Bike2Work believe that the benefits of cycling to work should be open to everyone.
In short, they want to get people on bikes.
It the Bike2Work scheme's aim to reduce environmental pollution, encourage healthier lifestyles and make getting on a bike less expensive than you might expect.
In line with the Government’s Green Transport Plan, Bike2Work make it easier for both Employers and Employees to get involved with the Bike to Work Scheme. After all, happier, healthier Employees mean increased productivity and less days off sick.
- Register with Bike2Work on their website You'll get a company PIN number from your Employer.
- Choose your new bike or equipment from us after which you will be given a written quotation.
- Sign into Bike2Work and submit your quote to them.
- Cycle2Work will then send an invoice and hire agreement to your Employer, which must be signed by both Employer and Employee.
- Your company will make the payment to Cycle2Woek and they'll send them a voucher for your new bike or equipment.
- Bring your voucher to us and collect your new bike or equipment!
- Sign up/Register on the Bike2Work website. You'll get a company PIN number to share with your Employees.
- Once an Employee signs up, you'll get an invoice and hire agreement.
- Employer and Employee must sign the hire agreement.
- Make your payment to Bike2Work.
- You'll receive a voucher to give to your Employee.
- Let your Employee use the voucher to buy their new bike or equipment.
Frequently Asked Questions about the Bike2Work Scheme:
Is there a spending limit?
Employees can spend between £1 - £1,000. If Employees wish to purchase items over the £1,000 limit they can add their own money to the order, however, this will not form part of their salary sacrifice and therefore they would only make savings on the £1,000. All equipment will remain the property of the Employer during the hire agreement, regardless if an Employee has added their own money. If a company wishes to allow Employees to purchase equipment over the £1,000 limit and make savings on the whole amount, they will need limited permission from the Financial Conduct Authority.
How is the Bike2Work Scheme saving me money?
Savings are made via a salary sacrifice scheme. The Employer pays the initial cost of the bike/equipment and the Employee repays the company that full amount back but through their gross pay (before tax and NI) saving on tax and national insurance. A basic rate tax payer could save up to 32% (20% tax and 12% National Insurance). A higher rate tax payer could save up to 42% (40% tax and 2% National Insurance). For a full estimate, visit the savings calculator on Bike2Work's home page.
Further FAQs can be found on the Bike2Work website.