Cyclescheme provides access to the Governments Cycle to Work initiative which can save you up to 50% off the price of a new bike through tax and National Insurance savings and it’s open to everybody.
Tenby Cycles are part of the Cyclescheme.network of bicycle shops and we are able to offer bikes for purchase through Cyclescheme.
How does Cyclescheme work?
Step 1. Once your employer is partnered with Cyclescheme, all employees wishing to participate can visit a local Cyclescheme Partner Store (such as Tenby Cycles) to choose the bike and, if required, safety equipment.
Step 2. Employees then apply for a Cyclescheme Certificate online using a unique link to our secure Extranet facility. The unique link is provided to employers and distributed to all employees. The employee will usually sign an online Hire Agreement at this time.
Step 3. If the employer approves their application they will countersign the Hire Agreement and pay Cyclescheme for the full retail price of the bike and equipment.
Step 4. Cyclescheme will then post out a paper Certificate, usually to employee’s home address.
Step 5. The Certificate is then redeemed in the bike shop and exchanged for the bike package. Salary sacrifice then commences over the hire period (usually 12 months). The salary sacrifice is made prior to Income Tax and National Insurance contributions and, as a result, employees pay less for the bicycle repayments and pays less tax and national insurance.
Step 6. At the end of the hire period the owner of the equipment may choose to offer the employee ownership of the bike for a market value payment, or the employee may pay a small deposit allowing them to remain in possession of the bike and continue to use it.
More information on Cyclecheme here.
Why not give us a call or pop in today and see how Tenby Cycles can help you?
GREAT NEWS : Safety equipment only now available through Cyclescheme
You can now buy just safety equipment through Cyclescheme. The process is the same as buying a bike and the minimum spend is £100. We’ve listed the items below that you are allowed to purchase on the scheme. If you need any more information please contact us on 01834 845573.
Safety Equipment Allowed:
– Cycle helmets
– Bells and bulb horns
– Locks and chains
– Mud guards
– Children’s seats
– Reflective and high-visibility clothing and accessories
– Panniers/luggage carriers
– Pumps, puncture repair kits/cycle tool kits