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 have more than one Cycle to Work scheme?
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 long is the Cycle to Work scheme?
The cycle to work scheme usually takes 3-14 days from application to redemption. The length of time it takes to go from doing your application to getting your bike and/or accessories can vary; many employees can collect their cycle to work packages directly after being approved.
Is it worth using Cycle to Work scheme?
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 .
Can I do Cycle to Work every year?
How often can I get a new bicycle on the Cycle to Work Scheme? The Cycle to Work scheme is not a one time deal. You can make use of the scheme year after year . You can even have two certificates running concurrently as long as the sum of the deductions does not exceed the limits set by your employer or scheme provider.
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 many bikes can I buy 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 .
Do I own my bike after cycle to work scheme?
Because it was set up to promote work journeys rather than cycling in general, your employer technically remains the owner of the bike once you finish the hire period .
Can you buy childrens bikes on cycle to work scheme?
Yes. As of 2019 the government relaxed the rules of the scheme allowing you to purchase a frame, components, or clothing and accessories with the voucher. Car racks, turbo trainers, cameras, GPS and children's bikes are not available through any Cycle to Work schemes .
Can you do cycle to work scheme over 24 months?
Employer: Can you offer 18, 24 or 36 months terms on the cycle to work scheme? Yes, with Cyclescheme you can offer different length schemes . There are two ways you can do this: Make your standard scheme longer than 12 months.
How much do you pay at the end of cycle to work?
At the end of the hire period, Bike to Work Ltd will contact employees to discuss the options available. The most attractive option for employees will be to pay a small, refundable deposit (3% or 7% of the equipment value*) and continue to use the bicycle for an extended period of up to 36 months.
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.
What happens if I don't use my cycle to work voucher?
If they don't process it, the bike scheme don't release the cash . Ok, your employer is taking payments so, clearly, something has been triggered. Those payments, generally, will be taken from you in order that they can pay the cyclescheme provider for the upfront cost they've incurred.
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 happens to bike at end of cycle to work scheme?
What happens at the end of the Cycle to Work hire agreement? You immediately take ownership of your bike and pay a fee based on ‘fair market value' . HMRC has set fair market values that employers must pay to keep the bike.
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.
What happens if you leave a job with cycle to work?
If you leave employment or are made redundant during the Hire Period any outstanding salary sacrifice repayments will be taken from your final salary, from NET rather than GROSS pay i.e. without any further tax exemptions .
Does Asda do ride to work scheme?
The cycle to work scheme is available to all Asda colleagues, regardless of the level of your pay .
How does the cycle to work scheme save me money?
You make a saving by paying for the bike and/or accessories directly from your gross salary (before tax) . You sacrifice part of your salary, temporarily lowering your income slightly. Your income tax and national insurance are based on the lower figure, so the amount you pay is less.
