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How It Works
The Employer
- Signs an agreement with Cycles UK for the provision of the Cycle To Work Scheme (one time only)
- Responds to Quotes for authorisation and pays invoices accordingly
- Signs a pre-populated Salary Sacrifice agreement between Employee and Employer
- Releases Voucher to the Employee for the redemption of their chosen equipment
The Employee
- Obtains a Quote from Cycles UK via this site or in-store
- Signs a pre-populated Salary Sacrifice agreement between Employee and Employer
- Redeems the Voucher in-store to receive their chosen equipment
Example with £1000 of equipment over a 12 month hire
The Employee pays £56.67 per month from their net income over 12 months, total £680.04, saving 32% on the cost of the equipment.
The Employer receives £83.33 per month over 12 months, total £999.96, plus 13.8% or £138 reduction in their Class 1 National Insurance Contributions.
This is a Salary Sacrifice arrangement backed by HMRC.
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