Cyclescheme

A Government scheme exists that can save you around 50% off the price of a new bike*. It's called the Green Transport Plan, and it aims to make cycling more attractive and more accessible by taking advantage of some unique tax incentives.

Cyclescheme helps you take advantage of the benefits of the Green Transport Plan. Through the Foundry Bike Co. Cyclescheme programme we can supply bikes via your employer at a substantial discount.

Employee Benefits

  • Income tax, VAT and national insurance contributions savings can add up to 50% off the shop floor price of the bike and accessories.
  • Choose from the finest range of bicycles available in the UK.
  • No finance charges.
  • Spread the cost of commuting**.
  • Enjoy the health benefits of commuting to work.
  • Make your salary go further each month.
  • Save on fuel, bus or train fares.

Here is a typical example to illustrate the savings under the Cyclescheme programme. Actual savings will depend on each individual’s personal circumstances & tax rate.

Bicycle and Accessory Purchase
Commuting Bike: £249.99
Helmet: £24.99
Lights: £39.99
Reflective Jacket: £49.99
Total price before savings: £364.96

Savings via Cyclescheme
Income Tax: £69.15 (based on 22% standard rate)
Employee’s National Insurance contributions: £34.58 (based on 11%)
VAT: £50.63 (no VAT on helmets)
Total Saving: £154.36 42%

Higher tax and national insurance rate payers will save even more than the above example.
*Actual savings depend on your personal circumstances and tax rate.
** Bikes purchased on the scheme must primarily be used for commuting.


CYCLESCHEME
HOW TO APPLY

1. Select your voucher amount. To get an idea of the value of the voucher you require visit www.foundrycycles.co.uk or the shop. Select the bike and accessories that best suit your needs, our staff will be able to provide you with advice on what equipment is best for you, if it’s more convenient you can contact any of our stores by phone or e-mail, details of which can be found on our website. Vouchers are available in any amount from £250 up to £1,000*. Remember the voucher amount is for the RETAIL price of the bike and accessories, the ACTUAL price you will end up paying will be around 50% less than the retail price.

2. Complete the forms. The next step is to inform the person at your work responsible for running the Cycle To Work programme of your desired voucher amount. They will fill out the necessary forms with you and order a voucher for your chosen amount.

3. Get your new bike. A voucher for your chosen amount will be delivered to your home address. You can then use this voucher to purchase your new bike and accessories at our shop on Jopps Lane.

4. Save and spread the costs. The amount you select is split into 12 equal parts and will begin leaving your salary before deductions in your next pay. You take advantage of the savings and spread the payments across a 12 month period with no finance charges.

* Vouchers over £1000 also available. Please consult your employer to see if spend greater than £1000 is available to you.

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