Does cycle to work scheme affect credit score?
Access to these items becomes affordable as all items can be paid for directly from your salary over 12, 24 or 36 months. All payments are interest free and there are no credit checks.
How long is cyclescheme certification?
On average it takes 3-10 days from your request to getting your Certificate (and your bike!) but this can vary based on scheme set up and some external variables. Please exercise a little patience, then get in touch with Cyclescheme or your workplace if you need more information or support.
Do you own bike after cycle to work scheme?
Yes. It’s vital that you decide what to do with the bike after your tax-efficient hire period. We always recommend the ‘Own it later’ option as this ensures that you save the maximum amount of money (and save a minimum of 25%).
Can I pay off my Cyclescheme early?
Yes. If you would like to conclude your Own it later agreement we can organise this via a one-off payment. This payment cost will correlate to the age of the bike and HMRC’s valuation table for bike disposal.
Can you pay off your cycle to work scheme early?
How long do you pay back cycle to work?
The most attractive option for employees will be to pay a small, refundable deposit (3% or 7% of the equipment value*) and continue to use the bicycle for an extended period of up to 36 months. At the end of this period, Bike to Work Ltd will refund the deposit if the employee does not wish to keep the bicycle.
Can I pay a deposit on the cycle to work scheme?
At the end of the Hire Period, Cyclescheme will contact employees to discuss the options available. The most attractive option for employees will be to pay a small, refundable deposit (3% or 7% of the accessories value*) and continue to use the Cyclescheme package for an extended period of up to 36 months.
What happens at end of Cyclescheme hire period?
At the end of the ‘Own it later’ period, no further action or payment is required if you wish to keep the equipment – we simply retain your deposit and transfer ownership to you. Cyclescheme refunds the deposit if you do not wish to keep the equipment. Ownership doesn’t have to be expensive.
Can I spend more than 1000 on cycle to work scheme?
The amount of money you spend must not be more than the amount of your cycle to work voucher. Unfortunately, you are no longer allowed to top up cycle to work scheme orders with your own money.