Hooked on Cycling Supports All Cycle to Work Schemes
Welcome to Hooked on Cycling and our cycle superstore a cycle shop in Bathgate , West Lothian, Scotland. The Cycle to Work scheme was created as an incentive to get more people cycling to work, helping the environment, improving health & wellbeing and saving money in the process.
The scheme offers Employees the opportunity to hire a bicycle and necessary safety equipment from their Employer – usually for 12 or 18 month periods.
The cost of hiring the equipment is deducted via the employee’s salary prior to tax deductions, thereby enabling the employee to save the tax on that hire amount.
This enables the employee to get a better bike for their money as well as spread the cost without any credit checks or paying any interest.
Employers also benefit from staff who are healthier, punctual and more awake!
How the scheme works…
In very simple terms
- The Employee chooses the bike they wish to hire (up to the value of £1000), they sign up with their Employer agreeing to hire that bike for the nominated hire period and they agree to salary deductions being taken by their Employer.
- The Employer then purchases the chosen bike and hires it to that Employee for the hire period, taking monthly payments from the Employees salary.
Hooked on Cycling cycle superstore are a partner store to 3 cycle to work schemes. There are the companies are:
Setting up a Cycle to Work scheme
In order to sign up to the scheme your Employer needs to be signed up with the cycle scheme; either with Cycle Scheme, Bike 2 Work Scheme or www.cycle2work.info (meaning most of the paperwork and admin being done for them) or having created their own scheme according to DFT Guidelines using a local shop of their choosing such as Hooked on Cycling.
At the end of the hire period
For the full term of the scheme, the bike is hired by the Employer to the Employee and remains under the ownership of the Employer.
At the end of the hire period the Employer may (but is not obliged to) offer for the Employee to purchase the bike at Fair Market Value. Please visit the HMRC website for details. Alternatively the Employee may return the bike to their Employer.