What is the Cycle to Work Scheme?
The Cycle to Work Scheme is THE cheapest way for you to buy a bike. You’ll get upto 42% off the retail cost of a bike! A great way to improve your health and fitness, save money and join the ever increasing boom in cycling in the UK/Yorkshire!!
How Much Can I Save?
Enter your details and see how much you could save
How Does it Work?
Your employer purchases the bike and equipment – chosen by you – and you rent it from them for 12 months
The cost of the bike/equipment is repaid by 12 monthly deductions from your Gross salary – i.e before Tax and National Insurance Contributions are calculated. You therefore save both these costs.
At the end of the hire period there is a further one off payment to be made, called the Fair Market Value payment. This can be between 3 -7% of the bike’s original value (this prevents you from incurring any form of future Taxable Benefit).
The net result is that you typically get a bike for around 75% of it’s retail value. What’s not to love?
How do you get involved?
The hardest part is deciding which type of bike you want!
Come along to one of our shops in Skipton, Harrogate or Otley (or visit us online here) and we will guide you through the maze of wheel sizes, frame geometry, frame materials and colours! If you need help – and crucially, to make sure you get the right size bike.
Choose a bike.
We will give you a formal written quotation, which you give to your HR Department. You’ll sign an Agreement (to authorise them to take deductions to your salary etc) and receive a CtW Certificate/Letter of Collection.
Bring this to the shop and pick up your bike!
(usually available within 2 weeks of us processing the application) It really is as simple as that!
Everyone employed on a full time basis is eligible. If in doubt, check with your line manager. You need to be over 18 and still in receipt of the Minimum National Wage after deduction of the monthly payments for the bike).
A whole load of essential cycling stuff, from Clothing, Helmets, Lights, Mudguards, Pumps, etc etc – Ask at Chevin and they will guide you (A few things wont qualify – a Turbo Trainer or a Tri suit , to name two!?)
You will be able to complete the purchase and take formal ownership of the bike. To ensure that you don’t get hit with a future Taxable Benefit in Kind, you will need to pay a Fair Market Value payment. This can be anything between 3 and 7% of the original value of the bike. It’s a bit complicated – ask us how it works when you’re in the shop! (The 25% min saving we talked about earlier takes this payment into account)
No, As long as you are making regular journeys to work on the bike it’s ok – but no-one needs to maiontain any records.
If you leave during the hire period you are obliged to pay off any outstanding balance
You are responsible for the bike from the date of receipt, so you need to keep it safe! That’s one of the reasons that Locks are eligible ‘stuff’ under the scheme and approved locks can be added to your package. (We’ll advise on suitable locks).
Every year if you want!
Nothing is impossible! – You’ll certainly ‘Up your work rate’ in all respects and be fitter than you were !
It’s a free country! (Guys….if you decide to go for this – even if you’re not buying a bike! we suggest that first time around you involve a ‘significant other’ or someone who maybe has some experience in this area ! We’ll help you with almost anything in the shops – but not this !!)
HIGHLY LIKELY !!
Why Chevin Cycles?
Voted UKs No 1 Independent Bike Store in 2014
We have been in business locally for over 40 years.
We are experts in the Cycle to Work Scheme, having provided many thousands of bikes on the scheme. We have dedicated staff to help and guide you and your employees in all aspects of the scheme and in choosing the right bike.
We have expert, passionate bike riders in all our stores ready to help your employees to choose their bikes and a team of highly qualified mechanics on hand for maintenance and repairs.
We operate from three locations in North and West Yorkshire (Otley, Harrogate, Skipton) and cater for all types of cyclist and any budget.
Still Unsure? / Got Any Questions?
Get in touch and we will be more than happy to help
Otley:+44 (0)1943 462 773
Skipton:+44 (0)1756 799 367
Harrogate:+44 (0)1423 568 222
Email: [email protected]
Monday: 9am – 6pm
Tuesday: 9am – 6pm
Wednesday: 9am – 6pm
Thursday: 9am – 8pm
Friday: 9.30am – 6pm
Saturday: 9am – 5.30pm
Sunday: 10am – 4pm