| We also accept cyclescheme vouchers |  | The scheme enables employees who are taxpayers to save 40 per cent of the cost of a bicycle, and higher-rate taxpayers can save 50 per cent.
| Under the scheme, the employer buys the bicycle (reclaiming the VAT on the purchase) and leases the bicycle to the employee. The employee pays an agreed amount each month out of pre-tax earnings, thereby reducing everyone's income tax and National Insurance contributions. Then, at the end of the agreement (typically, between one and three years), the employee can buy the bicycle for a nominal amount. | Savings Example based on normal Tax Bracket | Total cost of Bike and Accessories | £650.00 | VAT saving of bike and accessories (helmets are exempt from VAT) | -£89.36 | Net cost of bike and accessories | £560.64 | Income tax saving over 12 months | -£112.13 | National Insurance saving over 12 months | -£61.67 | Final cost of bikes and accessories | £386.84 |
| | Gross monthly salary deduction, over 12 months | £46.72 | Actual net salary deduction, over 12 months | £32.24 |
| | ** Please note: a fair market value may sometimes be payable upon completion of your agreement, this is normally 3% of the bike. Please ask your employer for more details** | We at Mc Convey Cycles can facilitate your employer with your cycle to work scheme from start to finish and help with all the form filling and documentation, from Hire agreements to Liaising with payroll to make it a simple task. We also work with other bodies such as Cyclescheme and are happy to help in any way possible. If you have any questions regarding cycle to work scheme please Phone Eamon on 02890 330322 or mobile 07789 204633. | | | |
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