Cycle2Work Scheme - Everything You Need To Know!
What is the Cycle2Work Scheme and how does it work?
The Cycle2Work Scheme is a Government employee initiative designed to offer cycling equipment to the general public at a reasonable price. Those who are signed up to the scheme will pay for their Bike via a salary sacrifice, which means that they will not pay tax or national insurance. You will pay for the cycling equipment via monthly increments which will be deducted from your salary over 12 or 18 months, which frees you from the burden of one big hefty payout!
What is the Salary Sacrifice payment method and how much could I save through this?
The salary sacrifice payment method is one that allows you to pay for your cycling equipment through monthly increments which will come directly out of your salary. By cutting out the tax and national insurance through the salary sacrifice payment, you can save up to a whopping 43.25%!
How to apply?
Applying for the Cycle2Work Scheme is pretty simple and can be broken down into three simple stages.
1) Your Employer Code
Firstly, you will need your employer code. If you do not know this, we would advise that you contact your HR department.
2) Signing Up
Now that you have your Employer Code, you can sign up on the Cycle2Work website; click here to sign up.
3) Approval & Letter of Collection
Once your employer has approved your application, you will receive a Letter of Collection. You can now use your Letter of Collection to pick up your new Bike and Bike Parts.
Can you get an Electric Bike as part of the Cycle2Work Scheme?
Yes, you can ride an electric bike as part of the Cycle2Work Scheme.
Where can I buy a Bike, Electric Bike or Bike Protection and Bike Accessories from as part of my Cycle2Work Scheme?
You can buy a full range of bikes at SkateHut. From BMX Bikes, Mountain Bikes, Wheelie Bikes, Hybrid Bikes, to Balance Bikes, Kids Bikes and much more, we have everything you need prior to doing your Cycle2Work shopping. We also sell a variety of Bike Accessories, Helmets, Knee Pads and a full range of Bike Protection too!
What about if I just want cycling accessories rather than a complete bike?
You can absolutely use the Cycle2Work scheme for bike accessories only.
Do I have to cycle to work every day to be eligible?
No, you do not need to cycle to work every day to be eligible for applying to the scheme.
How will I know how much to apply for?
It is advised that you make a note of your ideal Bike for Sale and/or accessories before applying so that you have an exact figure of how much to apply for. This is essential because once you have submitted your application and it has been approved, it cannot be amended.
When can I apply?
Each company has its very own application window. We’d advise that you speak to your HR department for more advice on when you can apply.
Can I apply more than once?
As long as you do not exceed the maximum limit, yes you can apply more than once as long as your deductions do not fall below the National Minimum/Living Wage. Please bear in mind, however, that this will also depend on your employer and their policy.
Can I get more than one Bike?
Yes, you can get two bikes, provided that they are safe to ride and suitable to your needs, and as long as your total does not exceed the maximum limit of your personal scheme.
You can view a full range of our Bike, bike accessories and Bike Protection on our website. Have a browse of our electrics section, which consists of electric bikes, electric scooters and electric skateboards!
