What is a Cycle to Work Scheme?

Wondering what a cycle to work scheme is and whether introducing one could be of value to your business?

The cycle to work scheme through Enjoy Benefits allows your employees to own a new bike and accessories at low cost, and saves on tax and national insurance.

Cycletowork

Even better, it could lead to fitter, healthier and happier staff and maybe cut down on any commuting or car parking problems at your workplace.

Want to find out more about how it works? Sure you do. Call today on 0800 088 7315.

Surge in Cycling Popularity

Cycling is on the rise. Over 100,000 people took to regular cycling between June 2012 and January 2015, with perhaps some of your employees among them. Perhaps more of them would do – with your assistance.

The cycle to work scheme allows your employees to get a new bike, lights, helmet, locks, and any other accessories they need, at a reduced cost and with no up front payment.

In fact, they could save up to 40%!

The employer purchases the cycle and safety equipment and then hires the cycle to the employee  over a specified period - with employees then given an option to retain the cycle at the end of the hire period.

Employees also save on tax and NI on the salary sacrifice amount – the amount which is deducted from their salary every month to cover the hire. The scheme is available to all UK tax payers who pay tax via PAYE.

Enjoy Benefits will undertake all the administration – a cycle to work scheme therefore could not be easier for the employer or employee.

So your employee has a shiny new bike at minimal outlay – but what’s in it for your business?

Yes, you may have paid to buy the bike originally, but there is a 13.8 pence saving for each £1 of salary sacrificed on cycles, which works out on average around £83 per cycle up to a maximum of £138 per cycle.

You will have healthier, fitter employees, which could lead to fewer days off work and increased morale. And, providing a secure space to park bikes is easier and cheaper than maintaining a  car park!

Cycling is also eco-friendly and keeps your business’s carbon footprint low.

Enjoy Benefits can also provide a full range of workplace benefits for your business – from gym membership to medical insurance to childcare vouchers – you can see the full range here.

There is nothing to lose but time – so call today to find out more. Call Enjoy Benefits today on 0800 088 7315.