Cycle to Work Scheme
The Cycle to Work Scheme is a government initiative that was introduced through the 1999 Finance Act to help promote healthier journeys to work as well as aiding in reducing environmental pollution. This is all part of the Government’s ‘Green Transport Plan’.
The Cycle to Work Scheme allows employees to purchase bikes from their gross salary (ie pre-tax) thus meaning that savings of around 40% can be made. Your bike is in essence TAX FREE!! The savings made vary slightly depending as to whether or not you are a high rate tax payer, however, the higher the rate of tax that you pay the more that you save.
The Cycle to Work Scheme is very simple for companies to set up and offer to their employees and effectively works through salary sacriﬁce normally over a twelve month period. This beneﬁts the employee as they are paying for their TAX FREE bike over the space of a year and the company beneﬁts by providing a very useful and popular employee beneﬁt as well as saving on National Insurance contributions. Additionally the environment beneﬁts, the employee’s ﬁtness improves and subsequently absenteeism hopefully reduces. It’s a win-win for everyone!
The Electric Bike Store is happy for companies to set up their Cycle to Work Scheme directly with us or alternatively we are also partnered with CycleScheme. CycleScheme help companies set up and promote the Cycle to Work Scheme to their employees as well as guiding companies through the required administration. If you ﬁnd that the Electric Bike Store is not on your companies current Cycle to Work Scheme please let us know as we may be able to become part of it.
Further information about the Cycle to Work Scheme is also available directly from the Department of Transport or alternatively please don’t hesitate to get in touch with us on 0207 378 4728.