Cycle Scheme

What is Cycle Scheme? Cycle Scheme is a government initiative that promotes cycling as a mode of transportation. Employees can obtain a bicycle and equipment through their employer, spreading the cost over monthly salary deductions and benefiting from tax savings.

How it Works:

Sign Up: Register through your employer’s Cycle Scheme provider.
Choose Your Bike and Equipment: Select from a wide range of options.
Get Your Letter of Collection: Receive authorization to collect your bike.
Start Cycling: Enjoy your new bike and spread the cost through salary deductions.

Benefits:

Tax Savings: Save on Income Tax and National Insurance.
Health and Wellbeing: Improve your physical and mental health.
Environmental Impact: Reduce your carbon footprint.

Eligibility: Check with your employer if they are registered with Cycle Scheme. Most employees can participate if their employer is signed up.

Employer code

If your employer has a live scheme, you’ll either be given an employer code to sign up directly through Cycle Scheme
, 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’.

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!