax relief saving: 31%: 31%: 31%: 31%: Tax relief saving: €78: €155: €233: €310: Net Cost: €173: €345: €518: €690 You can 'invite your employer' to sign up using our free and easy tool. Whatever option you choose, you can request another bike straight away if you wish. It applies to bicycles, pedelecs (electrically assisted bikes) and cycling accessories up to a maximum cost of €1250 for a manual bike and €1500 for an electric bike. How much can I spend on the Bike to Work Scheme, and how often can I use it? It is possible to get two bikes – if for example you travel by rail and cannot take your bike on the train you can get a bike for each end of the journey as long as your employer allows this. ours is set so that you can only be taking one during any hire period. 5 year eligibility. Standard schemes ensure that you will save a minimum of 25% on the cost of the bike and / accessories, however many people save more (particularly with our. Pedelecs, e-bikes and related safety equipment can be purchased to the value of €1,500. The Cycle to Work Scheme makes cycling more affordable for employees who need a bike straight away, but can’t afford one upfront. An example that would not be acceptable would be an applicant requesting 2 bikes where 1 bike is not for them. provider. Contact UsPrivacyForum RulesPremier ClubClassifieds RulesLink RemovalLogin/cookie issues?Newsletter Settings, Viewing 4 posts - 1 through 4 (of 4 total). What is the cycle to work scheme?

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