OnBike has formed a new partnership with a unique Cycle to Work Scheme provider called PROc2w. Why unique…..? You’ve guessed it….
NO UPPER £1,000 LIMIT!
The Cycle to Work Scheme has for many years been a fantastic way for employer’s to acquire bikes cost effectively for their employees, to enable them to commute to work in a healthy and cheaper way, as well as overcoming problems with traffic and parking. Introduced by the Government in 1999, it’s been around for many years and has helped thousands. If you’re new to the concept, it’s one worth exploring with your employer as you BOTH benefit! Based on a ‘salary sacrifice’ process, the Cycle to Work Scheme effectively deducts the cost of your bike from your wages over a 12 month period, before tax. This in effect reduces the amount of Tax and National Insurance that you as an employee pay.
The problem up until now, is that the Government capped the Scheme at £1,000. Quality electric bikes are in excess of this figure, so it was impractical to consider an ebike purchase using the Scheme. The only solution back then was for the employer to acquire a Credit License or be FCA regulated.
We’re delighted that NOW a new provider, PROc2w is able to offer a unique Scheme with NO upper limit whatsoever!
PROc2w: How does the Scheme work?
It’s actually very simple:
(1) you decide on the electric bike that you would like
(2) approach your employer (normally the HR Department) and tell them about the PROc2w Scheme
(3) convince your employer that it’s a great idea that you will benefit you BOTH
(4) ask them to phone OnBike to purchase the bike
All that’s left to do is for your employer to complete a simple online form, and from that point forward, PROc2w will attend to all other paperwork and do everything else.
Once your employer has paid in full, you can then take away your electric bike and start to enjoy the benefits! It’s as easy as that….!