The Caboodle bike scheme is fully compliant and operates according to HMRC rules.
The scheme works on the basis that an employee can hire a bike from Caboodle over a period of either a 12 or 18 months, and then pay for the benefit through a salary sacrifice arrangement with their Employer. At the end of the hire period, Caboodle will contact the employee to make the end of scheme arrangements, they may purchase the bike at a fair market value at that time or extend the hire for a fixed period under a new agreement for a small refundable deposit. It’s worth noting though that HMRC rules for the scheme stipulate that there is no automatic right for the employee to purchase the bike at the end of the hire term.
- Employees can make significant savings on the cost of their bike and accessories – standard rate taxpayers can typically save 30% and higher rate taxpayers can save 42%
- The cost of the bike is spread over 12 or 18 months making it more affordable
- There are no credit checks to worry about
- A calculator tool is available so employees can check out the total cost before they order, along with any tax and NI savings they could make - check with your HR Team for this
- They save money on fuel and parking costs and get fit at the same time
- Safety accessories and upgrades for existing bikes are also included
- 14 days free insurance through Cycleplan included
NOTE: When applying for your Caboodle voucher please indicate it for use at our store: Adventure Tribe: ADV Tribe Ltd.