Cycle to Work
If you have a Cyclescheme certificate
Already, you can redeem it online with us.
Just select Pay with Cyclescheme in your basket and proceed through checkout where you will be prompted to enter the certificate number and redemption code. Your certificate value must be enough to cover the cost of goods and delivery charge if applicable. If it does not you should be able to adjust your certificate in your ‘My schemes’ area on the Cyclescheme employees website. If you experience any difficulty redeeming a certificate please contact us.
Please note that we can only accept Green Commute Initiative certificates online – for all other scheme providers, please contact us using the form below.
What is Cycle to Work?
Cycle to Work is a government supported scheme which enables you to lease a bike and equipment from your employer to enable you to cycle to work. Your employer will then deduct the costs from your gross salary. Because the deductions are from your gross salary, this means that you will pay less tax and National Insurance. The amount you save will depend upon your salary; savings can be up to 42% for higher rate taxpayers.
What is salary sacrifice?
Effectively you will be sacrificing part of your annual salary in exchange for a benefit. The benefit is being able to hire from your employer a bicycle and the related safety equipment and accessories that you will need to cycle to work. Example: If you request a certificate for £1,850, your employer will deduct this cost over 12 months and each month £154.16 (£1850/12) will be deducted from your gross salary, i.e. you will not be paying tax and NI each month on this £154.16. The exact amount you save will depend upon salary and personal circumstances.
What is the usual process?
- Find out from your employer which scheme they participate in
- Choose your bike and any additional accessories
- Reserve your bike at Axon Rides with a 25% fully refundable deposit
- Apply for your voucher (if you haven’t already)
- Send your voucher to firstname.lastname@example.org
- We will then build and prepare your bike & accessories
- When everything is ready we will either call you to collect or ship your items with our courier
- We refund your deposit (if applicable)
- Enjoy your shiny new Folding Electric Bike.
What bike & equipment can I get?
You can use your certificate for any of AxonRides Bikes.
It’s good to consider that mudguards, lights, and reflectors come on the bike as standard and you don’t need to pay for these additions.
You can also use your certificate for most clothing, accessories & tools to make your journey safer or more secure. These include rider essentials such as commuter Gloves & helmets. There are also important additions for bike longevity, including tools & pumps, locks for security to make the journey more efficient.
How much can I spend?
This will depend on any limits which your company may have in place. Up until recently there was a HMRC imposed limit of £1,000 but this has now been removed and there are no limits imposed by HMRC, if your company still impose the £1,000 limit you may wish to lobby them so you can obtain your dream bike!
Now you can use the CycleScheme Calculator to get an estimate to how much you can save:
Do I have to use it solely to cycle to work?
The government guidelines stipulate that you must use it at least %50 of the time to cycle to work, that still leaves plenty of time for you to enjoy riding for pleasure!
Do I own the bike?
The bike and equipment are technically owned by your employer during the hire period.
What happens at the end of the hire period?
To ensure that the scheme retains its tax-free status there can be no guarantees that your employer will sell or transfer ownership of the bike to you. HMRC have set guidelines to give bikes a “fair market value” to ascertain how much the bike is worth at at the end of the hire period. For bikes under 500£ this is %18 of the original price and for bikes over %25 ,500£ of the original price.
At the end of the hire period you have 3 options:
- Return the Bike & Equipment to your employer.
- Continue to hire the bike from your company for a further period of up to 36 months. In most instances your employer will not charge for this.
- Buy the Bike from your employer at the “fair market value”.
You should ask your employer whether they have any policies in place relating to what happens at the end of the hire period. Most employers adopt 2. And at the end of the extended hire period the bike is deemed to have no value and the ownership is transferred to you.
Can I use my certificate to buy a sale bike?
You can use your voucher to buy a sale bike and accessories.
Which Cycle to Work schemes does AXON Rides support?
We accept the major Cycle to Work vouchers including:
Green Commute Initiative, Bike2Work Scheme.
Do I need a quotation?
Some employers and scheme operators do require a quotation prior to issuing your voucher. Please call into any of our stores or email us email@example.com and we will be happy to provide one. This will provide the information which your employer or scheme provide may require, at this stage it does not reserve your bike.
I want to order a bike with a cycle to work scheme but can’t see how to do this on your website. How can I place an order?
If you already have your voucher, please send us a PDF copy as well as the list of your desired items to: firstname.lastname@example.org. If you do not already have your voucher, please fill in the enquiry form below.
Can I redeem my certificate online?
You can redeem Green Commute Initiative certificates online. All other schemes please fill in the form below and a member of staff will be in contact within 48 hours to help process your enquiry. Alternatively contact us or visit us in store and we will be happy to help you.