Cyclescheme

Cyclescheme is the UK's number one provider of tax-free bikes for the Government's Cycle to Work initiativeCyclescheme is the UK's number one provider of tax-free bikes for the Government's Cycle to Work initiative

At North Hants Bikes we aim to encourage as many people to cycle regularly for their own wellbeing and the future planet. This is why we have signed up with CYCLESCHEME, a fantastic way of buying a bike and safety accessories tax free. In conjunction with the cycle to work scheme this could mean a saving of up to 50% off the cost of the bike, so you could end up with a £1000 bike for just £600!

With this scheme you could save 50% of the cost of a bike and safety accessories through the cycle to work scheme. Your employer buys the bike and claims back the VAT and you sign a hire aggreement in which you pay through salary sacrifice. With a salary sacrifice you pay back the loan on your bike, accessories and safety equipment from gross rather than net pay for the hire period (usually 12 months), allowing you to benefit from income tax and NI relief. See www.hmrc.gov.uk/specialist/salary_sacrifice.pdf for a more detailed

For example, if you chose a £500 bike:

**Please note : A Fair Market Value payment is payable upon cessation of the agreement or at the end of the lease period