Cycle to Work Schemes
WHAT IS CYCLE TO WORK?
Cycle to Work Schemes help you to save money on the purchase of a new eBike.
It allows you to save up to 48% on the cost through tax relief
You purchase the bike and the cost is deducted from your salary pre tax via your employer in tax free installments
How does it work?
Supported Schemes
What does it cost?
It is best to calculate using the chosen schemes calculators as some schemes carry different fees and savings vary depending on salary/tax status, but here is an approx example, the reason for the difference is that you are paying the cost of the bike out of your pre tax pay so the more tax and NI you pay the more you save:
Higher rate tax payer - £100k Salary:
Total Cost: £1500
Net Bike Cost £922
Cost per month £77
Total Savings: £578
Lower Rate Tax Payer £35k Salary:
Bike Voucher £1500
Net Bike Cost £1145
Cost per month £95
Total Savings: £355
*Be Sure to check your schemes exit fees, some charge an end of hire fee to purchase