Provision of cycle to work schemes

1
Provision of cycle to work schemes

• Its all about choice
• Presentation by
• Gary Cooper Richard Grigsby Directors,
  Cyclescheme Ltd.

2
Who are Cyclescheme Ltd?

• A national company that provides green travel
  plan advice and information for the purchase of
  bicycles and safety equipment
• Partner with a nationwide network of 500
  independent bike dealers
• Secure extranet site for ease of administration
• Advise employers and employees how to obtain the
  bikes using a salary sacrifice scheme to use the
  bicycle for commuting and leisure and to buy the
  bike at the end of the hire period

3
Benefits to Employer

• Employer NI contribution savings 12.8
• Corporation tax savings (19 to 40)
• Brighter, fitter and more punctual staff
• Excellent flexible benefit
• Generation of goodwill
• Increased loyalty
• Reduces carbon tyreprint

4
Benefits to Employees

• Up to 40 saving on retail price from
• Income tax
• National Insurance
• Use your preferred local bike shop
• Infinite choice of brands
• Full warranty and servicing
• Expert advice for fitting and equipment
• Local source for insurance replacements

5
Worked example of 600 bike package repaid over
12 monthsEmployee paying standard (22) tax

• Retail price 600
• National Insurance saving 66
• Income tax saving 132
• Net cost of bike package 402
• Net cost per month 33.50
• Employer savings
• NI contribution 76.80
• Fair market value payment 5 30
• Pension savings

6
Why use Cyclescheme?

• We are experts in the cycle industry
• Informative website - www.cyclescheme.co.uk
• Source for advice and detailed admin
• Fully supported Nationwide outlets
• No limitation on choice of brands
• Free use of secure extranet
• Supply of hire agreements and secure vouchers
• Marketing support

7
Welcome toCycleschemeExtranet

• PowerPoint Presentation

8
Introduction

• This presentation will explain
• the process of using Cyclescheme
• from start to finish in
• 7
• simple steps

9
Step 1 of 7

• Human resources manager logs in at
• myaccount.cyclescheme.co.uk
• The HR manager will need to confirm
• email address
• password

10
Step 2 of 7

• The HR manager then distributes a secure web page
  address to their employees
• https//myaccount.cyclescheme.co.uk/request/504650
  081140
• Or via a simple hot such as
• www.cyclescheme.co.uk/company
• The HR manager signs in using
• email
• password

11
Step 3 of 7

• The employees enter a description and cost of the
  equipment they require
• This information is on the quote obtained from a
  participating bike shop

12
Step 4 of 7

• The HR manager is automatically informed by email
  when an employee requests a secure voucher
• The HR manager checks eligibility before
  approving
• The company will be invoiced upon approval,
  either on a weekly basis or timed with invoice
  runs
• Invoices are accompanied with a detailed report

13
Step 5 of 7

• When payment is received by Cyclescheme, a hire
  agreement and secure voucher is sent to the HR
  manager for distribution to the employees
• These documents can be sent directly to employees
  if required

14
Step 6 of 7

• Once the employee has signed the hire agreement,
  they receive their secure voucher and are free to
  redeem it a participating bike shop
• The employee will need to show photographic ID

15
Step 7 of 7

• The bike store then records the purchase details
  on the voucher and returns it to Cyclescheme
• Upon receipt of the voucher, Cyclescheme will pay
  the shop

16
Completion

• The process is complete!
• The employer has
• Fit and healthy employees!
• Increased staff loyalty and retention
• Brighter and more productive employees
• Less car parking space to maintain
• Impressive tax benefits from saving
• National Insurance contributions
• Corporation tax

17
End of presentation

• Any questions?
• Email us on info_at_cyclescheme.co.uk
• Or call us on 01225 448933 4 lines