Whats the process of getting a tax free bike for work through Cyclescheme?
The scheme uses a voucher system. Once your employer has entered into a contract with Cyclescheme, you need to sign an employee hire agreement that we supply or agree to the terms of the hire agreement online (this process is determined by your employer). You visit your local bike shop for a quote on a bike and accessories, which you enter onto our extranet system. When we receive the quote we will invoice your company, and provide a secure voucher once the hire agreement is signed. You take the voucher back to the bike shop to collect the bike.
• Step 1. Once an employer has entered into a contract with Cyclescheme (employers can sign up via this website) any employees wishing to participate need to visit a Cyclescheme Partner Shop to choose the bike and, if required, safety equipment. Find participating bike shops using the search on this website. • Step 2. Employees then apply for a Cyclescheme Voucher by finding out their Cyclescheme Employer Code and entering the information provided by the bike shop online. The employee will usually sign an online Hire Agreement at this time. • Step 3. If the employer approves their application they will countersign the Hire Agreement and pay Cyclescheme for the full retail price of the bike and equipment. • Step 4. Cyclescheme will then issue a Voucher to either the employee or the employer, wherever is requested. • Step 5. The Voucher is then redeemed in the bike shop and exchanged for the bike package. Salary sacrifice then commences over the hire period (usually 12 months). • Step 6.
