If your employer is signed up to the Cycle to Work scheme you could get a new bike at a discount price because of the tax benefits. These tax breaks are available on the understanding that your employer is hiring the equipment out to you for cycling to work.
You can choose a bike and accessories up to the value of £1,000, and once your application has been approved by your employer you’ll pay for the equipment in monthly instalments through salary sacrifice – giving up part of your salary in exchange for a non-cash benefit.
You'll pay less Tax and National Insurance on the 'benefit' so this can work out a lot cheaper than purchasing a new bike outright. There’s a lot of support for the scheme, with operators including major chains and reputable bike shops up and down the country. Each provider is slightly different, but in most cases your employer will own the bike and hire it out to you for an agreed period. Although you don’t technically own the bike, you can use it outside of work if you also ride it to work regularly. At the end of the hire period, you may also be given the option to take over ownership of the bike.