Cycle to work scheme
The Woosh Bikes C2W (Cycle to Work) scheme is easy.
It is available to anyone employed by a company or the public sector who is paying basic (20%) or higher (40%) rates of tax. it is not available to anyone who is not paying tax, or who is on benefits or is unemployed.
You do not have to buy everything from Woosh Bikes in order to use the Woosh Bikes scheme.
What can you buy? A Woosh bike of course, plus lock, bag, helmet, mittens, insurance etc from Woosh bikes or from another retailer. Essentially, you are buying on behalf of your employer who then rent the equipment to you for 6, 12 or 18 months and at the end of that period, will sell you the bike (and equipment) at much reduced price, currently at 18% of their initial value after 12 months.
Your total cost (rental charge and final transfer of ownership) is 60% for basic taxpayers and 47% for higher rate taxpayers.
Why and how the Woosh Bikes Cycle To Work scheme is revolutionary?
- employers do not have to advance a penny to buy the equiment
- the contract is uncomplicated, self-administered and costs nothing
- the Woosh Bikes calculator maximizes savings
- Woosh Bikes pays insurance cost for large employers
What is common in all Cycle To Work schemes?
- the bike belongs to the employer during the contract period
- the employee is totally responsible for the upkeep
- at the end of the contract, the employer is expected to sell the bike to the employee at the government’s suggested price
- the savings are from recovery of VAT paid, plus tax and national insurance on salary sacrifice
- employee pays normal national insurance and tax
- employer passes on VAT and savings on national insurance to employee
- employee has an employment contract (permanent or longer than the contract length)
Read more: goverment guidance
If you are ready to go ahead, please give us a ring.
We’ll ask you a few details, then make up a sample contract which we will email to you.
You then print it out and show it to your employer.
If they are happy with the terms, you buy and pay for the goods asking for the invoice(s) to be made to your employer.
You then need to take the invoices to your employer and get re-imbursed by your employer.
Although the contract makes sure that your employer is not out of pocket, it’s still prudent to ask your employer to look at the contract that Woosh Bikes produces before paying for the equipment!