PROc2w Cycle to Work Scheme
PROc2w. A Cycle to Work Scheme with NO LIMITS on the price of any cycle.
PROc2w is the only scheme available specifically for Electric Bikes.
Tell your employer about this great scheme and how to turn £3000 into £3914 in just 12 months.
The Government cyclesheme has been very poular with people wanting to save money and get fit riding a bicycle. This scheme is nothing new and most may be familiar with how these schemes work. For those however, who are not quite so familiar its a simple way to buy a bike and save some money too. The purchase prce of the bike is deducted from your wages over a 12 month period, before you are taxed, decreasing the annual amount of Tax + NI you have to pay. If you wanted an electric bike over the £1000 limit your employer would be required to have a Credit License or be FCA regulated. That's until NOW! PROC2W is an unique new scheme, with NO £1000 limit.
Here is an example:
Raleigh Motus H Hybrid
RRP £2000 - ProC2W price only £1160. Now that's a great saving.
So how does it work?
PROc2w requires a willing employer (private or public), a tax paying (PAYE) employee who wants a bike to commute to work on a bike (electric or non-electric), and a bike retailer willing to apply to PROc2w. Unlike the traditional scheme, using PROc2w retailers can make a single application per bike rather than having to subscribe to join a scheme. The scheme also applies to bike accessories and safety equipment used for commuting.
The PROc2w scheme is just as simple as any other salary sacrifice scheme. however, unlike the others, PROc2w does not require the need of quote's and waiting around for certificates or paperwork. Simply decide on your perfect Electric Bike, and tell your employer about the PROc2w cyclescheme. Once you have convinced your Employer that THIS IS A GREAT IDEA. All they need to do is give us a call and buy the bike of your dreams. Then fill out a simple online form. PROc2w will take over from here.
Here is another example:
Haibike sDuro Hardseven SL 2016
RRP - £1895 - ProC2W £1099. That is a massive discount.
Once you are fully engaged into the scheme your employer will start to make deductions to your wages, before you are Taxed! Because you are sacrificing your salary before your tax payments are made, you are effectively paying with tax-free money. If you had not entered into the scheme you would have had to pay your Tax Rate and NI contributions on your wages, losing up to 42% of that hard earned cash. The saving's will vary dependant on how much you earn but can be narrowed down into two categories (High Rate tax payers will save 42% - Low Rate tax payers can save 32%) Now your interested, right?
How about an expensive electric bike?
Haibike xDuro ALLMTN RC 2016
RRP £3799 - ProC2W £2203
So how do I convince my Employer?
Quite simply, just ask them if they would like to turn £3000 into £3900 in just 12 months. Yes thats right your boss can benefit from this scheme aswell. Because your Gross Salary has been reduced, your employer will pay less towards your National Insurance Contribution. Did you know your employer tops up your NI by 13.9% of your salary? Most employers will be able to offset the costs of the bike onto something called Annual Investment Allowance as well. Boosting there return up to 30%. Now that's an incentive.