Whilst you could use the scheme there is no real benefit to it as the scheme is there for employees to save tax by essentially buying it from their employer, who reclaims the VAT, through salary sacrifice. As your salary is set low in order not to pay tax, a salary sacrifice would not benefit you, but there are other options:
Your company could buy the bike outright and 'lend' it to you if the following HMRC rules apply:
* the bicycles or equipment are available to all your employees
"If you lend or hire a bicycle or cycling safety equipment to an employee, there are no reporting, tax or NICs requirements if the following conditions are met:
* the bicycles or equipment are used mainly for qualifying journeys as described below
A journey only counts as a qualifying journey in two situations:
* if all or part of the journey is between home and workplace
* if all or part of the journey is between workplaces"
This will give the same corporation tax saving, and you would also be able to reclaim the VAT (unless using the flat rate scheme).
The other option would be to purchase the bike personally and claim back business mileage at 20p per mile.