Cycle to Work
The Cycle To Work (C2W) Scheme can be offered an employee benefit that will help you save money and spread the cost of purchasing a new bike and accessories.
We are members of the most popular cycle to work schemes including:
- Green Commute Initiative - www.greencommuteinitiative.uk
- Cyclescheme - www.cyclescheme.co.uk
- Bike2Work
- VivUp
- CyclePlus
- Evans Ride To Work
- Halfords Cycle2Work
You pay nothing upfront, all payments are taken from your salary by your employer. You make the saving as the value of the bike is taken from your pre-tax earnings, therefore you are not taxed on the value of the bike nor do you pay National Insurance contributions on that value.
Changes to National Insurance contributions will come into effect on 6th January 2024. This means the amount people can save on the Cycle to Work Scheme will reduce. Therefore, the new savings percentages will be 30% for basic rate, 42% for higher rate, and 47% for additional rate taxpayers in England and Wales.
If you are eligible to buy a bike through a cycle to work scheme, pop in to see us and we'll talk you through your options. If your employer isn't yet registered with one of the schemes we can also explain the benefits to them. We are able to advise on setting up a company scheme. Contact us here if you would like more info.
You can see how much you can save by using the calculator below from the Green Commute Initiative.