- Cycle To Work Schemes
Cycle To Work Schemes
If you cycle to work, you can save up to 42% on a new bike and safety equipment thanks to a government backed scheme that makes a new bike much more affordable.
The Cycle to Work Scheme is a salary sacrifice. This means the cost of a new bike and equipment is deducted from your salary as a non-cash benefit, so you save on tax and national insurance.
Your employer buys the bike and equipment, then leases it to you through an interest-free salary sacrifice scheme.
In short, this means you'll pay less for your bike and will be able to pay in instalments.
Cowley Cycles accepts cycle to work vouchers from all these providers.
Frequently asked questions
How Much Do I Save By Using A Cycle To Work Scheme?
Savings are typically between 25% and 42% but are dependent on a number of factors including annual income and the voucher value. Some cycle to work scheme websites provide a calculator to give a more accurate figure, but if you want more information you should contact your employer.
Can I Only Use Cycle To Work To Purchase A Bike ?
No, your cycle to work application can include accessories with the bike in your request.
Can I Add My Own Funds To 'Top Up' The Value Of My Voucher ?
The maximum Certificate value available on most schemes for the vast majority of participants is £1,000 inc. VAT (unless your employer has their own Consumer Credit Authorisation). As a general rule, if the total value of the equipment you require for your cycle commute is in excess of your Employer’s maximum limit, you may be able to add your own funds to the Certificate value. However, as there are a handful of employers that don't allow this practice it is advisable to check with your employer.
If you choose to add your own funds, you need to remember that you will not make a saving on anything over the maximum certificate value available via your employer’s scheme and all equipment will remain the property of your employer during the hire agreement.
Can I Only Use My Voucher To Purchase A Bike On Sale/Offer ?
Yes, you can use a cycle to work voucher on a sale item, however an additional charge of 10% of the voucher's value must be added
to cover what we are charged by the cycle scheme providers.