Cycle to Work Scheme
Here at Thorn Cycles we deal with many cycle to work scheme providers.
Anyone can buy a bike on a cycle to work scheme as long as their employer agrees – just ask them. If your employer is not already affiliated with a scheme, show them this one: http://greencommuteinitiative.uk/ This is a fast, straightforward cycle to work scheme provider and allows vouchers for the whole amount of the purchase price (most providers only go to £1000) and the Green Commute Initiative only charges 5% commission. Follow the link to their website and find out how easy it is to register.
All cycle to work schemes involve a lease agreement between an employer and their employee.
Depending on the cycle to work scheme provider, the employer buys a voucher from the provider to cover the purchase of a bike and leases it to an employee over a fixed period of time during which time the employee makes salary sacrifices and receives tax relief on their payments (either 42% or 32% depending on which tax rate they normally pay). The employer saves 13.8% on employer’s NI contributions so it is also of benefit to them.
Cycle to work scheme providers all charge commission; 5%, 10% or even sometimes as much as 20% of the value of the voucher. We do not absorb this cost.