Whether you're considering a new road bike, mountain bike, hybrid or electric bike, the Cycle to Work scheme is worth exploring before making your next purchase. It can make getting your hands on a quality bike more affordable, while encouraging a healthier and more sustainable way to travel.
At Ride St Albans, we're passionate about helping our customers find the right bike for their needs. Here's everything you need to know about the scheme and how it could benefit you.
What Is the Cycle to Work Scheme?
The Cycle to Work scheme is a government-supported initiative designed to encourage more people to cycle to work. It allows eligible employees to obtain a bicycle and qualifying cycling equipment through their employer, usually using a salary sacrifice arrangement.
Rather than paying the full cost of a bike upfront, you agree to give up a portion of your gross salary over an agreed period. Because these payments are generally taken before Income Tax and National Insurance are calculated, you could save money compared with buying a bike outright.
The scheme is available through participating employers, often with the help of a specialist scheme provider.
How Does the Cycle to Work Scheme Work?
Using the scheme is relatively straightforward:
1. Check with your employer. Find out whether your workplace offers the Cycle to Work scheme and which scheme provider it uses.
2. Choose your bike. Explore the bikes and eligible accessories available within your approved budget. Think about how you intend to use your bike, whether that's commuting, fitness, weekend adventures or a combination of all three.
3. Apply through your scheme provider. Once your application has been approved, you'll normally receive a certificate or voucher to redeem with an approved retailer.
4. Pay through your salary. The cost is generally recovered through regular salary deductions over the agreed hire period, potentially reducing the overall cost to you through tax and National Insurance savings.
5. Enjoy your new bike! Get out on the road, discover new routes and enjoy the benefits of cycling.
At the end of the hire period, you may have options to extend the hire, return the bike or arrange to take ownership, depending on your scheme provider's terms.
How Much Could You Save?
One of the biggest advantages of the Cycle to Work scheme is the potential saving on the cost of your new bike.
The amount you save depends on factors such as your income, tax position and the terms of your employer's scheme. As an illustration, someone purchasing a £1,000 bike could make meaningful savings compared with paying the full retail price upfront.
It's important to remember that the scheme is not a straightforward discount: you hire the bike initially, and the final cost of ownership depends on the arrangements at the end of the hire period.
Your scheme provider should be able to give you an estimate of your potential savings before you commit.
Why Choose Ride St Albans for Your Next Bike?
Choosing the right bike is about more than simply finding a model within your budget. It's about finding something that suits your riding style, feels comfortable and gives you confidence every time you head out.
At Ride St Albans, we offer a carefully selected range of bikes from quality brands, including Orbea, Amflow and Estarli. Whether you're looking for a capable mountain bike, a versatile hybrid, a road bike or an electric bike to make your commute easier, we're here to help you explore your options.
Visiting us in store gives you the opportunity to discuss your requirements and get advice on finding the right bike for you.
If you're planning to use a Cycle to Work voucher, check with us before applying so we can help you establish whether your scheme provider is supported and which bikes and accessories are eligible.
Is the Cycle to Work Scheme Right for You?
If you're employed and your workplace participates in the scheme, it could be an excellent way to make buying a new bike more manageable.
Cycling to work can help you incorporate exercise into your daily routine, reduce your reliance on the car and enjoy a more active commute. And with the right bike, there's no reason the enjoyment has to stop when the working day ends.
Even if you're already a keen cyclist, the scheme could be an opportunity to explore a new type of bike or upgrade your current setup.
Visit Ride St Albans Today
Thinking about buying a new bike? Before paying the full price, find out whether you could benefit from the Cycle to Work scheme.
Visit Ride St Albans to explore our range and speak to our team about finding a bike that suits your needs. We'll help you understand your options and take the next step towards your next cycling adventure.
Ride more. Explore more. Get more from your next bike with Ride St Albans.
Email us at info@ridestalbans.com for more details or give the store a call on 01727 614778.