Bikeflex is a flexible new way to finance an e-bike through a tax-efficient ‘salary sacrifice’ scheme – saving money and making the latest e-bike technology more accessible to riders.
Bikeflex is authorised and regulated by the Financial Conduct Authority and operates in a similar way to a company car salary sacrifice scheme.
The scheme has similar aims to the popular Cycle to Work scheme, but offers greater flexibility to riders and makes high-end e-bikes more affordable.
Lower monthly payments
Low or no upfront deposit
Greater choice of e-bikes
Upgrade every year
With quality e-bikes typically costing between £2,000 – £5,000, the traditional Cycle to Work scheme means that both employers and employees are facing quite steep monthly fees to purchase
Many Cycle to Work schemes also require a hefty upfront deposit and – at the end of the contract term – it’s the riders’ responsibility to sell the used bike on to a new owner.
Here’s where Bikeflex offers more flexibility and delivers greater affordability. Instead of owning the bike, the rider simply leases the bike – so there is a lower upfront deposit and a lower overall sum to finance.
Many of the leading e-bike brands are already on board with Bikeflex – along with some of the UK’s biggest bike retailers. Partners include: Brompton, Volt, Velo de Ville and Advanced.
Salary sacrifice schemes have proved incredibly popular with employees as a more affordable wat to finance a new car and the Bikeflex scheme offers similarly clear-cut benefits for both employees and employers.
The e-bike is leased by the employee’s company, with the cost deducted from the employee’s gross salary. The employee then pays tax and National Insurance (NIC) based on the revised salary – reducing the amount of income tax and NIC they pay.
Employers benefit from reduced Class 1 NIC payable on the employee’s salary, which more than covers the cost of the interest charged on the lease.
The rider gets a new bike every two years, with no deposit required and no need to sell their current bike. The monthly fee includes cycle insurance and servicing at one of the scheme’s regional service centres. Cycle accessories like helmets, locks and waterproofs can be included within the lease (up to 20% of the total value) and there’s an option to trade up to a new bike after just a year.
Providing company bikes via the Bikeflex scheme has the potential to reduce a company’s carbon footprint as more and more employees choose to cycle to work. Bikeflex allows employers to provide high quality e-bikes to employees as an alternative to company cars and because the scheme can also be used to purchase cargobikes, Bikeflex has the potential to reduce the emissions of urban and last-mile deliveries to customers.
Evidence from Denmark suggests that employees who cycle to work are healthier and happier and take fewer sick days than their colleagues. Bikeflex allows employers to provide ALL employees with access to company bikes – not just those currently eligible for company cars. This is a great incentive for employees to get more active on the commute and on weekends!
The Bikeflex salary sacrifice scheme is free to enrol for your company. There are no upfront costs for your business, just a tax-free monthly payment taken from employee salaries each month. Propose your company today and we’ll get in touch to set you up.
The first step is to invite your employer to join the salary sacrifice scheme. Then, simply choose your bike, order it through us and we’ll have it ready for you to collect in-store in just a few days.
If you pay yourself through dividends, you can save tax on a new e-bike through your business. Claim back VAT on your Bikeflex lease and any maintenance. Propose your business today and we’ll get in touch to set you up.