Benefits to Employee:
- Expert advice from our very experienced and qualified team of cycle experts
- Significant savings on a bike and safety equipment – up to 48%
- Spread that cost over 12 or 18 months
- Fantastic choice of quality equipment
- Bike serviced twice in first year for free
- Delivery can be arranged to anywhere in NI or ROI if required
- Further discounts off other sports clothing and equipment at Podium 4 Sport
- … and of course, a healthier lifestyle
How it works for you
- The scheme covers cycle equipment used mainly (more than 50%) for qualifying journeys, so use for leisure is also allowed. You are not expected to maintain milage records. ‘Qualifying journeys’ are those made between the employee’s home and workplace, or part of those journeys (for example, to the station), or for journeys between one workplace and another.
- Once your Employer gives you authorisation to proceed you select the cycle and other equipment you want.
- You’ll sign a hire agreement with your Employer, they pay the retailer, and you get the cycle.
- Your salary will be reduced by the appropriate amount each month for the duration of the agreement.
- At the end of the agreement you may have an option to agree with your Employer to take ownership of the cycle for an agreed sum.
- As the cycle remains the property of the Employer throughout the term it’s not uncommon for the Employer to make it a condition of the scheme that you add it to your house and contents insurance. Your insurance may already be adequate, but as insurance policies vary you should check this – a quick phone call will normally confirm.
- What equipment is covered by the scheme? Broadly speaking any ‘normal’ bicycle, plus related safety equipment. ‘Safety equipment’ is not clearly defined by HMRC but generally a common sense approach would include:
- Cycle helmets which conform to European standard EN 1078
- Bells and bulb horns
- Lights, including dynamo packs
- Mirrors and mudguards to ensure riders visibility is not impaired
- Cycle clips and dress guards
- Panniers, luggage carriers and straps to allow luggage to be safely carried
- Child safety seats
- Locks and chains to ensure cycle can be safely secured
- Pumps, puncture repair kits, cycle tool kits and tyre sealant to allow for minor repairs
- Reflective clothing along with white front reflectors and spoke reflectors
- Examples of items that do not count as cyclists’ safety equipment include:
- Cycle computer
- Waterproof clothing that is not reflective clothing
- Cycle training
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