7
CYCLE TO WORK AND HELP
STAFF DO LIKEWISE
HOWEVER GREEN YOUR CAR, CYCLING IS STILL MUCH CHEAPER AND MUCH GREENER. NOT JUST THAT,
BUT IT WILL ALSO HELP GET YOU IN SHAPE, ZIP THROUGH TRAFFIC JAMS AND, BEST OF ALL, IT’S FUN.
THE GOVERNMENT’S CYCLE TO WORK SCHEME ENABLES EMPLOYERS TO PROVIDE BICYCLES FOR
EMPLOYEES TO RIDE TO WORK AS A TAX-FREE, NON-SALARY BENEFIT. THE EMPLOYEE ESSENTIALLY
LEASES THEIR FAVOURITE BIKE, FROM A SUPPLIER OF THEIR CHOICE, WITH THE EMPLOYER PAYING A
SMALL AMOUNT TOWARDS THE COST OF THE BIKE OUT OF EACH MONTH’S PRE-TAX SALARY.
AT THE END OF THE SCHEME PERIOD, THE EMPLOYEE CAN BUY THE BIKE FROM THE EMPLOYER FOR A
NOMINAL PRICE. THE TOTAL COST OF THE BICYCLE TYPICALLY WORKS OUT AT ABOUT 40 PERCENT OF
ITS LIST PRICE, WHILE THE EMPLOYER RECLAIMS VAT ON THE PURCHASE AND DOESN’T PAY TAX OR
NATIONAL INSURANCE CONTRIBUTIONS TO THE VALUE OF THE BIKE ON THE CYCLING EMPLOYEE.
THE GOVERNMENT HAS RECENTLY REFORMED THE SCHEME, MAKING IT SIMPLER TO UNDERSTAND
AND IMPLEMENT, AND REMOVING MUCH OF THE RED TAPE THAT PREVIOUSLY MADE IT A MORE
UNATTRACTIVE PROPOSITION.
EVERYBODY WINS!
INFORMATION ABOUT AND REGISTRATION FOR THE PROGRAMME IS VIA THE
CYCLESCHEME.CO.UK WEBSITE.
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