Tax is complicated; Bikeworx cycle to work isn’t. Simply choose a bike, hire it for 12 months and then snap it up for a fraction of its original value. Bikeworx is like interest free credit with tax relief on every payment. We’ve worked hard to create a simple linear process that every-body can understand.
Bikeworx can be set up in a matter of hours and has loads of time saving features to help you administer the scheme. The best part about the service is that it’s completely free. We’ll help train your administration team and we can even offer marketing solutions to make sure all your employee’s know all the details.
Bikeworx are the only independent cycle to work provider with a business to business portal, integrated end of hire solution and free insurance on selected schemes to help protect your employee and the bicycle whilst it is still a company asset.
As soon as your employer opens the cycle to work scheme you can come in store or choose a bicycle online. Once you’ve signed the right paperwork your employer we will take care of the rest of the process and let you know as soon as your bicycle is ready for collection.
The average employer uses 1.7 hours per participating employee due to cycle to work administration*.
Our Solution: A simple Bikeworx B2B microsite where the whole process can be managed online in minutes.
80%** of Surveyed employee’s didn’t know that under the terms of standard cycle to work their new bicycle wasn’t insured under the terms of thier home insurance.
Our Solution: Pair with the UK’s leading cycle insurance provider to offer free insurance for employees
Cycle to work Quotes are often inflated by between 10-15% by the cycle retailer***. Due to high charges by cycle to work providers.
Our Solution: Create the most comprehensive retailer owned cycle to work provider with no administration fee’s or hidden service charges that often get passed on to the employee.
*Data gathered from Bikeworx B2B user testing comparison. **Source - Bikeworx registered employers 36 of 45 employers did not know that home insurance would not
cover their employee’s bicycle and scheme good(s) in the event of theft. ***Source - Undisclosed national cycle to work scheme providers retailer service agreements.
Annual Salary before tax
Other (lights, locks, clothing) Price
*Savings figures are calculated based on a 32% or 42% saving amount **Savings on salaries between £43,000.00 and £44,000.00 are calculated using a combination of high rate savings and low rate savings. ***All figures provided are estimates and may not directly reflect final savings amount.
For further information please contact a Bikeworx representative on (01709) 538379 9:00am – 5:30pm Monday to Friday or email firstname.lastname@example.org
The amount you save on cycle scheme depends on a number of factors including; The total price of the bike and accessories you choose, the amount of tax you pay, What you decide to do at the end of the initial 12 month hire agreement.
To put it simply you’ll generally save more by choosing a more expensive bicycle and choosing to extend the hire at the end of the 12 months initial hire agreement and by being a higher rate tax payer.
Bikeworx operate as a Salary Sacrifice benefit. This means that you agree to give up part of your salary in exchange for a bicycle, helmet and accessories. The Salary Sacrifice is taken from your gross salary, which means that you will pay less Income Tax, and National insurance.
At the end of the 12-month hire agreement you must make another payment to take ownership of the Cycle scheme Package. Without this payment HMRC would class the agreement as hire purchase agreement and any tax exemptions would be void. This payment is 25% of the original bicycles value. On a £1000.00 bike this amount would be £250.00.
There is another option to pay a refundable deposit and extend the hire for a further 36 months. This deposit is either 3% if the original Bikeworx package value is £0-£499.99 or 7% if the value original Bikeworx package is £500.00-£1000.00. Your monthly payments during the extended hire period is £0
At the end of the extended hire period you can choose to either give the bicycle back or waive the deposit you paid at the beginning of the extended hire agreement.
The Old Firestation, Erskine Road,
Rotherham, S65 1RF , South Yorkshire
T: 01709 538379
Bikeworx is the UK’s leading provider of cycle to work salary sacrifice. Save up to 42% on a new bicycle through salary sacrifice scheme.*
Take the guesswork out of cycle to work admin with the Bikeworx business to business admin microsite.