No. 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. 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
.
How many times can you use cycle to work scheme?
There is no limit on how many times you use the scheme during your employment, but as you can only have
one application per 12 month period
, use it wisely!
Can you get more than 1 bike on the cycle to work scheme?
Can I get more than one bike?
Yes!
If you would like to get two bikes you certainly can – as long as they are both suitable and safe for you to ride, and your total doesn't exceed your scheme's maximum limit.
Can I add to my cycle to work scheme?
Unfortunately,
you are no longer allowed to top up cycle to work scheme orders with your own money
. Of course, you can always buy extra cycling equipment in a separate order.
Can I pay off my cycle to work scheme early?
Yes. If you would like to conclude your Own it later agreement we can organise this via a one-off payment
. This payment cost will correlate to the age of the bike and HMRC's valuation table for bike disposal.
How much do you get off with cycle to work scheme?
With Ride-to-Work, you can get a tax-free bike, which for most people means they save
a minimum of 33% of the cost
. Enter some details below to get a rough estimate for how much you could save… You must enter an annual salary. You must enter a total value.
Does NHS do cycle to work scheme?
How do I apply for the Cycle to Work Scheme?
Ask your NHS hospital's HR department for their personal link to the Cycle to Work Scheme
. The website will then provide you with the local bike shop that is part of your scheme.
Is the bike to work scheme worth it?
The Cycle to Work scheme also allows you to buy accessories alongside the bike and this is definitely something you should take advantage of. In fact,
we reckon it is worth using the scheme to buy two bike locks, a good set of lights, a helmet and some high-quality bibshorts
.
Do I have to use Halfords for Cycle to Work?
Cycles UK accepts Cycle to Work
– Halfords Cycle2Work vouchers both in our stores and online. This means you can use Halfords Cycle2Work to buy bikes from the world's best brands including Specialized, Trek, Whyte and Cannondale.
What happens if you lose your job cycle to work scheme?
The hire agreement would end with the employee leaving the company and the employee would pay no more money towards the bike or equipment
. … As such, they will no longer be able to take advantage of the savings made by paying for the bike or equipment from their gross salary before tax.
Is cycling better than running?
In general,
running burns more calories than cycling
because it uses more muscles. However, cycling is gentler on the body, and you may be able to do it longer or faster than you can run.
Is cycle to work a salary sacrifice?
Cycle to work operates as a ‘salary sacrifice' employee benefit
. This means that the employee agrees to give up part of their salary in exchange for a benefit – in this instance the benefit is a bike and/or accessories.
What is NHS salary sacrifice scheme?
What is the salary sacrifice scheme? The way the NHS salary sacrifice scheme is designed means that
a worker gives up a proportion of their salary in exchange for non-cash related benefits
. For some, this can provide support with sometimes costly outgoings such as childcare and the expense of running a car.
How do I get a cycle to work voucher?
Sign up at www.cycle2work.info and complete a speedy online application
. You'll need your employer code to complete this. 3. Once your employer has approved your application, you will receive your letter of collection instantly by email – this is what you use to redeem your bike and accessories.
What happens at the end of Halfords cycle to work scheme?
During your extended hire agreement, you will make no further monthly payments. At the end of the 36 months
you can either choose to send your bike back to your Cycle to Work provider (and your deposit will be refunded) or you take ownership of the bike
. No further payments are needed.
How does bike scheme work UK?
The cycle to work scheme
allows employees to obtain commuter bikes and cycling accessories through their employer, whilst spreading the cost over 12 months and making unbeatable savings through a tax break
. The employer registers with Cyclescheme – this only takes about 5 mins.
