What is Cyclescheme?

How it works

You choose your bike plus any accessories, we pay the cost upfront, and you pay us back over 12 months interest free!

The initial 12 month period when you’re paying back the cost is called the Hire Period. This is because during this period we technically own your bike, and you are effectively hiring it from us while you pay us back.

You pay back the cost of your new bike and accessorises using salary sacrifice - we’ll automatically take 1/12th of the total cost out of your salary each month for a year (i.e. if you spend £1200/12 = £100 off of your gross salary each month).

Because you pay back the cost using a salary sacrifice from your gross salary, you don’t end up paying tax or NI on your items! You’ll be able to see how much you’re paying towards this scheme each month on your payslip.

At the end of the hire period you need to select an ownership option:

• Own it later - the most popular option. You pay a small deposit (either 3% of your certificate value if you spend less than £500, or 7% if you more than £500) and continue to use your bike and accessories for 3 years with no other payments needed. At the end of the 3 year Own it later period, no further action or payment is required if you want to keep your gear - Cyclescheme simply keep your deposit and transfer ownership to you. Cyclescheme will refund your deposit if you don’t want to keep your bike at the end of this period.
• Own it now - you can take ownership of your bike and accessories immediately by paying Cyclescheme the market value, i.e. for a one-year-old bike this would be 18% or 25% of the Certificate value in accordance with HMRC requirements.
• Return - you can return your bike to Cyclescheme at your own cost and pay no ownership fee.

Hiring a bike

Hiring a bike through Cyclescheme works in the same way as buying a bike - we pay the cost of your membership, and you pay us back through salary sacrifice each month (saving the tax and NI).

This can be used with Santander Cycles (aka Boris Bikes), Brompton or Buzzbike.

How to sign up

1️⃣ Submit your application

Click here to start your application!

Select whether you want to buy a bike (’Cycle to Work’) or hire a bike (’Bike Rental’).

You’ll need to know your payroll number for you application - it should be on your payslip, or you can submit a payroll queries form to find out.

2️⃣ We’ll review

We’ll review your application and if we’re happy, we’ll pay for your package.

3️⃣ Cyclescheme will contact you

If you’re buying a bike, Cyclescheme will send you an eCertificate that you can use to buy your gear in-store or online.

If you’re hiring a bike, Cyclescheme will email you a code and instructions on how to start your membership / subscription.

4️⃣ Repayments

Once you’ve bought your bike or started your rental membership, we’ll take care of your repayments via salary sacrifice each month.

If you’re buying your bike, at the end of the 12 month Hire Period, Cyclescheme will contact you to see what ownership option you want to go with.

FAQs