Cycle To Work Scheme
The cycle to work scheme is part of the Governments Green Transport Plan. It aims to cut congestion on the roads, improve the health of the nation and have a positive impact on the environment. In other words: “save the planet, save money, beat the traffic, and get happy!”
How the Scheme Works
The Government made the cycle to work scheme part of the 1999 Finance Act. It is free to join and like a year’s interest-free credit on a fabulous bike of your choice. The employer buys the bike for the employee who pays for the bike from their gross salary (Before tax & NI) saving the employee both tax and NI whilst the employer saves 13.8% employer’s NI.
What are the benefits
Cycling improves physical and mental health, which is known to boost productivity. Cycling to work regularly is a good remedy against sedentary illnesses. It is known to halve the risk of obesity, heart disease and cancer. Giving a fitness level equal to someone ten years younger. A 2018 study by Vitality Health found that cyclists had levels of depression 25% lower than that of sedentary employees. Being more satisfied with life, cyclists offered on average higher productivity and lower absence levels. Giving an extra six days work a year compared to inactive colleagues.
What are the choices
For more information on these schemes check out our Cycle to Work Page where you will find a calculator to see how much money you could be saving. Alternatively, head to our showroom where we can help you choose the right bike for your budget and lifestyle.