Cycle to Work (Salary Sacrifice) is a simple scheme whereby an employer can provide staff with an electric bike ‘tax free’ at approximately half the retail price and at no cost to the company.
We work with many of the leading schemes including CycleScheme, Enjoy Benifits, Cycle Solutions and Green Communities Initiative.
The Benefits
- The employee obtains the bike of their choice ‘tax and vat free’, by saving on the PAYE and NI contributions.
- In addition the company saves the national insurance (12 .8 %) on the reduced salary whilst providing its staff with an excellent benefit that provides an efficient and environmentally friendly form of transport.
- The company can treat the cost as capital expenditure and claim capital allowance in the normal manner.
- The additional, and hopefully obvious, benefits include a healthier, motivated and timelier workforce who will not require costly parking facilities at work, estimated at around £2000 per space.