Cycle to Work Schemes
The government tax initiative has snowballed in popularity and now a quarter of all bikes we sell are through a cycle to work scheme. Taxation maybe complicated but the schemes are simple. Your employer deducts the price of the bike off your monthly salary usually over a 12 month hire period. Due to the way it works the price of the bike comes out of your salary before tax and NI has been applied so you end up paying less. For taxation purposes you are effectively leasing the bike on a monthly basis. For specifics visit your scheme provider’s website.
Your employer needs to be registered with one of the above Cycle to Work schemes.
Visit 73 Degrees, choose the bike and, if required, safety equipment and get a quote.
You apply for a Certificate and complete necessary paperwork.
Once approved, a Certificate will be issued to either your employer or directly to you,
Contact us when you have certificate
The Certificate is then redeemed at 73 Degrees in exchange for the bike and accessories. Your salary sacrifice will then begin.
All employers and scheme providers have different ownership options at the end of your hire agreement.
Sale bikes can be included in the cycle to work schemes but we cannot hold sale bikes for excessive periods of time. Some HR departments take weeks to process applications.
You will be required to pay the voucher charge. We typically get charged between 10-15% of the voucher price by the scheme providers. If you’d like to purchase a bike that is on sale you can pay us this surcharge. Example - a sale bike priced at £1000 will incur a £100 charge.