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Cycle Scheme

SAVE UP TO 40% ON A NEW CYCLE!

Here at M Steel Cycles we now have more than two years partnership experience supplying a wide range of bikes under this Government initiative. Savings of around 40% can be made on the purchase of that bike you have dreamed of. By signing up to cyclescheme you are able to choose from a number of independent retailers like M Steel Cycles all of whom can help to organise hassle free tax free bikes. Here in Newcastle some of the employers who have signed up are the University, Health Authority, and Sage, plus a number of smaller local companies.

How do I go about this?

First your employer has to sign up with Cyclescheme. This is very straight forward and your employer can be guided through this at http://www.cyclescheme.co.uk/employer,register.htm. Although the site explains what is involved the staff at cyclescheme are very helpful and will be very happy to advise.

What happens when my employer has signed up?

You call in at your chosen retailer who will provide a written quote for the cycle and safety accessories you want. We are always happy to advise on the correct cycle but we find by mutual discussion we come up with what is best for each individual.

The quote is then presented to your employer who registers it with cyclescheme. Most employers have set windows of activity rather than have an ad hoc presentation of quotes. Once your employer has sorted the finance with cyclescheme you will be issued with a voucher which can than be redeemed at your chosen retailer. The logistics of how each employer process the scheme can differ slightly but the above is a brief resume. Your employer then deducts the net cost of your bike from your wages.

How much will I save and how much will I pay?

This will depend on your personal circumstances, how much you spend on your cycle and whether your employer is registered for VAT. There is a savings and payment calculator at

http://www.cyclescheme.co.uk/employee,calculator.htm Please note most employers limit the scheme to £1000 as above this amount they need a credit licence, however for those wanting to exceed this the difference can be paid to the retailer on the collection of the cycle, or alteratively to make further savings persuade your employer to invest in a licence to give greater flexibility to each employee.

What will my employer get out of it?

Happy, fitter staff, and contribute the “green” issues of our planet, plus the knowledge that they will have economic saving on the cost of driving to work.

The above is a quick breakdown of the scheme, please log onto their full website to read about the whole scheme at http://www.cyclescheme.co.uk/general,index.htm

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More than half the staff at M Steel Cycles cycle to work on a regular basis!

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