Cycle to Work Scheme

[antisupermum]

I have been asked by my boss to look into/prepare a process for offering staff to participate in the Cycle to Work Scheme. I've done the googling and reading the government documentation but still have many questions about how we would actually push ahead with this. Could anyone assist with the key issues I need to tackle?

Main confusions:

• Can we buy any bike from any place, and offer it for hire? Does the employee get a say in it? *The Hire Agreement examples on Gov website are showing for 2 years of salary sacrifice. Is that the SUGGESTED time period or the ACTUAL time period? If its merely suggested, how do we calculate what the actual hire agreement period should be, and how much per month? *Would we need to employ a solicitor to draw up the HA paperwork, or is there templates somewhere we can use?

TBH I'm rather baffled by the whole thing. It certainly seems like a good option from an employees perspective, assuming they cycle to work or need a new bike. But from the employers perspective, besides a slightly lower NIC bill each month, can't see how it justifies the initial outlay of equipment

All advice/tips/hints welcome. Thankyou!

Go to www.cyclescheme.co.uk you should get all your answers there

The employee pays for the bike over a set period from their pre tax salary so the employee gets the benefit of paying less income tax so the bike is cheaper.

I paid for mine over a 12 month period and kept the bike at the end. I did this a few years ago and had to sign a really long agreement.

My employer didn’t by the bike, they used the cycle scheme mentioned above. They email you a voucher for the amount you (the employee) want to spend and you take it to one of the shops that have opted into the scheme and get your bike. I paid mine off over a year through salary sacrifice.

Buy not by 🙈

As per CoronalsComing

It means independent bike shops can benefit from the scheme.

Thanks everyone. The link provided is very helpful @TARSCOUT I have registered with them and await them processing the application. Seems to make things a whole lot easier!

I am being asked to set up a scheme aswell, so just marking place.