What is it?
The cycle to work scheme is part of the Government’s Green Transport Plan, there’s a “tax break” which allows employers to provide cycles and safety equipment to employees as a tax-free benefit.
The scheme promotes the use of bikes as a healthy way to get to work and helps reduce environmental pollution.
How does it work?
Technically speaking, employees actually hire the bicycles from their employer then purchase them outright at the end of the salary sacrifice period for a Fair Market Value payment. The employer buys the bikes and any safety accessories at full retail price, including VAT, which they can reclaim in the normal way. The balance is recovered from the employee’s gross salary over 12 months. Because the repayment is taken from an employee’s gross salary, the repayment is free from tax and national insurance, which for most people means they save about 32% of the cost of the bike.
Pop in to see us to get a written quote for the cycle and accessories you need. You could be riding your new bike within 2 weeks.
Our partner companies
P&MM employee benefits www.pmmemployeebenefits.co.uk
SME HCI www.smehci.com
Surrey County Council
More infomation for Surrey County Council Staff is available here http://www.surreycc.gov.uk/roads-and-transport/cycling-and-driving/cycling/cycle-to-work-scheme
From 1 January 2013 the Council has enhanced the scheme by increasing the current limit from £1000 to £1500