Browse most popular articles in How Does It Work?
- What happens at the end of the Cycle2Work hire period? When your hire period is coming to an end, the Cycle2Work team will contact your employees via email and present the three post-hire period options below for them to choose from. Zero Cost Extended Hire: This allows your employees to opt into an extended rental agreement at NO additional cost.…
- How quickly can employees collect their bike with Cycle2Work? As soon as you approve their Cycle2Work application, your employees will be immediately sent their Letter of Collection (LoC) via email. Providing their products are in stock, your employee can simply present their LoC, a form of ID, and collect their items! If their products are not in stock, they can…
- Cycle2Work 20% discount card The Cycle2Work card entitles holders to 20% off all cycling parts and accessories, excluding technology. Your card will be sent to you through the post approximately 6 weeks after your Letter of Collection (LoC) has been redeemed in-store at Halfords. The card is valid for the duration of the hire agreement…
- How much can employees apply for with the Cycle2Work scheme? This is completely up to you! The employee chooses their Cycle2Work limit when they set up their scheme. For further assistance please click here
- What is the salary sacrifice for Cycle2Work? Salary sacrifice is where an employee agrees to give up part of their pre-tax salary in exchange for a benefit from their employer, in this case, the hire of a cycle and/or cycle accessories through the Cycle2Work scheme. Since a portion of the salary is foregone, the employee pays less tax and National…
- What happens if an employee leaves or is made redundant during the Cycle2Work scheme? If an employee were to leave your company or be made redundant during their Cycle2Work salary sacrifice period, the remaining balance would simply be deducted from their last payslip as a net deduction. For further assistance please click here
- My Letter of Collection (LOC) is not working online If your Letter of Collection (LOC) is not working online, then please ensure you have done the following: 1. Selected Cycle2Work as the payment option2. Entered your Letter of Collection number as 'LOC - followed by the number'3. Entered your surname exactly as it appears on your Letter of Collection…
- Will joining Cycle2Work affect employees' pensions or other benefits? In some cases yes, although any effect is likely to be small. Your employees need to be made aware of the implications of paying less tax and NI contributions and accepting a reduced salary. They should get professional advice if they have any concerns or need more information. For further assistance…
- How much does it cost to set up a Cycle2Work scheme? Nothing! We do not charge a fee or any administration costs to set up and run your Cycle2Work scheme. For further assistance please click here
- Who do I need to involve from my organisation to launch a Cycle2Work scheme? Anyone in your organisation can promote and manage the Cycle2Work scheme! Typically, someone from payroll will approve the application and implement the salary deductions. For further assistance please click here