Cycle To Work Scheme FAQs

How does cycle to work scheme work?

The Cycle to Work scheme enables employees to acquire bicycles and related cycling gear for commuting purposes via their employer. This arrangement allows the cost to be distributed over a period of 12 months. Moreover, participants benefit from substantial savings due to a tax exemption that is part of the scheme.

Is cycle to work scheme worth it?

If you are looking to buy a bike and can afford to sacrifice enough of your salary to afford the 12 monthly repayments, then it is certainly worth looking into for the savings you could enjoy.

How to apply for cycle to work scheme?

Your employer will need to be registered with one of the cycle to work scheme providers. You then find a bike that you want, at one of the cycle to work scheme shops that supports your employer's chosen scheme. Contact that bike shop and they'll guide you from there on how to apply for your voucher.

Who accepts halfords cycle to work vouchers?

Aside from Halfords, the Halfords Cycle To Work vouchers are accepted widely across the UK, including here, at Westbrook Cycles. Most shops that accept these vouchers will display a Halfords Cycle2Work logo.

How long does cycle to work scheme take?

Unfortunately there is no definitive answer as to how long the process will take. It depends on a number of factors, including how busy the cycle to work scheme provider is and which cycle to work bike scheme you are applying to. At Westbrook Cycles, once you have your voucher, it is typically only a few days before we have your bike ready for you to ride.

How do I apply for the NHS cycle to work scheme?

The NHS cycle to work scheme is provided through the Vivup program. In order to apply for the Vivup cycle to work, you will need to visit the Vivup website.

What happens at end of cycle to work scheme?

At the end of the agreement, you may be required to pay an ownership fee in order to officially transfer ownership from your employer to yourself. Some companies choose to waive this fee, you will need to speak to your employer to be sure.

Can I use cycle to work scheme if I work from home?

The official line from the government is that over half of the qualifying journeys should be made on the bike you acquire. If you are not based from home 100% of the time you should be able to make enough qualifying journeys.

Do you have to cycle to work for cycle to work scheme?

Not all journeys made on cycle to work scheme bikes need to be to work. For example, you are free to ride a mountain bike or road bike in your leisure time in addition to any journeys you make to work.

Can you pay off cycle to work scheme early?

This differs with the different cycle to works scheme providers. Some will allow outstanding payments to be made, you just won't reap the benefits of saving the tax on the payments. Some providers such as Vivup, don't allow the early termination of the agreement. If you're unusure, you're best checking with your employer or directly with the cycle to work scheme provider.

Cycle to work scheme do you own the bike?

At the end of the initial 12 month period you do not own the bike as a cycle to work scheme is more like a hire agreement. You effectively hire the bike from your employer. At the end of the initial 12 month period, you can either extend the hire period, give the bike back to your employer, or pay an ownership fee to become the owner.

Does cycle to work scheme affect credit score?

Although cycle to work scheme does not involve a credit check or credit agreement, you do need to be aware that your borrowing capacity may be limited by reducing your take-home pay.

Cycle to work scheme what happens if I leave my job?

If you leave your job during the hire period, any outstanding repayments will be deducted from your final salary. You will not be eligible for any tax savings on these remaining payments, so this sum will be deducted from your Net pay, rather than your Gross pay.

Does cycle to work scheme affect pension?

The cycle to work scheme salary sacrifice may affect your pension. You are best off speaking with your employer to see how exactly your pension will be affected if you were to enter into a cycle to work scheme.

How much do you save on cycle to work scheme?

Savings on the cost of a bike are usually in the region of 23-39%, with typical savings being around 30%. In addition to the saving on the cost of the bike, cycling to work also can save money by reducing fuel costs.

Is Cyclescheme the same as cycle to work?

The cycle to work scheme is the overarching term given by the government to the legislation that allows the purchase of bicycles, tax free. These tax-free bikes are usually acquired through a cycle to work scheme provider, one of which is Cyclescheme.

Can you top up cycle to work scheme?

No, adding funds in addition to the salary sacrifice payments is not allowed.

Can you get 2 bikes on cycle to work scheme?

Yes, you can apply for more than one bike through a cycle to work scheme.

Which cycle to work scheme is best?

Most cycle to work scheme providers will offer the same deal to the employee, so there isn't really much separating them in that way. Some employers may find some schemes easier to implement in their workplace, so that may be a factor in choosing the scheme that is right for your business.

Can you transfer cycle to work scheme?

No, it is not possible to transfer a cycle to work scheme. In the event of your employment being terminated, the remaining repayments will be taken from your final salary, from your Net pay.

How often can I use the cycle to work scheme?

You can opt in to a cycle to work scheme as many times as you like, but can only enter in to one scheme every 12 months.

Is my employer in the cycle to work scheme?

The only way to really determine this is to speak with your employer. Usually someone in your HR department will know if you're signed up to a cycle to work scheme, and which provider(s) they are registered with.

Does the cycle to work scheme cost the employer anything?

No, there is no fee for the employer, and in some cases a small saving can be made over the course of the 12 month agreement.