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Cycle to Work Scheme

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Cytronex electric bikes are designed to provide a viable and convenient alternative to the car for shorter journeys so the Cycle to Work Scheme fits our green ethos perfectly. This scheme provides tax advantages for employees wishing to commute by bicycle (or electric bicycle) and employers who set up the scheme.

It applies to both bicycles and safety equipment up to a maximum value of £1,000 - unless your employer holds a Consumer Credit Licence. So we can sell the bicycle or ebike to your employer, and you purchase a Cytronex Accessory pack, which is fitted to the bike (the packages are only available together).

Electric bicycles are a great way of getting to work and we think a Cytronex powered bike is the perfect commuter bicycle.

 

Benefits

The employee saves VAT, Income Tax and Employee’s National Insurance on the value of the bike. Basically you get your bike tax free.

The employer saves Employer’s National Insurance on the value of the bicycle or electric bike and of course is providing a valuable service to their employees at no additional cost (as well as helping to ensure a healthy workforce!).

 

Here is how it works:

  1. The employee downloads the order form, sample pre-contract and hire agreement by clicking HERE, then they choose the Cytronex package and size of bike that they want, complete the order form and hand to the employer.

  2. Contact Modern Times Ltd on 01962 866122 or click here and check that we have stock of your chosen bicycle frame size.

  3. The employer then agrees the hire terms with the employee, fills out a pre-contract agreement and hire agreement then orders the requested bike package at the following link: Cycle to Work Packages. The employer must ensure that they put the name of the employee (as it will appear in the employees own order) in the comments section at checkout. A VAT invoice will be sent to the employer when the order is completed and the company can reclaim the VAT providing an immediate benefit of 15% to the employee.

  4. At the same time the employee orders the Cytronex Accessory pack relevant to their bike also at the above link. The employee’s invoice/receipt will be provided with the bike.

  5. The employer then loans the bike to the employee for a term (usually 12 or 18 months). The employee agrees to give up a portion of their salary (this is known as “salary sacrifice”) over the period which will cover the cost of the bicycle (minus the VAT), so the cost to the employer is nil. The employer then saves the National Insurance (currently 12.8%) that would have been payable on the salary given up. Because the employee has given up a proportion of their gross salary, the employee also saves the tax and National Insurance they would have paid on this (as well as the VAT on the original price).

  6. The bike is loaned to the employee for the term and at the end of that period the employee can be offered the opportunity to purchase the bike, usually for around 5% of the original purchase price + VAT.

 

This can mean very large savings indeed!

It is a condition of the scheme that the employee agrees to use the bicycle mainly for commuting (at least 51% of its use). Travel from one work place to another and to and from a train station as part of a journey to work also qualify.

In summary we believe the Cycle to Work scheme is an excellent green initiative which results in a happier, healthier workforce!

Full details of the scheme can be found on the government site at the following link: Department for Transport information

Please note that the above information represents the current understanding of Modern Times Ltd concerning the UK Cycle to Work Scheme. Modern Times Ltd accepts no responsibility for the accuracy of the information provided and accepts no responsibility or liability for the terms and agreements involved or the further administration of the Scheme.

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© Modern Times Ltd, 7 Bridge Street, Winchester, Hampshire, England., SO23 0HN - Phone: 01962 866122