Minimum Loan: £300
A minimum deposit of 10% is required using Visa, Mastercard or Debit Card which has to be in the name of the person taking out the loan.
Interest Free is only available for in store collections and has the following requirements:
There are a number of different tax free schemes available through
M Steel Cycles depending on whom your employers have chosen to
finance the scheme.
The most popular and easiest to use is Cyclescheme. We also accept Halfords Ride To Work Vouchers .
Here at M. Steel Cycles we now have more than four 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 to M. Steel Cycles or use our online order form and we 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. If the bike you choose is more than £1000 you can top up the amount on collection – ie Bike is £1300 you can use a voucher of £1000 and pay the £300 on collection – you will however only get tax relief on the voucher amount.
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
Other variants which M Steel use are:
And also there are self financing options if you work in the Universities of Newcastle.
The starting point is to check with your employer which scheme they use and then come along to our store to pick the bike you want.
We accept all major credit cards, including Visa, Mastercard and Amercian Express.