Here at Mike Vaughan Cycles, we think that the various government Cycle to Work schemes have been a great benefit to all, from employees right through to their employers.
We’ve been dealing with Cyclescheme for over 15 years, yet this is one of the several schemes we work with.
We also supply bikes to employees of various NHS Trusts through SME HCI.
We have recently partnered with Green Commute Initiative who are the cycle to work scheme without a £1000 limit. Since we’ve been live with Cyclescheme, we’ve supplied £3million worth of bikes and accessories to thousands of customers in the area.
Taken from the Department for Transport Website, here’s a brief overview:
To promote healthier journeys to work and to reduce environmental pollution, the 1999 Finance Act introduced an annual tax exemption, which allows employers to loan cycles and cyclists’ safety equipment to employees as a tax-free benefit. The exemption was one of a series of measures introduced under the Government’s Green Transport Plan. The following guidelines clarify how organisations can take advantage of the exemption to implement a Cycle to Work scheme that encourages employees to cycle to work and allows employers to reap the benefits of a healthier workforce.
Cycle to Work schemes are in essence a salary sacrifice scheme, whereby the cost of the bicycle (& accessories) are take out of your wages before tax and National Insurance are applied.
This allows you on average, depending on your tax rate, to save between 32% and 42% on the cost of your bicycle. Employers also benefit from this scheme, saving on National Insurance Contributions.
At Mike Vaughan Cycles, we are proud to support customers purchasing their bicycles through a range of Cycle to Work schemes and remain committed to offering this fantastic opportunity to make significant savings on the cost of a new bike.
Some Cycle to Work schemes require additional processing, administration and handling beyond that of a standard retail purchase. To help cover these additional costs and enable us to continue offering these schemes, purchases made through selected Cycle to Work providers are subject to a 7.5% Cycle to Work Handling Fee, calculated on the voucher value.
The Cycle to Work Handling Fee is payable as a separate transaction and cannot be included as part of the Cycle to Work voucher.
Every bicycle supplied by Mike Vaughan Cycles is professionally built by our Cytech-qualified mechanics, thoroughly safety checked, individually sized and set up for its rider, and backed by ongoing expert advice, workshop support and aftercare. We believe this commitment to quality, expertise and aftercare is what makes purchasing from an independent specialist bicycle retailer truly worthwhile.
Our aim is to remain transparent about our pricing while continuing to invest in the people, skills and service that our customers have trusted for more than 60 years.
If you have any questions about our Cycle to Work Handling Fee or any of the Cycle to Work schemes we accept, a member of our team will be happy to help.
Please ask a member of our team if your chosen Cycle to Work provider is subject to the Cycle to Work Handling Fee. We will always explain any applicable charges before you proceed with your purchase.
