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The idea behind the scheme is to create avid cyclists, not penalise those who live in the saddle. You cannot get action cameras or GPS computers.This is because the employer pays for the bike and / or accessories (in the first instance) and they organise for your monthly payments to come tax-efficiently from your salary. Back to top. It sounds almost too good to be true, and that’s perhaps that’s why non-participants are sometimes sceptical. This amounts to more than twice the estimated cost to the Treasury in lost tax and National Insurance, not to mention the less quantifiable further environmental benefits that come with increased cycle usage.Our own scheme Ride-to-Work doesn’t make any charge at the end of the 12 months, meaning tax savings are maximised at 32% or 42% (depending on tax band). Participants on standard schemes tend to save between 25 and 39% when they use our recommended ownership option.Your employer has registered with Cyclescheme. This benefits from tax and national insurance exemption which, in turn, reduces the cost to you. You’re right Cyclescheme do make a small charge to extend the term but savings are still around 25%-35% and although you don’t own the bike immediately, you can carry on using it as if it were your own. The scheme can feel complex, but in practice it's easy. Only risk I can really see is if HMRC change the very generous valuations of second hand bikes (something like 3% of the value if bike under £600 after 4 years). So that we comply with HMRC guidelines, we would either have to collect a fair market value from your pay, or report the value not collected from you to HMRC so that you pay tax on that amount instead. I got refused due to earning the living wage. Better to borrow the money and but outrightAssuming a modest impact on the amount of additional cycling among those who take advantage of the scheme and that just five per cent of applicants — 9,200 people — cycle for 30 minutes more each working day as a result of their involvement in the scheme, the IES report estimates that the social benefit of the Cycle to Work scheme from reduced work absence and increased physical fitness is £72 million a year. Please note that the rules of the scheme must be adhered to in order to get the tax savings.With this in mind, Cyclescheme offers a transfer of ownership option which will ensure your savings are protected. I took out an agreement last January and it comes to an end this december. You're all set to start your application.You can exchange your eCertificate for your gear in-store or online.If your employer is signed up with Cyclescheme, they'll have a unique employer code to use when you apply.To complete your application, you will need:You can find your payroll number on your payslip.Use our calculator to check how much you can save.Your employer will review your application and pay for your Cyclescheme package. In effect, this means that you hire the bike from Cyclescheme for 12 months and then, after that period, Cyclescheme may transfer ownership of the bike and equipment to you. 5 year eligibility You are eligible to apply for the Cycle to Work scheme once every 5 tax years. My employer has now launched our cycle to work programme through www.cyclescheme.co.uk, I was just looking to seek advice from anyone who had used one recently.My experience of it 6 years ago was a good one, it got me into cycling when I would have otherwise not had the funds to purchase a bike and everything I needed to get started.