Cycle-To-Work With Mr Cycles
Mr Cycles accepts nearly all the 3rd-Party Cycle-to-Work schemes currently available to employers, as well as offering his own:
‘If your employer signs up with Mr Cycles’ Cycle-to-Work Scheme you can take advantage of the big savings to be had as part of the Government’s plan to get people out of their cars and onto a bike. You can save 28%, or 47%of the cost of a new bike and accessories!’
Choose your bike, clothing and accessories from the wide range of quality brands available from Mr Cycles at his shop in Seaford and you could save up to 47% off the price (depending on your income tax bracket) AND spread the cost over 12 months!
There’s no cost to your employer – only savings. Mr Cycles handles the paperwork. Everybody wins!
Full aftercare for your bike is available from Mr Cycles and his team:
- All bikes supplied fully assembled and ready to ride
- All bikes get a free service up to 6-weeks after purchase
- All Giant bikes come with a lifetime frame warranty and 1-year component warranty
- Qualified mechanics
Savings Example for a basic rate tax-payer
| Cost of bike, helmet, lights and lock | =£650 | |
| Monthly Cost | =£39 | |
| Total Cost | =£468 | |
| You save | =£182 | |
|
*Actual savings depend upon individual company and employee financial circumstances. |
For further information contact Mr Cycles near Seaford railway station:
Mr Cycles, 26 Clinton Place, Seaford, BN25 1NP, Telephone 01323 893130, E-mail info@mrcycles.co.uk
Frequently Asked Questions – Click The Question For Answers
What is the Mr Cycles Cycle-to-Work Scheme?
The Mr Cycles Cycle-to-Work Scheme is a government-approved, salary sacrifice scheme where an employee agrees to give up part of their salary for an agreed period (usually 12 months) in exchange for the loan of a bicycle and safety equipment. Payment is taken from the gross salary, before income tax and national insurance, so money that would have gone to The Taxman goes towards paying for the bike and equipment. Employers that can reclaim VAT usually pass this saving onto their employees as well saving even more. Employers save by paying less national insurance contributions because their wage bill is lower.
Refer to www.hmrc.gov.uk/specialist/salary_sacrifice.pdf for further details.
What are the savings?
Typical savings are between 28% and 47%, but the actual amount depends on how much tax the employee pays and the way the employer runs their scheme.
Higher rate taxpayers will save more, employees whose company cannot reclaim VAT (the NHS, for example) will save less.
Who qualifies for the scheme?
There is no minimum or maximum company size necessary to sign up to the scheme. To be eligible employees must:
- Be paying PAYE,
- Earn more than the National Minimum Wage after salary sacrifice. Employees who earn close to the National Minimum Wage following salary sacrifice may wish to discuss with their employer the option of loan or pool bikes,
- Have a contract that does not end during the hire period.
There is no credit check for employees wishing to participate.
Under-18s can join the scheme if their guardian signs a guarantor agreement.
How does it work?
- Step 1. Once an employer has entered into an agreement with Mr Cycles any employees wishing to participate need to visit Mr Cycles in Seaford to choose the bike and, if required, safety equipment. Alternatively, employees can view bikes & accessories at www.MrCycles.co.uk.
- Step 2. The employee will be provided with a quote for the bike and accessories, together with an illustration of the costs involved.
- Step 3. Mr Cycles will provide a quote and Hire Agreement to their employer for approval. If the employer approves the application they will ask the employee to sign the Hire Agreement and pay Mr Cycles Ltd for the full retail price of the bike and equipment.
- Step 4. Mr Cycles will then contact the employee to arrange collection of the bike and accessories.
- Step 5. Salary sacrifice then commences over the hire period (usually 12 months).
- Further information for employees about the Green Commute Initiative Cycle-to-Work Scheme (including what happens at end of hire period) can be found here:
Employees – Green Commute Initiative
- Please note that although the above procedure applies to Green Commute Initiative / Mr Cycles schemes, there are some variations to the above depending on how each employer’s scheme is set up.
HOW MUCH CAN I SAVE?
See how much you can save using the online calculator here: