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Cycle to Work Scheme
If you are thinking about using your bike for travel to your place of work, it might be worth persuading your employer to set up a Cycle to Work Scheme as you then effectively get a free electric bicycle.
· Your employer gets full capital tax allowance on the expenditure of purchasing the bikes.
· Your employer saves on the need for as many car parking spaces.
· Helps your employer to attract and retain healthier employees.
· Provides your employer with a very useful staff benefit.
The scheme is also a great deal for the employee in that the employer can loan the bikes to the employees without them becoming a taxable benefit.
If the employer decides to make a charge to the employees for the provision of the bike, this can be taken as a salary sacrifice, hence no tax or NICS for the employee on that remuneration.
When you have used the bike for about 18 months, the employer is actually allowed to sell you the bike for a small fraction of the original cost – what a great deal!!
The Cycle to Work Scheme is sponsored by The Department for Transport and you can get full details from their web site by clicking this link
Your employer does not need approval to set the scheme up, he just buys the bikes and does it and you and the employer get major benefits from day one. Just get your employers to contact us and we will work with them to get things going
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