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Cycle to Work

The Cycle to Work scheme is a government approved initiative that gives employees the chance to own and use a top of the range bike.

Cycle to Work

The Cycle to Work scheme is a government approved initiative that gives employees the chance to own and use a top of the range bike and equipment at a fraction of what it would normally cost them.

It works as a “salary sacrifice” hire agreement with the employer so the payments are taken off gross earnings each month, before Tax and NI are applied.

Studies show that feeling fitter and healthier can have a huge impact on general well being. Employees don’t even have to pedal all the way to work – part journeys still qualify.

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Company wide benefit. Employees save  Tax and NI. Employers save NI; £138 per £1,000 spent. It's a win-win for all.

Huge range of popular brands and models to choose from; with corporate discounts enhancing the potential saving.

Making sure client needs are fully understood is key to provider selection; financing available to spread upfront cost.

Employer sets limit on amount employees can use to buy bike, safety equipment and related bike components; saving up to 42% for a higher rate tax payer.

Repayments spread over 12 months and employees can opt to keep the bike at the end of the period.

 

Reap the benefits from fitter, healthier, more productive staff and help them to save on the cost of their travel at the same time.

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“Cycle to work is a great example of a benefit that our employees really want, delivered and administered successfully. Employees can access the portal on the move when they want to, and do just that. The feedback has been very positive”

Regina McEvoy | UK Benefits Manager | Thomson Reuters