How will this benefit my business?
- 13.8 % saving on the salary sacrificed on cycles
- Healthier fitter employees supporting wider employee wellbeing
- Cycling is eco-friendly and keeps the organisation’s carbon footprint low
- By fulfilling your corporate social responsibility your organisation will benefit from a positive public perception
How much does it cost my business?
- No cost to the business to implement.
- The cost of the cycle*** quickly recouped through Salary Sacrifice and savings in Class 1 NI
- Call now for a free consultation even if you have a scheme in place
* Should the employee leave before the end of the agreement the balance needs to be settled from net pay
** This is dependant on Tax and NI levels paid and may be subject to a Fair Market Value payment of between 0% and 25% which is determined by the choices you make on how to run the scheme
*** Consumer Credit Licence is required for total value of equipment per employee to exceed £1000
Cycle to work scheme
Offering employees the Cycle to Work Scheme enables them to get a quality, reliable bike at a significantly reduced cost.
Benefits to your business and employees
How will this benefit my employees?
- Encourage a healthier fitter lifestyle.
- They save Tax and NI on your repayments, being up to 32%, 42% or 47%**
- Huge range of cycles and retailers to choose from.
- Can include safety equipment in with the cost.
- Incredibly tangible employee benefit.
- No credit checks
How does the salary sacrifice Cycle to Work scheme work?
- Employees are able to obtain cycles and safety equipment from the employer, saving any TAX and NI that would be incurred on the salary sacrifice amount
- Employees can access online, specialist local AND national cycle retailers such as Evans or Halfords
- The employer purchases the cycle and safety equipment and hires the cycle to the employee over a specified period*, employees may be given an option to retain the cycle at the end of the hire period
- Enjoy Benefits Ltd undertakes all the administration