Save a minimum of 25% on a new bike and spread the cost.
Summit Cycles offer Cycle to Work Scheme cycle purchase through cyclescheme.co.uk and several other providers.
The Cycle to Work Scheme is a Government backed tax incentive to assist employees with cycle ownership. Employees can save at least 25% from the cost of the purchase of a new bike and accessories for riding work with no upfront costs and the payments deducted directly from your salary.
It’s very simple, you choose a bike, hire it for an agreed length of time, then snap it up for a fraction of its original value at the end of the hire period. It’s like a year-round sale priced, with interest free credit.
Here is a short video that introduces you to the scheme…
In order to participate your employer will need to be willing to participate and registered with the scheme. Many employers see the benefits and already offer the scheme to their employees. To check if your employer is signed up, simply ask your HR department or whoever handles payroll at your employer. Details for employers can also be found on cyclescheme.co.uk
With Cyclescheme handling all the complicated tax stuff the process is extremely straightforward for both the employee purchasing the bike and for the employer. At Summit we can help with recommendations on the bike (and accessory package if desired) and walk you through the process, explaining how the application is made and the bike voucher issues. Usually we will produce a quote for you to give to your HD department of whoever administers the scheme at your workplace then there is usually a little wait for the purchase to be approved but it is rare for this to take more than a month and often we will have the bike delivered and ready for collection as soon as your voucher is issued.
To see what kind of savings you can make and how much it is likely to cost you each month you can use the cyclescheme calculator below.
If you would like to know more about the scheme, cyclescheme.co.uk is an extensive resource where you will find information on all aspects of the scheme for both employees and employers.