Cyclescheme, United Kingdom
Cyclescheme is the UK’s leading provider of tax-free bikes for work. This scheme enables employees to get a bicycles and accessories tax-free,saving on average about half the cost. It's completely free to join, and easyto administer online. Cyclescheme also has the largest network ofcycle retailers in the UK, with over 2,000 shops and online retailers to choosefrom.
How does it work?
Employee gets a quotation for a bicycle from one of the Cyclescheme’s retailers and applies for a certificate on Cycescheme’s website. Once this request is approved by the employer Cyclescheme sends an invoice for the bike package to the employer, and a Hire Agreement to the employee.
The cost of the bike is deducted via salary sacrifice. At the end of the hire period, the employee pays a Market Value payment to make the bike theirs. Cyclescheme can collect thispayment on behal of the employer.