Cycle Scheme

How does it work ?

Cycle2Work is a government initiative which offers the most cost-effective way to get new cycling equipment. The scheme is ran through participating employers, meaning you do not have to pay tax or national insurance on these products – saving you up to 47%! This reduced cost is then simply deducted out of your payslip over 12 or 18 months.

How to apply

Employer code

If your employer has a live scheme, you’ll either be given an employer code to sign up directly through Cycle2Work, or be pointed towards your benefits portal to apply.

Choose your value

Choose your bike and/or accessories online at Halfords or Tredz before applying so you know the total value to apply for.

Sign up

  • Now that you have your employer code and total value, you’re ready to apply.

Approval

Once your employer has approved your application, you’ll receive a ‘ letter of collection’.

How to Buy

Use your ‘letter of collection’

You can buy your bike and/or accessories in store or online at Electrek

Pay monthly

Once your scheme starts, the salary sacrifice will be deducted out of your payslip over 12 or 18 months.

End of scheme/Ownership

Once your hire period has come to an end, we’ll get in touch to discuss your options. This will include the opportunity to extend the hire of the cycle at no additional cost until HMRC deem the value to be negligible. This is typically 4 or 5 years, and once this agreement has finished you will become the rightful owner!

Approval

Once your employer has approved your application, you’ll receive a ‘ letter of collection’.

What could I save ?

The amount you can save is dependent on the tax band you’re in. Use our savings calculator below to see how much you can save.

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What is a letter of collection?

  • A letter of collection is what you will use to purchase your bike and/or accessories
  • Once you have applied and been approved for Cycle2Work, you will receive yours via email
  • To redeem at Electrek or Tredz online, choose ‘Cycle Scheme’ as a payment method at checkout and enter your Email of Collection.
  • You can also redeem in store by taking your Letter of Collection with you.
  • If you’d prefer to redeem your Letter of Collection Electrek  , please contact us on 0345 504 64444 or cycle2.work@halfords.co.uk with the name of are store , the value of your letter of collection and your letter of collection number. We will then allocate to Electrek within 24 hours.
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