Save Money with a New Bike on the Cycle to Work Scheme
The cycle to work scheme is a government initiative called the “Green Transport Plan”, aimed at reducing congestion and emissions. It encourages working adults to swap their car commute for a cycling one, and as an incentive they will benefit from a tax exemption on the cost of their cycle commuting goods.
Under the cycle to work scheme, your employer buys the commuting package at full retail price and hires this to you over a fixed period of time. During this time, this balance is recovered through a reduction in the employee’s gross salary (meaning you make Tax and National Insurance savings – and your company makes National Insurance Contribution savings too!)
There are a few variables meaning not everyone will have the exact same percentage of savings. The websites below have savings calculators.
For more details, ask your HR department or visit your employers choice of scheme operator, by clicking on the logos below for the Cycle Scheme, Evan’s Ride to Work or the Halfords Cycle to Work scheme.