Cycle to Work Scheme
Next Spring we’re once again offering the cycle to work scheme to employees. This means you can get a new bike and/or safety accessories and pay direct from your salary, saving money and spreading the cost.
Last year, employees who took advantage of the scheme on average saved £200 through tax and National Insurance Contributions savings. The exact savings are subject to your individual tax and national insurance calculations.
What is cycle to work?
Cycle to Work scheme is a UK Government tax exemption initiative introduced in the Finance Act 1999 to promote healthier journeys to work and to reduce environmental pollution. It allows employers to loan cycles and cyclists' safety equipment to employees as a tax-free benefit. Further information about the scheme can be found on the UK government’s website www.gov.uk
Other websites such as bike radar also give information http://www.bikeradar.com/gear/article/everything-you-need-to-know-about-the-cycle-to-work-scheme-18360/
Why cycle to work?
If you’ve never tried cycling to work here’s some food for thought or click here to find out what employers are saying about staff who actively travel to work.
1. Save money
Not only can you make great savings on the cost of a new bike, cycling can save you money on the cost of your commute. If you cycle five miles to work and five miles home you’ll rack up around 2,400 miles in a year– in fuel costs alone you’ll be saving over £300.
2. Get fitter
It’s a fair bet to say that riding a bike instead of you current method of commute will improve your health and fitness: a half-hour commute at a moderate intensity can easily burn 250 calories, maybe more – and it’s non-impact so your chances of picking up an injury are low.
3. Help the environment
By riding a bike you’re doing your bit for the environment too. Vehicles on the road are the third largest source of greenhouse gases in the UK.
Need more information?
Before you apply find out
- What package is right for you?
- How much you could save?
- Where you can buy?
How to apply?
The next cycle to work scheme will be open for applications from 12th March until 25th April 2018 with the first deduction being end of May for both Fife and Teachers. The following scheme will operate from 24th Sept until 7th November 2018 for first deductions in December for both payrolls.