How Does A Bike To Work Scheme Work
Under the scheme your employer can buy a bicycle and safety equipment for you.
How does a bike to work scheme work. It s like a year round sale with interest free credit available in over 2 000 retailers nationwide. Employers cycle to work scheme. Save 25 39 on a new bike for work. This will not be a taxable benefit in kind.
There are a few different scheme providers out there each with their own variations but the basic idea is the same. You choose a bike hire it for an agreed length of time then snap it up for a fraction of its original value. There is a limit of 1 000 per bicycle purchased. The cycle to work scheme is not.
The purchase can be made in any cycle shop. Under the scheme an employer can pay for a new bicycle including bicycle accessories and the employee then repays the cost in regular installments from their gross salary. It s been used by over 1 6 million commuters working for over. The cycle to work scheme is designed to help you save money on a new work bike and spread the cost of the bike over monthly tax free instalments through your employer.
The cycle to work scheme generally known as the bike to work scheme is a tax incentive scheme to encourage employees to cycle to work. This scheme aims to encourage you to cycle to and from work. Bike to work ltd offers employers a totally free service to help you take advantage of the government initiative offering tax free bikes for work using the bike to work scheme your company can purchase a brand new bike and safety equipment worth up to 1 000 tax free for your employees.
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