Cycle to work
Cycle to work schemes are an awesome way for employees to save money on buying a bike. These salary sacrifice schemes mean that employees can pay for a bike over the course of a year, whilst saving on tax.
What is Cycle to work?
Cycle to work is a type of salary sacrifice scheme where employees can save on the cost of buying a bike.
Employees split the cost of the bike over the course of a year, and the payment is taken from their gross salary. This way, employees benefit from savings on National Insurance & income tax.
Why should you offer cycle to work?
Cycle to work schemes benefit both companies and employees.
Benefits to your employees:
- Employees save money on buying a bike
- Save money on commuting costs
- Supports an active and healthy lifestyle.
Benefits to you:
- Healthier & happier employees
- Great way to help the environment
- Reduced NI costs
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