Save up to 50% off a new bike with Cycle to Work Scheme.
To promote healthier journeys to work and to reduce environmental pollution, the 1999 Finance Act introduced an annual tax exemption, which allows employers to loan cycles and cyclists' safety equipment to employees as a tax-free benefit. The exemption, known as the Cycle to Work Scheme was one of a series of measures introduced under the Government's Green Transport Plan.
Administration of this scheme can be carried out by your employer or by one of the many companies that offer to act as administrator, the biggest being Cyclescheme. Bicycle Richmond are affiliated to Cyclescheme, the Bike2Work scheme , Halfords Cycle2work. These Cycle to Work scheme administrators issue you with a Certificate, once authorised by your employer, that can be exchanged for a bike and any safety equipment at Bicycle Richmond.
Your employer needs to be registered with one of the above Cycle to Work schemes. They can find out how to do this from information on one of the Cycle to Work Scheme websites (see above).
Visit Bicycle Richmond, choose the bike and, if required, safety equipment and get a quotation.
You apply for a Certificate online using the relevant Cycle to Work Scheme website. Your employee will usually sign an online Hire Agreement at this time.
Once approved, a Certificate will be issued to either your employer or directly to you, whichever is requested.
The Certificate is then redeemed at Bicycle Richmond in exchange for the bike package. Salary sacrifice then commences over the hire period (usually 12 months).
At the end of the hire period the owner of the bike may choose to offer the employee ownership of the bike for a full market value.
Although the above procedure applies to the vast majority of schemes there are some variations which are a result of the way an employer’s scheme is set up, typical examples would be if they are using a finance company or a benefits provider.
Sale bikes are subject to a 10% of voucher total charge. Eg: a sale bike purchased with a £1000 voucher will be subject to a £100 charge.