cycle scheme
Website : http://www.cyclescheme.co.uk/
How Cyclescheme works
You sign up with Cyclescheme; you're given access to our online system.
Employees visit one of over 1,700 participating bike shops to select the bike and equipment that they want; they will be given a paper quote. They use Cyclescheme's online tool and apply for their chosen package by entering the details online and requesting a secure certificate.
Once an employee has requested a secure certificate, you can confirm eligibility and approve the request. Cyclescheme will send you an invoice for the bike package, and a hire agreement is sent to the employee to sign.
As soon as the bike is paid for, the secure certificate is sent to the employee.
The employee contacts their chosen bike shop to arrange collection.
You reclaim VAT in the normal way (if applicable) and the balance of the bike is deducted via salary sacrifice. At the end of the hire period, the employee pays a Market Value payment to make the bike theirs. Cyclescheme can collect this payment for you.
