Tax is complicated, Cyclescheme isn’t.
Panlova has partnered with Cyclescheme to provide our customers with the chance to purchase a new bikes and ebikes under the UK Government’s Cycle To Work Scheme. You simply choose a bike, hire it for an agreed length of time, and then snap it up for a fraction of its original value. All while making huge savings (25-39%) as payment is taken from your wages before tax, so you pay less and still get to spread the cost! Want to know more?
Find out how to join Cyclescheme today in 4 simple steps.
What is The Cycle To Work Scheme?
Cyclescheme is the UK’s leading provider of tax-free bikes for the Government’s Cycle to Work initiative.
It’s a brilliant programme where everyone wins – employees make big savings on new bikes and ebikes, whilst employers get a healthier, more motivated workforce and everyone enjoys significant savings.
Services to employers are provided completely free-of-charge and include secure access to a scheme management website, online Hire Agreements that minimise paperwork, expert advice and scheme marketing tools. Any size of scheme is catered for and we have a well- established reputation for fast and efficient service.
If you are an employer and you are not yet a Cyclescheme member – click here to get involved.
So How Does Cyclescheme Work?
Get the Panlova gear that suits your commute. Go for a bike, ebike and accessories, or just accessories – it’s your choice. With Cyclescheme, you can buy your new bike online and have it delivered to a retailer of your choice! Choose your favourite bikes, ebikes and accessories, and put together your own perfect commuter package up to the value of £10,000. Don’t forget – with Cyclescheme you can shop from sale at Panlova, making your money go even further.
Once you have decided which Panlova bike, ebike and accessories you require, you just need to request your certificate from Cyclescheme here and let them know you’re ready to get your new bike! Once it’s been approved your certificate will be issued via email to you ready for you to get your Cyclescheme package.
It’s time to trade your certificate for your Cyclescheme package. Simply fill your shopping basket with the items you want – your new Panlova bikes and ebike and accessories – and redeem the certificate at checkout. The value of the certificate will be deducted from the total cart balance. This is when your Hire Agreement kicks in and you start making impressive tax savings (25-39%). For the next 12 months, you’ll pay a fixed amount from your salary every time you’re paid. This is taken from your pre-tax salary and reduces the amount of Income Tax and National Insurance you pay resulting in great savings. For standard rate payers this is 25%, or for higher rate 39%.
After 12 months, we transfer ownership to you for a small one-off fee. If your Cyclescheme package was under £500 you’ll pay just 3% of the original value, or for packages over £500 you’ll pay just 7%. So if you had a package worth £1,000 you’ll pay just £70. And that’s all you need to do!
For the next 36 months, your Cyclescheme package will remain ‘hired’ with no more payday payments to make. At the end of this time, ownership of your package will automatically transfer to you.
What are the benefits?
LET BOB EXPLAIN…
If you’re still not sure whether the Cycle To Work Scheme is right for you, take a look at how Cyclsescheme changed Bob’s life.
Bob was fed-up with the traffic jams and rising fuel costs until he found out his employer had enrolled in Cyclescheme. He quickly realised that he could save 25-39% on the cost of a new bike and spread the cost!
Now Bob is happier, healthier and has a brand new bike to boot!
See how Cyclescheme has improved Bob’s commute.
How much can Cyclescheme save you for the wood bicycles?
See How Much You Can Save With Cyclescheme Today!
You choose a wood bicycles, hire it for an agreed length of time, and then snap it up for a fraction of its original value. All while making huge savings (25-39%) as payment is taken from your wages before tax, so you pay less and still get to spread the cost! What’s more, with Panlova you get to save the planet too!
Once you’ve chosen you Cyclescheme package, simply complete the calculator and work out how much you are able to save!
What if Your Employer Doesn’t Offer Cyclescheme?
Over 50,000 companies are currently actively enrolled in Cyclescheme. They get great benefits from offering Cyclescheme in addition to happier, healthier employees.
So if your employer isn’t, its probably just because nobody has asked them yet! Simply ask your employers to sign up to the scheme – we’ll do the rest.
Save 25-39% With the Cycle to Work Scheme
Still Have Questions?
Why not take a look through our FAQs to see if we can answer your question below:
You can save as much as 25% – all in! If you’re a higher rate taxpayer, you’ll save as much as 39%!
Almost any item you need to cycle to work including lights, locks, helmet and clothing. Go for a bike, a bike and accessories, or just accessories – it’s your choice.
This depends on how you get paid – weekly, monthly, 4 weekly, etc. Also, how long your Hire Agreement is in place for. For most people, this is 12 equal payments taken from your salary across 12 months.
A voucher that’s delivered direct to your inbox. Redeem this online or in-store for your Cyclescheme package.
Simple answer: tax. To benefit from Income Tax and National Insurance savings, an ‘Ownership Fee’ needs to be paid.
The Ownership Fee is a set percentage based on the age and value of your Cyclescheme package. At 4 years old, 3% needs to be paid on packages less than £500 and only 7% on packages over £500.
Your employer is now able select certificate limits up to £10,000. Please check with your employer or Cyclescheme to identify your employers maximum limit.
Yes sale bikes and ebikes are permissible on Cyclescheme with Panlova.
No, your certificate must cover the full value of your equipment.
No, we firmly believe that our retailers are the best place to collect bikes. Their knowledgable staff will set the bike up to your individual requirements and guide you through the operating systems, answering any questions you may have and ensuring you leave the store happy!
No, the certificate is redeemed in full once only. Please make sure you add everything you need to your basket before you redeem your certificate!
No, please remove items from your basket until the value matches your certificate.
Add items until the basket value matches the certificate value. Note if you proceed to redeem, your certificate will be redeemed in full, regardless of the value reaching the certificate value, and any difference will be lost. We recommend you select items to match your certificate value.
Please get in touch with the Panlova team and we can help you out [email protected].