Make big savings on the cost of a bike and safety equipment. Pay monthly and save VAT, National Insurance and income tax. Choose any make or model of bike and equipment from Ross Cycles To promote healthier journeys to work and to reduce environmental pollution, the government introduced a tax-free benefit to encourage more people to cycle to work as part of the Green Transport Plan.
This benefit can save you around 40-50%, depending on your personal tax band, off the price of a new bike and safety equipment such as a helmet, lights, pump, etc. You also have the added benefit of paying for your goods monthly by way of salary sacrifice.
RossCycles have partnered up with Cyclescheme, the UK’s number one provider of tax free bikes for work, to make the whole process much easier. To put it in simple terms,
it works like this:
1. Your employer becomes a member of Cyclescheme.
2. You sign an approved employee hire agreement at which time you are free to choose a bike and accessories from Ross Cycles and we will provide you with a quotation.
3. You submit the quotation to Cyclescheme.
4. Cyclescheme will invoice your employer so they can issue you a secure voucher.
5. You redeem the voucher at Ross Cycles as payment for your new bike and any equipment.
6. You begin paying for your bike monthly from your gross salary.
It really is that simple! Cyclescheme have a full information pack to give to your employer when they contact them on your behalf. Your employer has to be willing to run the scheme before you can get your bike. This is because the scheme can only run through what is known as a salary sacrifice, where you agree to temporarily reduce your wages to pay for the hire of goods - in this case bike and equipment. The scheme is available to UK tax payers who pay PAYE. Please note that the self-employed cannot take part in the scheme. You probably have a few questions and most of these can be answered here For any further information please visit the Cyclescheme website.
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