Cycle to Work Schemes
Cycle to Work schemes can be a cost effective way for employees to purchase new bikes and cycling equipment through their company or organisations, providing the opportunity to save tax and thereby reduce the overall cost of your bike purchase.
At Strathmore Cycle Hub we offer several schemes to cater for those used by a range of employers. If your employer offers one that we don't already work with, we can usually join up quickly.
How it works
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First find out if your employer offers one of these schemes, or would be prepared to. If so, find out which scheme they use.
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Visit our website or visit our store to select the bike and equipment that you want. Then please request a quote from us by email, phone or in person. Discount Codes cannot be used in conjunction with Cycle Scheme Purchases. You will be given a quote, and you provide this to your HR department (or whoever is in charge of the scheme at your work), to pass to the specific scheme.
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Once you have requested a secure voucher or letter of collection, your employer confirms eligibility and approves the request. The scheme will send them an invoice for the bike package, and a hire agreement is sent to you to sign. As soon as the bike is paid for, the secure voucher or letter of collection is sent to you.
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Your hire payments are deducted from your gross monthly salary. At the end of the hire period, you pay a Fair Market Value payment to own the bike outright.
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You then contact us with the voucher or letter of collection and we will book you in for a collection.
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Your new cycle and or equipment will be serviced and ready to go from our store.
For employers
A cycle to work scheme is a great incentive for employees, and companies can save money too - every bike processed through the scheme means an employer's National insurance saving. Everybody wins, including the employer!
In a nutshell: The employer buys the bike for the employee through the cycle to work scheme, the employer can claims back the VAT and then the employee pays the company back out of gross pay rather than net pay, so they benefit at no loss to the organisation. The below link shows you how to account for this:
Click Here For The Department For Transport Website
All we need to do is invoice the employer, we order the bike and deliver it to the employee, and the employee starts paying the employer back each month.
