How do I claim for Cycle to Work scheme?
Speak to your HR department and request a certificate. Receive the certificate, take it to the relevant bike shop. Redeem the certificate against the cost of bike and equipment. Salary sacrifice commences from your next pay packet.
Does the bike to work scheme cost the employer?
Does the scheme cost anything for an Employer to implement? The scheme is free of charge to set up and costs nothing to run. The Employer makes the initial purchase and then leases the bike/equipment to the Employee via a salary sacrifice, until the full amount is recovered.
How often can you avail of the bike to work scheme?
How often can I use the scheme? Once every four years (five years prior to 1 August 2020).
What is included in cycle to work scheme?
You can get whatever you need to keep you in the saddle and cycle commuting regularly. Including any type of bike, e-bike or cycle with at least 2 wheels.
Do you own the bike at the end of cycle to work scheme?
In order to preserve the tax benefits of the scheme, there can be no guarantee or obligation to transfer ownership to the employee immediately after the hire period has ended. However, employers generally choose to offer this option, either directly or via Bike to Work Ltd.
Can I add money to the cycle to work scheme?
In June 2019 the Department for Transport (DfT) updated their cycle to work guidance; making it acceptable for employees to request a Certificate of any value via the cycle to work scheme. This means that riders can now save money and spread the cost on the total value of any Cyclescheme package. Why has it changed?
How long does it take to get a bike on 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.
Can I have 2 Cycle to Work schemes?
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 you buy an electric bike on the cycle to work scheme?
Over the weekend, new guidance on the Cycle to Work scheme was announced by the Department for Transport (DfT), making it clear that ebikes are eligible for it. This clarification could encourage a new demographic on to two wheels, and provide huge benefits to disabled and elderly people.
Can you pay off your cycle to work scheme early?
If an employee leaves the scheme early, the bike or equipment will remain the property of the employer. … 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 Cycle to Work scheme a benefit in kind?
If the employee does not use the supplied equipment as specified then the benefit could be viewed by HMRC as a taxable benefit in kind. Although employers and employees do not have to log cycle-to-work mileage, the former must tell the latter that the loaned equipment has to be used for commuting.
How do I get a 50 cycle voucher?
As part of measures to encourage cycling during the coronavirus pandemic, the Government is offering people in England £50 vouchers to be used towards repair costs. – How do I get a voucher? Visit fixyourbikevoucherscheme.est.org.uk to apply. Vouchers are available on a first-come, first-served basis.
How do I find my employer code for Cycle to Work scheme?
If you don’t know your employer’s code try just searching for them by name. If you do not know your employer’s code and you cannot find them using search, your best bet is to ask your manager or HR team, or, to contact Cyclescheme.