A new scheme launched by PROc2w complies with all the relevant legislation, and HMRC guidance and while removing the £1000 ceiling. Further, the employer does not need a credit licence or FCA approval. This means that employees can select a much wider range of electric bikes and make even greater tax and National insurance savings. Anyone who pays UK PAYE is eligable and any UK employer can offer the scheme to their employees.
You, the commuter, selects the bike you would like to have. Your details are uploaded on to PROc2w’s website. They deal with your employer and produce all the documentation. The employer pays the shop for the bike and then you collect it. Your employer sets up a salary sacrifice scheme for the 12 monthly instalments so saving you tax and NI. At the end of the scheme, the bike is transferred to your ownership.
A higher rate tax payer saves 42% of the value of the bike and a standard rate taxpayer saves 32%. Additionally, the employer saves 13.8% on Employers National Insurance and may well be able to claim Capital allowance on the purchase. This will gice the employer a 31% return on investing in an electric bike for you to use for commuting.
If you know that your employer is on the Cycle to Work scheme you can come and try some electric bikes and safety equipment and make a selection. We will then give you an official quote for you to give to your employer and start the process. If you already know which electric bike you want we can complete the form on the phone.
Cyclescheme have recently improved their response rate of the scheme and some applicants now get their bikes within 3 or even 2 weeks. Employers who do not have a Consumer Credit Licence are limited to schemes under £1000 and we have several electric bikes that qualify under this limit.
If there are a number of you at the same place of work interested in The Scheme, why not contact us through firstname.lastname@example.org or phone us and arrange a time when we can bring some bikes over to your place of work for you to try after work or in your lunch hour. The contact details for both branches are on the Contact Us page.
For more information visit www.cyclescheme.co.uk and get a payment quotation based on your own financial circumstances. We are also members of several other schemes.
If you are self-employed or if your employer is not in the scheme, we may have another scheme to help you. Talk to us about a 50%deposit +50% Interest-free loan scheme. You will own the bike at the end of the 12 month period.