Cycle to Work Scheme Instructions and Details
This document provides detailed information about the Cycle to Work Scheme for Made For Trade employees. It explains how employees can purchase a bicycle and cycling equipment through salary sacrifice. Understand the benefits, application process, and savings associated with the scheme.
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How do I fill this out?
To fill out this document, start by selecting the bicycle and/or accessories from your preferred retailer. Complete the online application form and wait for authorization from Made For Trade. Once authorized, follow the steps provided for order collection or delivery.
How to fill out the Cycle to Work Scheme Instructions and Details?
1
Select cycle and/or accessories.
2
Complete the online application form.
3
Await authorization from Made For Trade.
4
Receive Letter of Collection via email.
5
Collect your cycle/accessories from the retailer.
Who needs the Cycle to Work Scheme Instructions and Details?
1
Employees seeking to save on bicycle purchases.
2
Individuals looking for cycling safety equipment.
3
Employees interested in healthier commuting options.
4
Businesses wanting to offer employee benefits.
5
HR professionals managing employee benefits programs.
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What are the instructions for submitting this form?
To submit this form, please complete all fields accurately and submit it to your HR department via email at hr@madefortrade.com. Alternatively, you can send a physical copy to Made For Trade at 3a Bridgewater Street, Liverpool L1 0AR. Ensure all documents are completed before submission to avoid delays.
What are the important dates for this form in 2024 and 2025?
The Cycle to Work Scheme is available year-round. It is advisable to apply early in the calendar year to maximize benefits. Important tax deadlines may influence your application timing.
What is the purpose of this form?
The purpose of this form is to facilitate the purchase of bicycles and cycling equipment through a salary sacrifice scheme. It aims to promote healthier commuting options and benefit employees financially. By utilizing this form, employees can gain access to significant savings while contributing to a sustainable mode of transport.
Tell me about this form and its components and fields line-by-line.
- 1. Bicycle Selection: Field to choose your desired bicycle.
- 2. Accessories: Field to select additional cycling accessories.
- 3. Personal Details: Fields for entering your personal information.
- 4. Payment Method: Field to specify the payment method.
What happens if I fail to submit this form?
If you fail to submit this form, you will miss out on the benefits of the Cycle to Work Scheme. This could result in losing potential savings and the opportunity to enjoy cycling as a commuting option. Timely submission is crucial to participating in this initiative.
- Lost Savings: Failing to submit may mean losing out on significant financial benefits.
- Ineligibility: Without submission, you risk ineligibility for the scheme.
- Delayed Processing: Late submissions could delay your access to the program.
How do I know when to use this form?
- 1. New Employment: When starting a new job and enrolling in the scheme.
- 2. Equipment Upgrade: When looking to upgrade your current bicycle or gear.
- 3. Health Initiatives: As part of a company wellness initiative.
Frequently Asked Questions
What is the Cycle to Work Scheme?
The Cycle to Work Scheme allows employees to purchase bicycles and safety equipment through salary sacrifice.
How much can I save?
You can save over 30% off high street prices due to tax savings.
Can I just get safety equipment?
Yes, you can order safety equipment only, with a minimum order value of £100.
What happens after I repay the company?
There are no further payments required unless you leave Made For Trade.
How do I start the application process?
Begin by selecting your desired bicycle and filling out the application form.
What if I leave the company?
If you leave, any outstanding payments would be deducted from your final salary.
What types of bicycles can I choose from?
You can choose from virtually any bicycle retailer, as long as the items are new.
Is there a usage requirement for the bicycle?
At least 50% of usage must be for commuting to work.
How are payments deducted from my salary?
Payments are collected over 12 equal monthly installments.
Where can I find more details?
Details can be found in the provided documentation.
