CYCLE TO WORK SCHEMES
Here at Fully Charged, we work with a number of cycle scheme providers to help you save on the purchase of your new eBike and accessories.
Cycle schemes allow you to make a tax-free purchase, saving up to 47%, by paying for the eBike and accessories out of your pre-tax salary. Better still, being a salary sacrifice scheme, the payments are taken out of your salary over an extended period (usually 12 months) meaning you get to spread the costs also!
You can now checkout with cycle to work online. Simply click 'checkout with cycle to work' from within your shopping cart.
How does it work?
You can now checkout using cycle to work online! If you'd rather speak to one of the team then please get in touch and we can help guide you through the process.
Cycle to Work FAQ's
How do cycle schemes work?
Cycle to work schemes allows employers to offer their employees the use of a bike for commuting in exchange for a salary sacrifice. The salary sacrifice enables the employees to use their gross pay to reimburse the employer for the cost of the bike. The gross pay is before tax, so the employee saves the tax and national insurance which would have been due on the amount sacrificed (30%*, 42% or 47%). It also allows employees to spread the cost over monthly pay packets, making the acquisition more affordable.
How much can I save?
You can save anything between 32% and 47%, and there is additional savings on national insurance too!
What happens if I leave my work place before the agreement is finished?
When an employee departs prior to the completion of the agreement, they are required to settle any remaining balance on the loan within 14 days of their departure from employment. However, it is important to ensure that the final salary payment does not fall below the minimum wage (prior to tax deductions). If the outstanding amount owed exceeds the final salary payment, the employee must arrange for its repayment using their personal funds. Consequently, they will no longer be eligible for the tax-free benefit on any portion of the amount that is not paid through their salary.
Am I eligible for a cycle scheme?
If you are employed, you can typically participate in cycle to work schemes if your employer offers this benefit. If your company doesn't have a scheme set up, they are very easy to set up! Please get in touch for more info.
Can I checkout with Cycle to Work?
Yes, from your shopping cart you can select 'Checkout with Cycle to Work' and fill out a form. Whether you have your voucher ready, or whether you are beginning the process, our team will be on hand to assist.
Do I need to pay a deposit for the bike?
You may be asked to place a deposit in order to secure the deal, however we will refund this back to you when your cycle scheme voucher is activated. If we have placed a special order for you, and you decide to cancel, we reserve the right to withhold the deposit in the event the deal does not go through.
Is there a limit to how much I can spend?
Unlike traditional Cycle to Work schemes, some providers, such as Green Commute Initiative, do not have a maximum limit on the cost of the bike and accessories. This means you can choose the bike that best suits your needs, regardless of its price. However, employers may set internal limits for employees based on their gross salary or other factors to ensure affordability.
Do I own the bike at the end of the hire agreement?
At the end of the hire period, all Cycle to Work schemes offer a separate agreement that allows you to transfer ownership of the bike for a nominal fee, with Green Commute Initiative this is usually £1. This agreement protects you from any potential tax liability and ensures that you can enjoy the full benefits of owning the bike.
Cycle to Work Schemes Explained
No Scheme? No Worries!
If your employer does not yet have a cycle scheme in place, but is open to the idea, our friends at the Green Commute Initiative would love to help. It’s very simple to set up and the employer wins too – saving 13.8% on the voucher price – an amazing return on investment!
Different schemes are structured differently.
The Green Commute Initiative does not charge a final payment, but others do – so please check your scheme carefully. You may be subject to an additional charge at the end of your agreement.
All scheme providers charge Fully Charged a subsidy for acting as middle-man in the transaction. with some schemes, we have to charge an administrative fee:
Green Commute = 0% charge, Cycle Scheme = 0% charge Bike 2 Work = 5% charge Ride 2 Work = 6% charge. It’s important to point out that Fully Charged only aims to cover its costs - but you still make big savings!