How Does The Bike To Work Scheme Work For Employers
Cost no more than 1 000 per employee any excess is a bik be purchased by you the exemption does not apply where an employee or director is reimbursed.
How does the bike to work scheme work for employers. Be used for qualifying journeys. The cycle to work initiative gives you the opportunity to sacrifice part of your salary in return for one bicycle and or allowable safety equipment which should be used primarily for part or all journeys to from work. Under the scheme your employer can buy a bicycle and safety equipment for you. Does the scheme cost anything for an employer to implement.
This scheme aims to encourage you to cycle to and from work. This will not be a taxable benefit in kind. How does the cycle to work scheme work for employers. Cycle to work scheme for employers.
There is a limit of 1 000 per bicycle purchased. 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. Employers typically save up to 13 8 of the total value of the salary. Bikes for employees.
The cycle to work scheme allows employees to obtain commuter bikes and cycling accessories through their employer whilst spreading the cost over 12 months and making unbeatable savings through a tax break. Be made available to all employees and directors. Items purchased under the scheme must. The cycle to work scheme is a great way for uk cyclists to save at least 32 per cent off the cost of a bike and cycling equipment.
The faq s below relate to the cycle to work scheme and the taxsaver scheme. Cycle to work scheme. The purchase can be made in any cycle shop. Cycle to work scheme.
It s been used by over 1 6 million commuters working for over. 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. You can use this to set up a cycle to work scheme to encourage employees to travel to and from work by bike. You recover the cost of the bike from the employee using salary sacrifice.
The scheme is free of charge to set up and costs nothing to run. You can only avail of the scheme once every five years. Employers cycle to work scheme. Cyclescheme makes the implementation coordination and administration of.
The employer makes the initial purchase and then leases the bike equipment to the employee via a salary sacrifice until the full amount is recovered.
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