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Dramatic_Hammer
That's essentially what the beik-to-work scheme is.
Cycle2Work and their ilk are branded, outsourcing operations that do the job that any competent finance & HR* department could do.
Your employer purchases the beik, and hires it to you - the hire rate can just so happen to be one that covers the cost of the bike, less VAT, and this can be over any period (it could be a year, it could be 5). They can then sell you the beik at the end of the period, or let you use it for free.
The scheme just says that you can pay out of your pre-tax salary. You end up paying less PAYE, less NI, and no VAT, your employer pays less NI
*Competent HR. LOL!