Save up to 39% on a new bike and spread the cost!
Tax is often quite complicated; Cyclescheme is not. You choose a bike and accessories at Bigpeaks, hire it for an agreed length of time, then snap it up for a fraction of its original value. Tax free!
1. Decide what you need
What bike and equipment do you want? How far is it? What route will you take? And what will be the best bike package to facilitate this? What accessories might you need? These are all questions you should ask yourself in order to upgrade your commute!
Come to the Bigpeaks bike shop and we’ll help you find what you want and what you need. You can order up to £1000,- via any of the various bike schemes: Cyclescheme, SME HC1, Bike2Work, Bike to Work, etc.
When buying a bike via a ‘cycle scheme’ we will give you a quote, help you by filling in a form and give you a copy of this form. You can then go to a Cycle scheme website and apply for the bike package.
2. Submit your application
If your employer is already signed up with us, they’ll have a unique weblink that you’ll need in order to submit your application – usually www.cyclescheme.co.uk/uniquecode. If your employer isn’t signed up, head over to: www.cyclescheme.co.uk/signup-email and get them on board – it’s free, and they literally need to click a few buttons to get everything moving.
On the application page, you’ll be guided through a very simple form which asks for your work details, contact information and the value of the Scheme Certificate you’re applying for. Hit ‘submit’ and your employer will receive a copy of your application to approve. At this point, you’ll also get a copy of your Hire Agreement.
Make sure your employer is connected to one of the schemes because you need your employer to cooperate with the cycle scheme.
Your employer will forward you a certificate. With this certificate you can collect your bike package here at Bigpeaks!
3. Get your Cyclescheme Bike Package
With your application approved and paid for by your employer, it’s time to exchange your Certificate for your Cycle scheme bike package.
Your salary sacrifice and Hire Agreement now kicks in. For the next 12 months, you’ll pay a set amount from your salary each month in exchange for the hire of your Cyclescheme package.
The deduction is made from your gross salary, so you make income tax and national insurance savings of 32% if you’re a standard rate tax payer, or even 42% if you’re a higher rate tax payer.
Transfer ownership of the bike via cyclescheme.co.uk
When the Hire Agreement and salary sacrifice ends, you can keep your Cycle scheme Package by making a final payment for just a small amount.
For a Cyclescheme package under £500, you’ll pay 3% of the original value; for a package over £500, it’s 7% – so a maximum of £70 on a £1,000 package. The bike remains ‘hired’ for a further 36 months, but with no more monthly payments. Ownership can then officially be transferred to you at no extra cost.
In the end you have saved at least 25% up to 39% on a brand new bike!
Do you need more information or do you have some smart questions? Send us an email at firstname.lastname@example.org or pick up the phone and call us at: 01364 654080