You can save hundreds of pounds on a purchase which is normally up to £1000’.
Your employer agrees to buy the bike by way of a voucher.
The cost of the bike gets taken out of your salary, normally over a 12 month period.
This salary sacrifice amount comes out of your wages before tax, hence you will get the benefit of a tax saving based on your current tax rate but also less the national Insurance contribution. Genius! And the government came up with this!
What’s the catch? No catch but you should be using the bike to cycle to work and technically your employer owns the bike until the asset passes to you after 4 years for a nominal sum.
If your employer doesn’t offer the cycle to work scheme, we can offer regular finance via the RideitAway scheme which enables us to provide you with interest-free finance subject to status.