We have developed the We Love Cycles Cycles Cycle 2 Work Scheme to help businesses take advantage of the Government’s Green Transport Plan to encourage healthier lifestyles and to help reduce environmental pollution. This government plan offers some unique personal and corporate tax-saving incentives.
The Cycle 2 Work Scheme enables employees to purchase bicycles and accessories through their employers without paying Income Tax or National Insurance contributions on the total amount. It is payable via a salary sacrifice over a period of up to 18 months. For the employer, this scheme has the added advantage of offering a considerable saving on company National Insurance contributions. When using our scheme we can help employers supply their staff with bicycles and accessories at huge savings (in some cases by over 40%) all without costing the employer a penny.By using We Love Cycles as your preferred Cycle 2 Work scheme partner, you ensure that your staff benefit from the accumulated knowledge of our technical experts when selecting their cycle.
Select the tabs below to read the employer and employee benefits.
Save up to 40% on the cost of your bikes and accessories
Huge range of products available
Payments spread over a period of up to 18 months
No finance charges to pay
Huge health benefits - increased fitness & heart health, weight loss
Saves money on petrol and car upkeep
Save on your company National Insurance contributions
Benefit our environment
Offer a great cost-saving benefit to your staff
Increase staff morale and encourage company loyalty.
Encourage a healthier, more productive workforce
Incurs zero cost to the company.
The employee informs the employer that they would like them to take part in the scheme and provides the employer with the link to this information page.
On agreement the employee selects a bike and associated safety accessories from the We Love Cycles range.
The employee completes Cycle 2 Work Form A, including the colour and size of all items in the description section.
Please contact us on 02034113555 for a copy of the forms
The employer completes the pre-contract information form and hire agreement form with the employee – this is to be signed by both employee and employer.
Please contact us on 02034113555 for a copy of the forms
The employer has the option of either ordering the bike and accessories online or sending us the completed order form along with a company cheque.
The employer operates the employee’s salary sacrifice for the duration of the hire period. After the contract hire period has ended the employee pays the employer a nominal amount and owns the product.
Cycle 2 Work Terms and Conditions
Important information for employees:
The amount saved on the employees chosen bicycle and accessories will be dependent on the employee’s rate of income tax and NI contributions.
Employees should mainly use the supplied bicycle and accessories for commuting to and from their place of work.
Employees are responsible for the maintenance, upkeep and sufficient insurance of the bicycle and accessories supplied under the scheme. Should an employee leave employment before the hire contract period is over they must pay the full outstanding amount to the employer. It is possible for employees to purchase more than one bicycle through the scheme if, for example there is a need for a bicycle at either end of a train journey. Employees must be over 18, on the employer’s payroll and pay tax through PAYE. The value of the salary sacrifice must not reduce the employee’s salary below the national minimum wage.
The employee’s contracted employment period with must be longer than the salary sacrifice period. The employer owns the bicycle until the ownership is transferred to the employee at the end of the hire contract period.
Important information for employers:
Employers have no National Insurance contributions to pay on the salary sacrifice value.
Employees should mainly use the supplied bicycle for commuting to and from their place of work.
Employees are responsible for the maintenance, upkeep and sufficient insurance of the bicycle and accessories provided under the scheme.
Should an employee leave their employment before the end of the hire contract period then they must pay the full outstanding amount to their employer. It is possible for employees to purchase more than one bicycle through the scheme if, for example there is a need for a bicycle at either end of a train journey. The employee must be over 18 years of age, be on the employer’s payroll, and pay tax through PAYE.
The value of the salary sacrifice must not reduce the employee’s salary to below what would be allowed under the National Minimum Wage. The employee’s contracted employment period with must be longer than the salary sacrifice period. The scheme must be made available to all employees.
Further information for employers:
The pre-contract and hire agreement are compulsory to ensure that the scheme complies with the Consumer Credit Act 1974. It is a further requirement for the employee to be given full copies of the Hire Agreement at the point where they and the employer sign the agreement. The order form does not constitute part of the hire agreement under the Consumer Credit Act 1974. It is good practise to have the employee complete and sign the order form confirming that they want the cycle and accessories and they acknowledging that they are going to incur a hire charge. A hirer has the opportunity to withdraw at any time up to the point that the agreement is signed. The forms and agreement we have prepared are designed for your use however we do not accept any responsibility for the way they are used or their enforce ability.