The Cycle to Work Scheme (generally known as the Bike to Work Scheme) is a tax incentive scheme to encourage employees to cycle to work. Under the scheme an employer can pay for a new bicycle (including bicycle accessories) and the employee then repays the cost in regular instalments from their gross salary.Nov 27, 2020
- 1 How does the cycle to work scheme work for employees?
- 2 Do I qualify for cycle to work scheme?
- 3 What is the government cycle to work scheme?
- 4 How do I apply for Cycle to Work scheme?
- 5 Can you lose belly fat by cycling?
- 6 Is the bike to work scheme worth it?
- 7 What happens at end of cycle to work scheme?
- 8 What is the cycle to work scheme limit?
- 9 How long does it take to get a bike on cycle to work scheme?
- 10 Can I get a grant for a bicycle?
- 11 How many bikes can I buy on the cycle to work scheme?
- 12 Can my company buy a bicycle?
- 13 Can I get an electric bike on the cycle to work scheme?
- 14 Does Halfords do bike to work scheme?
- 15 Can you buy an electric bike on the cycle to work scheme?
How does the cycle to work scheme work for employees?
How it works. The cycle to work scheme allows employees to obtain commuter bikes and cycling accessories through their employer, whilst spreading the cost over 12 months and making unbeatable savings through a tax break. The employee receives their bike and starts their salary repayments.
Do I qualify for cycle to work scheme?
If you are a working adult aged 16 or over, you are eligible to join Cyclescheme. Your employer needs to be signed up and your earnings should be more than the National Minimum Wage after the salary sacrifice is taken from your gross salary.
What is the government cycle to work scheme?
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.
How do I apply for Cycle to Work scheme?
How to join the cycle to work scheme
- Pick Your Package & Apply. Select a package that suits your needs. Just a bike.
- Get Your Gear. This couldn’t be easier.
- Choose an ownership option. When your Hire Agreement and salary sacrifice ends, you can keep your Cyclescheme package by paying a small ownership fee.
Can you lose belly fat by cycling?
Does cycling burn fat? Yes. Although your stomach muscles aren’t working as hard as your quads or glutes when you‘re riding, but cycling’s aerobic nature means you are burning fat.
Is the bike to work scheme worth it?
However, it is still widely used and, according to national cycling charity Cycling UK, very worth it. Sam Jones at Cycling UK told us: “We’re absolutely pro the Cycle to Work scheme – you make a saving, it helps people spread the cost out over time, and it helps employers and employees think about cycling.”
What happens at end of cycle to work scheme?
At the end of the hire period, Bike to Work Ltd will contact employees to discuss the options available. At the end of this period, Bike to Work Ltd will refund the deposit if the employee does not wish to keep the bicycle. No further action or payment is required if they wish to keep the bicycle.
What is the cycle to work scheme limit?
Employers can implement Cycle to Work schemes and offer a maximum certificate value of £1,000 inc. VAT per employee, thanks to a Cycle to Work exemption issued by the Financial Conduct Authority (FCA). Cyclescheme can also enable employers to offer ‘no limit’ schemes via our ‘Freedom to ride’ program.
How long does it take to get a bike on cycle to work scheme?
Mine took 6 weeks till I got the certificate. I had to badger the HR department for it. As I understood it at the end of the 12 months you had to then pay what was the then value of the bike calculated with some weird procedure. When it came down to it after my 12 monthly payments I didnt actually pay anything more.
Can I get a grant for a bicycle?
Since it began, TfL’s Cycling Grants London programme has helped 90 projects encourage over 14,000 people to cycle. New projects will receive up to £10,000 over three years. The Cycle Grants London programme is part of TfL’s record investment in cycling over the next five years to make it easier and more appealing.
How many bikes can I buy on the cycle to work scheme?
Yes! If you would like to get two bikes you certainly can – as long as they are both suitable and safe for you to ride, and your total doesn’t exceed your scheme’s maximum limit.
Can my company buy a bicycle?
Broadly, this is an annual tax exemption that allows a business to loan bicycles and cycle safety equipment to employees as a tax-free benefit. This means that the company (the employer) can buy a bike and bike safety equipment and loan it to the director (the employee) for qualifying business journeys.
Can I get an electric bike on the cycle to work scheme?
Over the weekend, new guidance on the Cycle to Work scheme was announced by the Department for Transport (DfT), making it clear that ebikes are eligible for it.
Does Halfords do bike to work scheme?
Cycle2Work is a government initiative which offers the most cost-effective way to get new cycling equipment. The scheme is ran through participating employers, meaning you do not have to pay Tax, PRSI or USC on these products – saving you up to 51%!
Can you buy an electric bike on the cycle to work scheme?
At e-bikeshop we cater for all cycle to work schemes. The two most popular schemes are the ‘Cyclescheme‘ and our own in house ‘eBike To Work Scheme‘. The benefit of the cycle to work scheme is that you make great savings on your new electric bike purchase.