1. Employee visits Wiggle and adds eligible bikes, accessories, clothing or components to their basket.
2. Employee clicks ‘Get a Quote’ to receive a quote via email.
3. Employee passes the quote to their employer who will authorise and send payment to wiggles bank details provided on the quote.
4. Once payment is received the order is delivered as per the chosen delivery option.
The scheme is open to all employers.
Employees must satisfy for following criteria:
The scheme must be made available to all employees. It cannot be restricted to certain employees such as senior management.
The employer is responsible for managing the scheme in order to ensure that all Cycle to Work criteria are met in order to achieve the PAYE and NIC savings available.
The employer needs to be involved in setting up the scheme, ensuring payroll deductions are made during the period of the scheme and then transferring the bike and safety accessories to the employee once they have been paid for.
Wiggle will provide assistance in setting up the scheme. We have prepared pro-forma legal documents which the employer can use to enter into an agreement with an employee to recover the cost of purchasing the bike and safety accessories through a salary sacrifice arrangement. These agreements will also make the necessary amendments to staff contracts to deal the salary sacrifice arrangements. We also give employers the option to pay for the bike and cycle accessories online using a company credit card or to pay by cheque.
The only ongoing administrative requirement is to ensure salary sacrifice deductions are made from the employees salary. This deduction is a fixed amount for a fixed period. Accordingly the ongoing administration requirement is minimal.
At the end of the salary sacrifice arrangement, once the bike and cycle accessories have been paid for, the employer will need to raise a VAT invoice to the employee for the fair market value of the bike and accessories in order to transfer legal ownership.
As the bike is company property during the period of the salary sacrifice agreement, and although the employee is responsible for insuring and maintaining the bike, we also recommend that the employer notifies its insurers of the Cycle to Work arrangement.