Cycle To Work Scheme

Cycle to Work Scheme

The cycle to work scheme is a great government initiative that allows you to get a brand new bike and accessories tax free. Raleigh works with a network of 2,000 independent bike shops across the country to bring a commuting solution for everyone.

The process couldn’t be easier and we’ve broken down into 4 bite sized chunks for you:

Choose your package

Consider the bike and equipment package you’ll need. Consider your commute; how far is it, what terrains will you be riding on, what accessories will you need.

You can get one of three packages with the cycle to work scheme; Bike and Accessories, Bike Only or Accessories only. By visiting a dealer, you can get expert one-to-one advice on what package and products are best suited to your needs.

Submit your Application

If your employer has signed up to the Cycle to Work scheme, they should have a unique employer code to use when you apply. On the application page, you’ll be guided through a simple form that asks for your work details, contact details and the value of product you’re applying for.

When you submit the form, your employer will receive a copy.

Get your Package

With your application approved and paid for by your employer, it’s time to exchange your certificate for your package. Contact your chosen retailer and arrange a time to pop in and pick up your equipment. If you shopped online, your package can be delivered to an address that suits you, or you can opt for the click-and-collect service that some retailers offer.

Your salary sacrifice and Hire Agreement now kicks in. You’ll pay a set amount from your salary each month in exchange for the hire of your Cyclescheme package from your employer.

The deduction is made from your gross salary, so you make income tax and national insurance savings of 32% if you're a standard rate tax payer, or 42% if you're a higher rate tax payer.

Transferring Ownership

When the Hire Agreement and salary sacrifice ends, you can keep your package by making a final payment.

For a Cyclescheme package under £500, you'll pay 3% of the original value; for a package over £500, it's 7% – so a maximum of £70 on a £1,000 package. The bike remains ‘hired’ until the Cyclescheme package is four years old, but with no more monthly payments. Ownership can then officially be transferred to you at no extra cost.

Any combination of Raleigh products is available through the Cycle to Work scheme up to £1,000. Just call in at your nearest Raleigh stockist www.raleigh.co.uk/DealerLocator to ask about their involvement in the Cycle to Work scheme.

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