BEG sells through Cyclescheme.co.uk!
What is Cyclescheme?
The Government is keen for you to cycle more and so it's set up an initiative that provides a tax break worth up to half the price of the bike to encourage you.
At Beg Bicycles, we're working with Cyclescheme.co.uk to make it easy for you and your employer to take part in the scheme. Simply put, your employer hires your new BEG vintage bicycle to you in return for a monthly reduction in your salary (Salary Sacrifice). At the end of the scheme (normally 12-18 months) they can sell you the bike. You can see more information about how this works once you have registered online (see below).
It's easy to set up for all sizes of companies. You get a brand new bike and accessories, which can be worth up to £1,000 and you can pay monthly for them. There's even a tax incentive for your employer, so everyone wins.
To sign in to the Cyclescheme site click here
What you save: The actual savings depend on your tax band and whether your employer can reclaim VAT. Normally it's between 40 to 50%. Once your employer has registered, you'll be able to calculate exactly how much you can save using the Cyclescheme.co.uk website.
Who can join? Any PAYE taxpayer. Sadly if you're self employed or not employed and don't pay PAYE you won't benefit.
What BEG Bicycles products qualify? Any Beg Bicycles vintage bicycle and associated safety equipment including bicycle-specific accessories, such as a basket.
Why should my employer take part? Firstly, your employer will save Employer's NI which is 12.8% of the value of the bike plus other tax benefits. Furthermore and of real note, your employer gets a healthier more alert employee who knows they work for a great employer. We’ve set out the reasons in the employer section so you can explain this to them.
To sign in to the Cyclescheme site, click here
What are the benefits? The Government wants more people to cycle to promote healthier journeys to work and reduce pollution and congestion, so to get your employees on their bikes there are valuable tax incentives for your business.
Your business saves Employer's NIC on the price of the bikes and you can claim the capital allowances on them as well. These can be up to 100% of the cost of the bike if you qualify for Annual Investment Allowance or 40% if you don't. So your business really benefits along with your employees. They repay you the full cost using Salary Sacrifice and make tax savings which can be up to half the price of the bike.
For the latest information see the Department of Transport website: http://www.dft.gov.uk/pgr/sustainable/cycling/cycletoworkguidance/
It’s easy: We've automated the whole process, so you can set up Cycle to Work in a few minutes for any size of business. Everything you need is generated automatically and you'll be guided every step of the way.
Great financials: As well as tax savings, there are no charges to run the scheme and if you want, you can even lease* the bikes so there is no impact on your cash-flow.
What next: For more information or to buy a bicycle as part of this scheme call us on 01223 655 222 or email us here
* full details available on the Cyclescheme.co.uk website