Cycle to Work Scheme
Here at Thorn Cycles we deal with many cycle to work scheme providers. It is now possible not just to buy complete bikes, but frame and fork sets; safety equipment and lighting.
Anyone can buy equipment, a frame/forks or a bike on a cycle to work scheme as long as their employer agrees – just ask them. If your employer is not already affiliated with a scheme, show them this one: http://greencommuteinitiative.uk/ This is a fast, straightforward cycle to work scheme provider and allows vouchers for the whole amount of the purchase price (most providers only go to £1000) and the Green Commute Initiative only charges 5% commission. Follow the link to their website and find out how easy it is to register.
All cycle to work schemes involve a lease agreement between an employer and their employee.
Depending on the cycle to work scheme provider, the employer buys a voucher from the provider to cover the purchase of a bike and leases it to an employee over a fixed period of time during which time the employee makes salary sacrifices and receives tax relief on their payments (either 42% or 32% depending on which tax rate they normally pay). The employer saves 13.8% on employer’s NI contributions so it is also of benefit to them.
Cycle to work scheme providers all charge commission; 5%, 10% or even sometimes as much as 20% of the value of the voucher. We do not absorb this cost.