We now accept salary sacrifice vouchers allowing you to save between 20% and 40% of the cost of a bike and spread the payments over 12 months*. We currently accept vouchers from:
(If your employer's provider is not listed, please ask us and we may be able to sign up)
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For a basic rate taxpayer using CycleScheme:
Normal price of bike
plus cycle to work scheme fee**:
plus end-of-hire fee***:
minus your tax savings:
Total salary sacrifice cost
net monthly salary sacrifice:
£26.16 (over 12 months)
saving compared to normal price:
(Example based on data from www.cyclescheme.co.uk/calculator, please see your employer's savings calculator for accurate information. Most employers also charge an end-of-hire fee if you choose to keep the bike).
Please just pop in to Jake's Bikes to choose your bike and accessories, and then ask us to send or email a written quote which you can submit to your employer.
* Only available if your employer is signed up to one of the above schemes. The exact saving varies depending on your level of income tax and National Insurance, the end-of-hire fee, and exactly how your employer administers the scheme, please contact your employer for details.
** All cycle scheme providers charge a fee of at least 10% which we add to the price of the bike and accessories. However, the tax savings available more than compensate for this cost - see the above example. The Halfords Cycle2Work, FairCare and SMEHCI scheme fees are 15% instead of 10%, so we recommend using a different scheme if you have the choice.
*** Most employers have to charge an end-of-hire fee to transfer the ownership of the bike into your name once your monthly payments have finished. The older the bike the lower this fee, so we suggest deferring this payment for 3 years. See www.cyclescheme.co.uk/help/endo-of-hire-process-video