Cycle To Work is a government scheme designed to encourage employees to cycle to work by allowing you to buy a bike (and cycling safety equipment) tax-free.
HOW DOES IT WORK?
Your employer can offer the scheme to you simply by registering with a scheme administrator, such as those listed.
Under the scheme, the employer effectively buys the equipment from us, and rents it to you over 12 or 18 months.
You repay your employer via monthly deductions in gross salary, plus a small final payment to make the equipment your own. This saves you money by reducing the amount of income which is subject to income tax and NI contributions.
Your chosen Cycle to Work scheme issues you with a voucher to use against the purchase of your bike. New Government guidelines recently introduced mean that you can now apply for over £1000 and can also select an E-bike option (**dependent on your employers cycle to work agreement)
Employers benefit too – both through reduced employer NI contributions, and offering an attractive benefit to their employees.
HOW MUCH COULD I SAVE?
Savings of up to 42% are achievable for some employees paying higher rate income tax. However, savings vary for different employers, scheme administrators, and equipment values. Please give us a call on 01978 854300 to discuss your individual circumstances.
CYCLE SCHEMES WE SUPPORT
We partner with the UK’s largest independent Cycle to Work administrators, if you are an employee or an employer and have any questions about the Cycle to Work scheme, please give us a call on 01978 854300 or email firstname.lastname@example.org.