Cycle to Work Scheme

There are many ways to improve your workplace, including raising morale, helping employees to keep fit and healthy, running activities that reduce stress, and creating a more environmentally friendly environment. Something that you can do that ticks all of these boxes long-term and adds real value to your business is a Cycle to Work scheme, which is very easy to set up.

 

What is it?

A Cycle to Work scheme is a UK government initiative that was introduced through the Finance Act of 1999. Its objectives are to promote healthier journeys to work and reduce environmental pollution, both of which are key features of cycling. It works by allowing employers to loan cycles and relevant safety equipment to their staff as a tax-free benefit, making it affordable for the employee. Whilst very popular in major cities such as Manchester, Edinburgh, Leeds and of course London, the schemes are useful no matter where you live and benefit companies of all sizes.

 

How does it work?

The employer buys the bike and the employee hires it through salary sacrifice, which is where they save as they don’t have to pay tax or National Insurance on the monthly fees. At the end of the hire period, the bike’s ownership is passed to the employee. The result is that the employee has access to a bike immediately and buys it for much less than it would have cost them otherwise. Meanwhile, the employer has promoted a healthy lifestyle and helped to reduce traffic congestion and carbon emissions associated with the business.

 

How do I get involved?

There are numerous Cycle to Work schemes in the UK. Below are some of the most popular.

Cyclescheme

Bike2Work Scheme

Halfords cycle2work

Evans Cycles Ride-to-Work

Cycle Solutions

Also, Cycle to Work schemes don’t require the approval of HMRC, so you can get started right away.

 

Other benefits

We’ve mentioned that cycling to work is a great way to keep fit, but you may be thinking that this only benefits the employee. However, healthier staff are generally more alert, productive and efficient, with higher levels of morale and wellbeing. This can greatly improve the output of your business in terms of time management, work quality and employee satisfaction, as well as generally making it a more pleasant place to do business.

 

On your bike!

The best way to enthuse your staff is to lead by example, so sign your business up to a Cycle to Work scheme today and get pedalling! We’d love to see photos and videos of your team on two wheels, so please do post on our Facebook page and tag us on Twitter.

 

bike to work