In reply to haworthjim:
I used it many moons ago for my MTB. Simple to use, but a bit of a faff with the various provisos at the time (after x years you either pay y amount or extend for a further z years).
Yes there's a tax saving, but you're buying a bike at full RRP, and if you're not completely clueless (I was at the time) you can probably get a much better deal on a higher spec model from last years range.
Obviously the above doesn't apply this year with the shortage of bikes due to lockdown, but next year you could probably get a really good bike, (with a Cockerpoo thrown in for free), from someone who's got fed up of both.