In a nutshell: The employer buys the bike for the employee, the employer claims back the VAT and then your employees pay you back out of gross pay rather than net pay, so they benefit at no loss to yourself. The below link shows you how to account for this:
All we need to do is invoice the employer, we order the bike for you and the employee starts paying the employer back each month.
Some companies are set up with a 3rd party who assists them in the scheme, such as “Cycle Scheme”, “ride2Work”, "c2w Support", “Bike2work”, “Evans Ride2Work”, “Halfords Cycle to Work”, “Green Commute Initiative, previously PRO c2w”, “Cycleplus” and many more to do this. We are a partner of all of these schemes. If you would like to purchase a bike through one of these schemes please follow the steps below. If you didn’t see the scheme advertised here please contact us and we will quickly join so you can purchase our products.
A cycle to work scheme is a great incentive for employees, and companies can save money too - every bike processed through the scheme means an employer's National insurance saving. Everybody wins, and it's time to let your employer know!
Your employer has to be willing to run the scheme before you can get your bike. This is because the scheme can only run through what is known as a salary sacrifice, where you agree to temporarily reduce your wages to pay for the hire of goods – in this case, a bike, and equipment. The scheme is available to UK taxpayers who pay PAYE. Please note that the self-employed cannot take part in the scheme.
Send an email to firstname.lastname@example.org requesting a quote for the products you want to purchase – it's that simple.
To speak to someone about a quotation, please give us a call on 01382 461212
2-4 Forfar Road
VAT number: 345 0392 69. Partners: Colin Murray, Bryn Williams, Margaret Williams.
Address at which documents relating to the business may effectively be served:
Nicholson’s Cycles, 2-4 Forfar Road, DUNDEE, DD4 7AR.
©2019, Nicholson’s Cycles.