Cycle to Work Schemes
Improve employee health with the government backed cycle to work scheme.
What are the benefits?
Here are just some of the benefits of the Green Commute Initiative:
What is the Cycle to Work Scheme?
Cycle to Work is part of the government’s Green Commute Initiative, a salary sacrifice scheme in which the employer purchases a bicycle (electric or traditional) and cycling equipment on behalf of an employee to commute to work. The employee then pays the employer back over a period of time for the bike, typically this is 12 months, but this time frame is flexible.
What Cycle to Work options are available to my employees?
Initially the scheme was limited to £1000, but now there’s no upper amount to the Cycle to Work scheme. So, as long as your company is willing to purchase the bike and the user is capable of sacrificing that portion of the salary then there’s no limit to the options of bike available under the scheme for the employee.
In addition to the allowances on cycle equipment, you can also claim 20p for every mile cycled for work (not to and from work). And should your bike need a repair you can now claim £50 back from HMRC!
The benefits of the Cycle to Work scheme
Not only is there the environmental/health enhancement that the scheme provides, there’s also a financial saving. Essentially, the monthly repayment is paid as a salary deduction before tax is deducted. This reduces the National Insurance that you as the employer pay and also reduces the PAYE & National Insurance that the employee has to pay (savings can vary depending on tax rates).
All in all, the scheme is an excellent way for UK cyclists to save at least 32% off the cost of their bikes and associated kit. It has benefited nearly two million individuals since it was introduced by the government in 1999 to “promote healthier journeys to work and reduce environmental pollution”.
Ideal Solution
My Staff Shops’ Reward & Recognition scheme helps you develop a culture of appreciation where your employees feel valued for the work they do.
Want to have all these benefits?
Our experience plays an important role in improving staff retention, improving the quality and volume of candidates applying for roles.
Let us find your best solution for you
- info@mystaffshop.com
- 03300 242 281
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