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.
Support employees who want to get healthy or save money when they purchase a new bicycle and/or cycling equipment via leading brands and independent suppliers, just via the Platform.
Employees can save 25-40% n the cost of a new bike and accessories, as well as save on the running costs of their car
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Reducing the number of parking spaces, saves costs for your company and might even freee up outdoor space for a more environmentally friendly use!
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Switching from car or public transport to cycling can save substantial money on fuel, parking, and public transport fares
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Studies show that cycle commuters have lower rates of heart disease compared with non active commuters, as well as improved mental wellbeing and reduced stress
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Cycling releases endorphins that boost mood and reduce stress. which can lead to improved concentration at work
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Cycling produces zero emmissions. If someone switches from driving to cycling for a 5 mikle commute it could reduce their carbon emmission by around 500kg p/a
Talk to usNot 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”.
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!
From everyday purchases, fuel, eating out, and entertainment, to gym and holidays, employee savings using the My Staff Shop Platform can be over £1000 a year - that’s less than 2% of the cost of a pay rise. You can offer your employees relevant, useful and impactful savings that can really stretch their paypackets.
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