Save Up to 40% On Cycle to Work at Specialized Birmingham
If you're looking for a new Specialized bike, then why not utilise one of the many Cycle to work schemes we accept in our Birmingham store, allowing you to take advantage of the Government's Green Transport Policy to purchase a new bike and accessories for commuting to and from work at huge savings up to 40%.
Here at Specialized Concept store Birmingham we have partnered with all the major companies who provide these fantastic schemes. We currently offer the following Cycle to Work schemes.
- Green Cycle Commute (New supplier!)
- NHS Bikes for Staff
- Bikes for Staff
- Halfords Cycle 2 Work
- Bike 2 Work Scheme
WHY CHOOSE CYCLE TO WORK
- You could save up to 40% off the RRP
- As well as a Bike you can save money on helmets, accessories, lights, lock etc.
- Can get bikes over £1000 depending on who your employer uses.
- Interest free repayments over 12 months helps balance the cost.
- Save money on your daily commute.
- Stay in shape and increase fitness by Cycling your daily commute.
Why Choose Specialized Birmingham for your Bike For Work
- Sale bikes included
- 2017 bikes from Specialized now available
- The biggest selection of Specialized bikes, equipment and accessories in Nottingham
- Expert staff, to help you select the right bike for you.
- Huge range of equipment including specific commuter cycle clothing
- Specialized Service Centre in store. Our Cytech trained mechanics will help out with any upgrades or issues quickly and efficiently
- For employers in the local area we can arrange a roadshow to bring some bikes out to show your staff and explain the schemes to them at a time convenient to you.
The most accurate way of calculating your savings is to pop down to the store, choose your bike and accessories with one of our Sales advisors. However you can check the links below for two of our partner Cycle to Work schemes and you can get an idea of just how much you can save on a new bike.
BIKE TO WORK EXAMPLE
Below is just one example of the savings you could make if you choose to buy a new Specialized bike and accessories using a Cycle to Work scheme.
CYCLE TO WORK BUNDLE EXAMPLE 2017
|Total Cost of Bike and Accessories||£605|
|Net Cost of Bike and Accessories (including finance & admin fee where applicable)||£508.33|
|Income tax Saving over the hire period||£101.67|
|NI Saving over the hire period||£61.00|
|Final Cost of Bike and Accessories||£350.66|
|Gross Salary Sacrifice (Based on 12 month hire period)||£42.46|
|Net Salary Sacrifice (Based on 12 month hire period)||£28.81|
|Percentage Saving over RRP||42.4%|
Although each scheme differs, below are a few of the Frequently Asked Questions about the Cycle to Work schemes.
Who is elligible for the Cycle to Work schemes?
Any employee in the UK over 18 who is paying Tax, and national insurance through the PAYE scheme who is contracted to his employer for longer than the term of the loan period. Unfortunately the scheme is not available to the self-employed.
Is their a limit on how much I can spend on a bike for work?
Many of the Cycle to Work schemes are limited to £1000, however some of the schemes such as the Green Commute Iniative don't have a maximum spend!
Who owns the bike?
The bike and goods remain the property of the employer until the hire period finishes. At this point you may be given the opportunity to buy the bike at a fair market value.
Do I have to bike to work everyday?
There is no requirement for you to cycle to work for a specified number of days throughout the year and there is no special requirement for you to record your trips. You can also use the bike for leisure at weekends and on holiday, although a bike purchased under Cyclescheme should be used for at least part of 50% of the trips you make to work.
What happens at the end of the 12 months?
This varies greatly, and each of the different schemes will have their own rules and even differing options at the end of the loan term. However in general at the end of the loan period, the employee will be offered the chance to either pay a small fee (between 7% and 9%) to extend the loan period. Alternatively the employee will be offered the chance to purchase the bike at a fair market value price, in which case the ownership of the bike will transfer to the employee.
What is Salary sacrifice?
A salary sacrifice happens when you give up your right to receive part of your pay in return for the employer's agreement to provide some form of non-cash benefit, in this case the loan of a bicycle and related equipment.
Do I need to maintain and insure the bike?
Yes. Employees are responsible for maintaining the bike during its use and they agree to this when signing the hire agreement, so it's wise to check your household insurance to make sure it covers the Bike away from your home and also purchasing a good quality lock is also recommended.
Submit a CycleScheme enquiry
If you would like to enquire about a Cycle to Work scheme for a new Specialized bike then please feel free to send us an enquiry or call the Birmingham store on 0121 747 3444
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