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. But realistically it usually works out much cheaper than this.Couldn’t be simpler. He was into gravel before it was even invented, riding a cyclocross bike across the South Downs and along muddy paths through the Chilterns. Sign in to manage your newsletter preferencesProviders won’t usually extend the agreement beyond a specified term.
Your first payment will come out of your next monthly wage.That would mean that your total payment towards a £1,000 bike would be £680.First of all, your employer needs to sign up to a provider – such as the Cycle Scheme or Evans Cycles’ Ride to Work scheme. In theory, after this period, your company is allowed to take the bike back, or you can purchase it for ‘fair market value’ – which can be up to 25% of the original value. Even if you keep the bike until it’s worth zero, you’ll probably have to make a nominal payment to the provider to assume ownership.Get the next 3 issues of the UK's number one cycling magazine for just £5Sign up to receive our newsletter!Don't miss out on MBUK – get your next 3 issues for just £5 Just make sure you really do feel confident on the roads before attempting central London – it’s a jungle out there.Bikes don’t come cheap, but the Cycle to Work Scheme could help you make a serious saving. You’ve probably heard of the Cycle to Work Scheme, but if you don’t know how it actually works don’t worry, we figured it out for you.Why spend your morning sardine-like in a sweaty tube carriage, when you could be out in the open air, feeling the breeze/pollution on your face and getting a workout in the process?The Cycle to Work scheme is actually really old. You can use your bike whenever you like – so start planning two-wheeled jaunts to liven up your weekends.The payments are except from tax – which is where you save the 42%.
You've been subscribed to our newsletter.How you can grab a bike at a bargain price and get commutingPaul has been riding since he was a teenager and has been writing about bike tech for almost five years. When you’ve got it, take it to the relevant bike shop and redeem the certificate against the cost of the bike and equipment. The cycle to work scheme usually takes 5-14 days from application to redemption. The scheme covers the purchase of bicycles and equipment up to the value of €1,000 from approved suppliers and you can avail of the cycle to work scheme once in any five-year period.
The Cycle to Work scheme lets you pay for a bike and equipment in monthly instalments through your employer over a year-long period. Or you can buy the bike and claim the VAT back via the business.If you pay an average rate of tax and you buy £1000 worth of equipment, your monthly salary payment will be £83.33. Many employees can collect their equipment almost instantaneously. The length of time it takes to go from doing your application to getting your bike and/or accessories can vary. 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. A new agreement might run for different lengths of time, depending on the scheme you’ve signed up to, but will typically take your usage of the bike up to four or five years. So how much you save depends on the tax bracket you’re in – big earners will save more because they would have been paying more tax.At the end of the year, you may have to pay your employer a fee in order to properly own the bike outright, but scheme providers have come up with way of reducing the final payment, by allowing you to continue to lease the bike until the payment would be negligible.Cycling to work may feel like a path to certain death – particularly if you live in a big city like London.Then speak to your HR department and request a certificate.
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