Cycle to work

Cycle to work offers a simple and tax efficient way for you to get pedalling without the initial outlay that goes with a new bike, by spreading the cost of repayments directly from your monthly salary.

Our cycle to work scheme is administered by Workplace Bikes,

The scheme works through Salary Sacrifice. This means you don't pay tax or national insurance on the amount you are repaying. As a result, basic rate taxpayers will save 32% on the overall cost of the bike, with even higher savings for higher-rate taxpayers.

Once you have your bike, the scheme also offers the following complimentary benefits package worth over £150 in total:

Lifetime safety checks on all cycles obtained through the scheme
Lifetime guarantee on Halfords brand cycles
10% discount* on all things cycling with Halfords for 12 months
8 Weeks free insurance
Access to all in store sale and promotional prices at Halfords and Tredz

* Excludes bike tech, such as bike sat navs and GPS

Where can I choose a bike from?

You can access a wide range of quality bike brands and electric models, from a Halfords store, Tredz store, or from the Halford's network of independent stores.

Local independent stores associated with the scheme include:

Samways - Wimborne BH21 1AJ
Ride Poole - BH14 0DJ
BSJ cycles - Bournemouth BH8 9QW
Pedals cycle centre - Ferndown BH22 9AG
On yer Bike - Bournemouth BH8 8US
Primera - Bournemouth BH8 9RR

Call the workplace bikes scheme on 0345 504 6444 to confirm that any other independent retailer you have chosen is included under the scheme.

How does it work?

The scheme is very simple to put in place. Please read the scheme rules for a full explanation of how the process works

SCHEME RULES

Ready?

Once you've chosen your bike, make your application through Workplace bikes

In order to do this, you'll need the following information:

The Initio Learning Trust scheme number: WPB49585J
Just enter the scheme number above into the box entitled 'Already a member', and you'll be directed to our online application form.
To complete your registration, you will also need your payroll number and national insurance number (found on your payslip)

FAQ's

How much can I spend?

You can make a purchase of up to £4000 in total.

Are there any affordability criteria regarding the value?

We need to ensure that you are still earning the national living wage after the salary sacrifice and any other deductions from your gross salary have been made.

Any other conditions?

Yes. You need to be a permanent employee or on a fixed term contract which lasts beyond the 12 month hire period, and have completed your induction period.

The scheme is not available to casual or freelance workers.

You also need to meet the following, Government applied eligiblity criteria:

Once the salary sacrifice has been applied to your gross pay, your hourly pay rate must not fall below the National Living Wage / Minimum Wage. If so, we will be obliged to reject your application

How long is the repayment period?

You will repay the value of your bike and accessories through salary sacrifice over a 18 month period.

Do I need insurance?

Yes. This is your obligation. If the bike is lost, stolen or written off during the salary sacrifice period, you will be liable to continue the repayments. You must purchase insurance to cover this.

What happens at the end of the salary sacrifice period?

Once you have completed your repayments, the ownership of the bike is transferred to you. At this stage, the residual value of the bike is calculated, and will be added onto your tax code. For bikes of a value of less than £500, the value is calculated at 16% of the original price, and for over £500, at 21% of the original price.

Therefore, a bike purchased for £1000 would have a residual value of £210. This would be added onto your tax code for the year. For a standard rate tax payer, this results in about £3.50 extra tax a month for the year.

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