Cycle to Work Scheme
At York Cycleworks we accept almost all Cycle to Work vouchers so that you can get your new bike and enjoy your cycling straight away.
Cycle To Work Scheme at York Cycleworks
MY EMPLOYER IS PART OF THE SCHEME, How Does It Work FROM HERE?
Tax is complicated, the Cycle to Work Scheme is not. Put simply it's like a year round sale, you in effect hire the bike for a set amount of time and then snap it up at a fraction of the cost!
The first thing you need to do is to come and talk to us about what cycling you want to do, how far is your commute, will you use the bike just for commuting, how often will you ride, will you need accessories including lights, a helmet and clothing?
Once you've decided exactly what you want, we will provide you with a quote which you can submit to your employer, with this approved and paid for by your employer it's time for the exciting bit... exchanging your voucher for your chosen package of bike and accessories! At this point your salary sacrifice and Hire Agreement now kick in. For the next 12 months, you'll pay a set amount from your salary each month in exchange for the hire of your Cycle to Work package from your employer.
The deduction is made from your gross salary, so you make income tax and national insurance savings of 32% if you're a standard tax payer, or 42% if you're a higher rate tax payer.
When the Hire Agreement and salary sacrifice ends, you keep your bike by making a final payment for just a small amount. For example, if your employer uses the Cyclescheme for their Cycle to Work Scheme, on a package under £500, you'll pay 3% of the original value; for a package of over £500 it's 7%- so a maximum of £70 on a £1000 package. The bike remains 'hire' for a further 36 months, but with no further payments being made. Ownership can then be officially transferred to you at no extra cost.
How Much Can I save
The amount that can be saved varies from person to person. Use the CycleScheme savings calculator, located here, to find out what you can save and then come and talk to us about your new bike!