Fancy getting the bike of your dreams with a hefty discount and a 12 (or more) month interest-free deal thrown in?  Does this sound too good to be true?  Well it isn't!  If you're employed and your employer is happy to sign up to it, you can get such a deal.

Called by a plethora of names, bike-to-work, cycle-to-work, salary-sacrifice, the fundamental principle is that your employer buys the bike and you hire it from them monthly over a period of usually 12 or 18 months.  The discount is generated by your monthly payment being deducted from your salary before tax and national insurance - in effect giving you a discount of somewhere between 30 and 50% depending on your tax band.  After the hire period has finished, ownership may be transferred to you on payment of the bike's full market value.  The value is an arbitrary figure to reflect the depreciated value of a bike used intensively over the year.

One of the original cycle-to-work schemes, Cyclescheme is the most widespread of the schemes available through independent cycle retailers and accounts for the majority of our cycle-to-work sales.

There are a few rules and restrictions governing the use of these schemes, which are set by HMRC (the Tax Office to you and me) and, if you can really be bothered, you can read all about it here:

• You are allowed to include 'safety equipment', including mudguards, rack, panniers, lights, lock, helmet, clothing and childseats.

• You are not allowed to include trailers, computers or anything patently not for use during a commute to work.

Read more about the scheme here.