Cycle to Work Scheme
Want to join the green cycling revolution? With more people communting by bike and ebike than ever before, making the change to two wheels has never been easier. With an imporved cycling infrastructure and a wide range of health and wellbeing benefits, any colleague can join the scheme today.
What is the Cycle to Work Scheme? 🚴♀️
The scheme is available to all Midcounties colleagues and attracts both Tax and NI savings, therefore, not only does it promote healthy living and reduce pollution, but allows you to make savings on a brand new bike.
How it works:
Cycle2Work offers a greener an healthier way to get to work with a lot less hassel and expense. Cycle to work is an employee benefit which offers the most cost-efficient methods to purchase bikes and equipment. The scheme works through salary sacrifice meaning you don't pay Income Tax or National Insurance. The reduced cost is deducted out of your salary over a 12 month period.
Please note - as with all salary sacrifice scheme, you can only sacrifice an amount of money that does not lower your remaining wages below the national minimum wage. This is calculated with the money left over after salary sacrifices deducted and divided by the number of hours you are contracted to work. If this is below minimum hourly wage, you will not be eligible.
Employees can choose a new bike and accessories from hundreds of brands in-store or online at Halfords (clicking here) Tedz or one of over 1100 independent bike outlets that support the scheme through Halfords. To find out where you can redeem visit click here.
Watch the video below for more information!
Not only can you purchase a new bicycle but there are many additional benefits for you and your dependents:
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Free build
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Lifetime guarantee on all Halfords brand bikes
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Unlimited lifetime safety checks on all bikes obtained through the scheme
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Access to all in-store discounts and offers at Halfords & Tredz outlets
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10% Discount Card for 12 months of cycle parts and accessories at Halfords and Cycle Republic stores
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Free 14 days insurance
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If you apply for £2,500 |
£100 |
£500 |
£1,000 |
£1,500 |
£2,000 |
|
RRP 4 weekly Cost* £192.31 |
£7.69 |
£38.46 |
£76.92 |
£115.39 |
£153.85 |
|
Cycle2Work 4-Weekly Cost £128.37 |
£5.13 |
£25.67 |
£51.35 |
£77.02 |
£102.69 |
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Cycle2Work Total Cost £1,668.75 |
£66.75 |
£333.75 |
£667.50 |
£1,001.25 |
£1,335 |
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*Please note this is the amount that will appear on your payslip Based on a Basic Rate Tax Payer on a 12 month hire agreement |
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How do I sign up?
Once you have chosen the value level for your purchase, simply go to www.cycle2work.info/sign-up and register using your unique employer code.
You will receive an email with a link to verify your email address and complete your application. Your application will be sent off to your employer, and once approved you will receive a Letter of Collection by email. You can then proceed to redeem the Letter of Collection for your bike and accessories see our Frequently Asked Questions (FAQ’s).
The window is open all year from the 1st of each month until the last day of the month. You can apply for any amount between £100 and the new increased level of £2,500, depending on the amount you can salary sacrifice.
Click here for the virtual roadshow guide.
Click here for our Frequently Asked Questions guide, which will help you further.
