A Cycle2Work letter of collection can be taken to a participating bike shop to pick up the desired product.
The Letter of Collection is a crucial part of Each Person’s Cycle2Work scheme, enabling employees to redeem their approved salary sacrifice funds. Once employees join the scheme and their request has been approved, they receive this letter, which acts as a voucher at participating bike retailers, including Halfords, Tredz, and various local bike shops
With the Letter of Collection in hand, employees can select any bike and any eligible accessories up to their pre-approved limit. The letter simplifies the purchasing process by allowing employees to collect their chosen items at the retailer of their choice. It serves as a streamlined method to manage funds and eliminate complex payment steps, as the letter itself covers the full amount for the employee’s purchase. This Letter of Collection can only be used once and the employee cannot add their own money to make a purchase.
This system is both convenient and secure, ensuring the Cycle2Work salary sacrifice is managed effectively without requiring upfront payment from the employee. The entire process is designed to make cycling more accessible, aligning with the program’s focus on promoting health and sustainable commuting.
The Cycle to Work scheme offered by Each Person provides employees with a cost-effective way to purchase bikes and cycling accessories through a salary sacrifice arrangement, generating tax and National Insurance savings of 32-47%.
The program is designed to promote both fitness and sustainability, giving participants benefits like 10% off cycling essentials at Halfords for a year, free safety checks, and access to discounts on sale items. Moreover, employees receive a lifetime guarantee on Halfords-brand bikes and a 14-day free cycle insurance. These perks create a seamless experience, helping companies support employee wellness and environmental impact while reducing taxable income.
The process is simple for employers and employees alike!
1. Employee browses a selection of bikes and accessories
2. They then make an online application for the total needed
3. Approval is given to the employee for the scheme
4. A letter of Collection will be issued via email to the employee
5. Invoice raised and sent to the employer for payment
If you wish to improve your business start by focusing on your most important asset; your employees.