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Q: What is a Cycle to Work Scheme?
A: A 'Cycle To Work' scheme aims to encourages employees to increase their levels of active travel by cycling to and from work, because the benefits can be substantial.
Whether you live close enough to cycle to work, or you choose a combination of driving and cycling, you can save money on travel costs, reduce your carbon footprint as well as improving your general health and wellbeing.
The scheme allows staff to purchase a bike using income before tax and national insurance. This means the actual cost of buying the bike is 33.25%/43.25% cheaper. Furthermore, the cost of the bike is spread out over 12 months. The scheme can also be used to buy equipment and security for the bike (including helmets).
Other than administration time, there is no cost to the employer and the employer will also generate a national insurance saving.
Terms and conditions apply – specific rules are required in order to satisfy HMRC.
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