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 Nottingham 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 Nottingham we have partnered with all the major companies who provide these fantastic schemes. We currently offer the following Cycle to Work schemes.
Why Choose Specialized Nottingham for your Bike For Work
Savings Calculator.
Whilst an accurate saving can only be done by filling out a voucher in store with one of our trained Sales Advisors. If you would like to visit the links below for two of our partner Cycle to Work scheme you can get an idea of just how much you can save on a new bike by choosing Cycle to Work.
CycleScheme Savings Calculator | Bike to Work Savings Calculator
Below is an example of the great savings you could make if you chose to buy a new Specialized bike and accessories using one of the Cycle to Work schemes.
{CYCLE TO WORK BUNDLE EXAMPLE 2017:6044, 2440, 5153, 5530,3169}| 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 |
| Total Saving | £259.34 |
| 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 Nottingham store on 0115 978 3876
