There are many providers of cycle scheme vouchers but you are not limited to where you spend your voucher or which bike you choose. Wirral based Doctor Sprocket’s Cycle Workshop can accept most vouchers and offer an amazing choice of bikes, accessories and parts suitable for all your needs. Our knowledgeable and friendly staff are always on hand to help you with advice and guidance if needed. We also offfer a free 6 month service on your cycle scheme bike for the ultimate peace of mind..
1 : CHECK .. IS YOUR EMPLOYER SIGNED UP?
Your company HR department will be able to tell you if there are signed up to a cycle to work scheme that we accept. If not it is a very simple process for them to do so.
2 : CHOOSE YOUR NEW BIKE…
Pop in or call us and benefit from the expert knowledge on hand from our staff. With their advice and help you can choose a package that suits you. You can choose from our range of bikes, clothing, and accessories to make up your package.
3 : IF YOU NEED A WRITTEN QUOTE
We will be happy to give you a written or email quote for your HR department if required.
4 : APPLYING FOR YOUR CERTIFICATE
Depending on your company preferences you will either apply via your HR department or directly online with the scheme yourself to obtain your certificate. It is a quick and simple process. When approved the certificate is either emailed to you or sent by post to your home address.
5: COLLECTING YOUR NEW BIKE.
We suggest keeping in touch with us and letting us know how you are progressing. Once you have your certificate we will order your bike into store and build it. You then just need to pop in with your certificate and collect your package. The staff at Doctor Sprockets Cycle Workshop will show you through your new bike and answer any questions you may have.
6: SALARY SACRIFICE PAYMENTS
After about a month you will start to pay through your salary sacrifice making tax and National insurance savings each payment. At the end of your 12 / 18 month agreement your cycle to work provider will contact you with end of agreement options for you to take ownership of your bike.
Cycle to works scheme ? Is it worth it to me ?
The Cycle to work schemes available all work in the same way although they come appear under different names depending on who the provider is. In essence the government backed scheme can be a great way of saving up to 42% off the value of a brand new bike and accessories.
Explanation of the cyclescheme.
It can only be a good thing that the government want to encourage more people to cycle and commute to work by bike. Not only is this good for your health and longevity but it is also good for our environment. For these reasons the government is encourage people to cycle more and is offering tax incentives to do just that.
Is the cyclescheme for me?
Simply put the cycle scheme allows you to pay for a bike with a small deduction direct from your gross salary giving you savings in income tax and national insurance. It can work out up to 42% depending on your earnings. Typical savings for a basic rate tax payer are 32%.
Am I eligible for the cycle scheme?
If you are a UK PAYE tax payer you are eligible to join the scheme. If you do not qualify please contact use for other options we have.
Your employer will sign up to one of the schemes and effectively buy the bike before hiring it back to you through salary sacrifice. You save some money as we mentioned earlier and there are benefits similarly for your employer too. At the end of the agreed hire period ( normally 12 – 18 months) you pay small fee to buy the bike at fair market value or , most popularly, an even smaller one off fee to hire the bike for a further 3 years after which it automatically becomes yours.
The cycles scheme is a tax incentive scheme that has been taken up by hundreds of thousands of people and is helping with general health and environmental concerns.You can choose a bike / accessories / parts up to the value of £1000 unless your employer has a consumer credit licence which can increase that figure up to £4500. That said you can always pay any additional cost directly to us so you are not limited to £1000 if you pay the extra at the time of purchase.
Do I need to ride to work every day?
The idea of the scheme is to get you back on your bike and it’s great to ride to work everyday if it is practical! That said no one will be checking to see how often you ride your bike. The general overview is to ‘promote healthier journeys and lower environmental pollution’ so commuting will help with these goals no matter how often you ride.
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Doctor Sprockets Cycle Workshop is a trading style for Doctor Sprocket Ltd. Company Reg no 10757920.