At Bike Electric we provide only the best quality-for-value electric bikes for reliability, long term performance and a hassle free ride that will put a smile on your face.
Should your interest be a ride into the countryside along the fields, simply getting about the town or to the train Station, we have the eBike to suit you.
Our 'Cycle to Work' Schemes
Make them work for you and
Does your Employer not have such a scheme? Then let us do the leg work for you. Cycle to Work Schemes really work for both you and your Employer with substantial saving for all. If they do not have a scheme running, we have one with no limit!
Typical saving on a £3,300 eBike is £774.44 to your Employer and between £1,000 and £1,400 for you.
Bike Electric's showroom is in West Norfolk in the centre of Swaffham with ample car parking available. We are just 15 miles from Kings Lynn, some 25 miles from the North Norfolk Coast and 20 miles from Thetford.
For a test ride Call us on 0800 773 4921
Check your Employer has a Cycle to Work Scheme and save up to 42% on your purchase and spread the cost over the year. We work with several of the Cycle to work Scheme providers. Including: www.GreenCommuteInitiative.uk, www.cyclescheme.co.uk as used by the NHS, www.bike2workscheme.co.uk by Corporate Companies, www.cycle2work.info Scheme Vouchers from Halfords.
You ask your Company to set up our proposed “Cycle to Work” scheme by completing our form to purchase the eBike that will set up a loan agreement with you as the employee which is deducted from your salary.
You commit to a small monthly deduction in gross salary fully mitigating the cost the employer over typically 12 to 18 months.
Step 1: You select the Electric Bike you wish to purchase.
Step 2: Your employer applies to join the Scheme by completing our Form.
Step 3: Their eligibility and maximum amount is confirmed.
Step 4: You request a Quotation for the chosen eBike which is then sent to the Scheme provider together with the information required for the salary sacrifice scheme.
Step 5: The documents are sent to your Employer for you both to sign the Hire and salary sacrifice agreement with your employer.
Step 6: Your Employer Orders the eBike and the Scheme provider Invoices your employer. When paid the scheme provider supplies you with a Payment Voucher and on presentation with photo ID we release the eBike to you.
Step 7: Your Employer takes the agreed monthly sum from your salary.
Step 8: In 11 months the Scheme provider manages the end of scheme process to transfer ownership to you by you making a Fair Market Value payment or continuing the agreement.
At this time you have the option of paying the Benefit in Kind (BIK) tax on 25% on the original value. Typically on a £1000 eBike between £80.00 and £105.00. Or otherwise seek an extended loan with your employer of up to 5 years which reduces the tax amount to just 2%. Your employer cannot cancel this Agreement even if you have left their employment and you are the appointed as their agent to dispose of the eBike at the end of the agreement. There are no charges by the Scheme Provider for making this arrangement.
Below are typical examples of the Financial Savings for both the Employer and the Employee according to the eBike Cost. NOTE: All fiscal examples subject to revised Quotation as these are only typical examples at time of publication.
Employer Financial Example | |||
Total Price of eBike and Equipment | eBike at £1499.00 | eBike at £1949.00 | GoCycle G3 at £3299.00 |
Cash Neutral Finance Cost | £105.00 | £136.00 | £231.00 |
Total Cost | £1604.00 | £2085.00 | £3530.00 |
Employee Salary Sacrifice | £1499.00 | £1949.00 | £3299.00 |
Position before Tax Savings | -£105.00 | -£136.00 | -£231.00 |
Employer NI Saving | £207.00 | £269.00 | £455.00 |
Employer AIA Tax Saving | £250.00 | £325.00 | £550.00 |
Total Employer Gain after Tax Savings | £352.00 | £457.00 | £774.00 |
Employee Financial Example >> Higher Rate Taxpayer | |||
Total Price of eBike and Equipment | £1499.00 | £1949.00 | £3299.00 |
Gross Monthly Salary Sacrifice | £125.00 | £162.00 | £275.00 |
Net Monthly Salary Sacrifice (x12) | £72.00 | £94.00 | £159.00 |
HR Taxpayer Total Price of Bike | £869.00 | £1130.00 | £1913.00 |
Higher Rate Taxpayer Savings | £630.00 | £819.00 | £1386.00 |
Employee Financial Example >> Basic Rate Taxpayer | |||
Total Price of eBike and Equipment | £1499.00 | £1949.00 | £3299.00 |
Gross Monthly Salary Sacrifice | £125.00 | £162.00 | £275.00 |
Net Monthly Salary Sacrifice (x12) | £85.00 | £110.00 | £187.00 |
BR Taxpayer Total Price of Bike | £1019.00 | £1325.00 | £2243.00 |
Basic Rate Taxpayer Savings | £480.00 | £624.00 | £1056.00 |
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