13.03.2024 | Reading time - 11 min(s)

What is the Cycle to Work Scheme?

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Posted in: Cycling

The Cycle to Work scheme can be a great way to purchase a new bicycle, cycling accessories and/or cycle clothing. It can seem daunting to get started so we have compiled this list of frequently asked questions to help you get started.

Contents and Quick Links:

What is the Cycle to Work Scheme?
Who is it for?
Why use the Cycle to Work scheme?
Why shop at Edinburgh Bicycle Cooperative?
Which Cycle to Work schemes do we accept?

1/ What is it?

The Cycle to Work Scheme is a salary sacrifice arrangement between you and your employer that allows you to make significant savings a new bicycle and/or cycling accessories and clothing.
The cost of the bike is spread over 12 or 18 months and these deductions are pre-tax so you save tax and national insurance on the value of the bike and equipment.
Using salary sacrifice you can expect to save between 30% and 40% on your new equipment depending on tax bracket and ownership option. It also spreads the cost of what is purchased.

2)Who is it for?

Most employees in the UK will have the Cycle to Work Scheme available but minimally -

The employee must be 16 years or over
The employee must still earn minimum wage after the salary sacrifice is deducted
The employee must be paid via the Paye As You Earn (PAYE) system
The Employer must be set up on a Cycle to Work Scheme

*Individual employers may have extra conditions, so it is worth checking.

3/ Why use the Cycle to Work Scheme?

Significant savings on bicycles and cycling equipment
Avoid large upfront costs with monthly deductions from salary.
The wide range of physical and mental health benefits from cycling.
Save even more money on petrol/public transport costs

4/ Why shop at Edinburgh Bicycle Cooperative?

Here at Edinburgh Bicycle Cooperative, we pride ourselves on providing outstanding service - from helping choose the perfect bike and accessories to ongoing repairs/servicing to help you continue to enjoy cycling for years to come.

As a Cooperative, all time served employees are offered the chance to buy shares and become part-owners of the business, and as owners we are all invested in our future. We believe that this is what sets us apart and why we strive to offer the best service possible and stock the best range of products.

We have a thriving online department and 6 bricks and mortar stores in Leeds, Aberdeen, Newcastle and three stores in Edinburgh – Bruntsfield, Canonmills and our Giant/Liv store in Stockbridge.

Our staff will be happy to help with anything bicycle related or to assist with Cycle to Work queries. We also have a dedicated Cycle to Work team that can help with setting up new schemes

5/ Which Cycle to Work Schemes do we accept?

Edinburgh Bicycle Cooperative
Cycle2Work/Halfords
Cyclescheme
Green Commute Initiative
Caboodle/Salary Exchange
Bike2Work
Cycleplus
Cycle Solutions
Enjoy Benefits
MyBenefitsWorld
Vivup

Author

Ross Howieson

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What is the Cycle to Work Scheme?

1/ What is it?

2)Who is it for?

3/ Why use the Cycle to Work Scheme?

4/ Why shop at Edinburgh Bicycle Cooperative?

5/ Which Cycle to Work Schemes do we accept?