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Essentially this is a government based scheme to encourage more people to cycle. It works like this. Your employer signs up for the scheme. You then choose a bike from an approved supplier. The bike is then bought by your employer who reclaims the VAT. You then take delivery of the bike for your exclusive use - provided you use it for qualifying journeys, i.e. commuting to work. The VAT free price is then deducted from your salary by equal instalments over a period of time (typically 18 months), but as you don’t pay tax or NI on the income you forego, this will give you further savings. After the period of salary sacrifice, the employer may give you the option to purchase the bike at a ‘fair market price’, though it depends on the period you have had the cycle loaned to you.
You can find lots of information on this web site click here .
Looking for a place to buy or sell your bike online then click here .