My client has just set up a cycle to work scheme and i need some help with how to account for it. Learn about aberdeenshire council bike to work scheme, including a description from the employer, and comments and ratings provided anonymously by current and former aberdeenshire council employees. By covering the cost of the bike through a salary sacrifice, most people save about 39% of the cost. You choose a bike, hire it for an agreed length of time, then snap it up for a fraction of its original value. Easy for employees, even easier for hr improve employee wellbeing while saving company funds and introduce cycle to work. Its like a yearround sale, with interest free credit available in over 2,000 retailers nationwide.
The cycle to work scheme is a uk government initiative. You dont pay income tax, prsi or usc on the cost of your chosen bike package so can save up to 52% on the retail cost. Free 1 year cycle care or bike service package when selecting a bike from the halfords group free 6 week. You can use a salary sacrifice arrangement to allow your employees to pay for the bike over an agreed amount of time up to 12 months. Oct 28, 2011 cycle to work scheme guidance for employers. Bike to work schemes the complete guide to this popular employee benefit there is no denying that one of the increasingly popular employee benefits is the bike to work schemes.
It is a prime example of how well an incentive scheme can work, as the bike to work scheme has transformed cycling in ireland. Items purchased under the scheme are not a taxable benefitinkind bik. Find out how much you can save on the cycle to work scheme. The governments cycle to work initiative is an inititive aimed at getting more people on yer bike. With ridetowork, you can get a taxfree bike, which for most people means they save a minimum of 32%. Bike shops offering cycle to work scheme dublintown. By availing of the cycle to work benefit with cyclesheme you can get 1 bike andor selected safety equipment up to the value of 1,000. The bike to work scheme is aimed at employees under irish tax system. Green commute initiative is a social enterprise with a vision to get commuters out of cars and onto any kind of bike, with the dual purpose of improving both the individuals health and wellbeing, as well as reducing the environmental impact of pollution and congestion from cars. There are 3 main options at the end of the original scheme term of 12 or 18 months. The salary sacrifice scheme allows your employees to save money on bikes and equipment from hundreds of retailers to encourage a healthier commute. Cycling has become one of the biggest growing trends in ireland when it comes to commuting to and from work and also exercising. With bike2work you could save up to 42% register as an employer register as an employee.
A fully managed scheme with the best range of bikes in the business. Green commute initiative the cycle to work scheme with. For employees the scheme covers bicycles and accessories up to a maximum cost of 1,000. The cycle to work scheme allows you to purchase new bicycles and safety equipment for your employees. Its been seven years since the bike to work scheme launched, promising to revolutionise irelands commuter traffic by incentivising cycling to work offering tax breaks for employees and employers who purchased bikes, obviously with the intention of cycling to work on them for some savvy employees, they might be on bike number two you can apply once in every fiveyear but for. Enter your details below to see how much you could save the calculator includes your ownership fee so there will be no additional fees to pay. This scheme aims to encourage you to cycle to and from work. Encourage a healthier workforce, and reduce your tax bill. Bike to work schemes the complete guide to this popular employee benefit.
In this employees section you can estimate the savings you could make on a bike or and find answers to frequently asked questions. Just get your employer to set up a cycle to work scheme with cycle solutions and you could be up and riding in days. Cycle to work the bike institute bike to work today. You can search to see if your workplace is signed up using the search box on cycleschemes homepage. Learn about hm prison service bike to work scheme, including a description from the employer, and comments and ratings provided anonymously by current and former hm prison service employees. Under the scheme your employer can buy a bicycle and safety equipment for you. Bike to works scheme remains an attractive benefit for all those involved. The taxfree programme allows employees to make savings of around 40% on new bikes and accessories, and there are money savings for employers too plus they get a fitter, healthier workforce to boot. A hire agreement between employer and employee for the provision of a bike.
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. Because healthier, happier employees mean more productive staff for employers. You can use a salary payback arrangement to allow your employees to pay for the bike over an agreed amount of time up to 12 months. Payments are taken out of your gross wage making it a tax free purchase. From keeping fit and healthy, reducing traffic and pollution, and with higher and higher petrol prices saving money. To this end, the cycle to work scheme has been a blessing to many workers, saving them money on a new bike and accessories that go with owning one. Bike 2 work scheme is the leading government cycle to work scheme, offering employees the chance to save up to 42% on a new bike. But, if you pay higherrate tax you could save more. Cost is spread over weeklymonthly interest free payments.
The government has recently updated the cycle to work scheme to encourage more people to commute to work by bike. Enter some details below to get a rough estimate for how much you could save. Employees cycle2work is a great employee benefit that offers the most costeffective way to get new cycling equipment. The salary sacrifice scheme allows your employees to save money on bikes and equipment from hundreds of retailers to encourage a. Using the bike to work scheme, your employer can help you obtain a brand new bike and safety equipment worth up to 1,000 euro. Use the cycle to work benefits calculator to estimate what your business or organisation could save with cyclescheme. Bike 2 work scheme limited enables employers and employees to work together to take part in the governments cycle to work scheme. Download our little black book of bikes ebike guide. Its like a yearround sale, with interest free credit available in over.
Bike to work provide all the help you need to take advantage of the government initiative offering tax free bikes for cycling to work. The cycle to work scheme is a government initiative designed to encourage cycling through the provision of a facility whereby employers provide tax free bikes for their employees. Employer guidance and options on setting up a cycle to work scheme covering. By availing of the cycle to work benefit with cyclesheme you can get 1 bike and or. Cycle to work scheme did you know, you can now buy a bike through the cycle to work scheme from the cobalt bike hub. Cyclescheme is the uks most popular cycle to work benefit, creating more cyclists than any other provider. Get started today and save up to 42% off a new bike. According to the cycle scheme operator, the amount of salary sacrificed is the gross amount, so the vat to be paid by the. We are currently performing some scheduled maintenance. Cycle to work scheme hse staff benefits and services hse. Cycle to work schemes enables employees to get an adult bike and safety. Under the scheme employers can pay for bicycles and bicycle equipment for their employees and the employee pays back through a salary sacrifice arrangement of up to 12 months. Workplace bikes provides a simple way for you to cut the cost of getting a bike, making it easier for you to start cycling to work. We process 99% of the cycle vouchers so no matter who your provider is.
We work with cyclescheme, who are the uks number one provider of the governments green transport plan initiative. Tax free bicycles via the bike to work and cyclescheme. Green commute initiative the cycle to work scheme with no. See an example of what you could save on the cycle to work scheme by using our online calculator. Weve summarised some of the main points below and weve also produced a comprehensive guide to the changes that you can download below. With ridetowork, you can get a taxfree bike, which for most people means they save a minimum of 32% of the cost. Learn about riverside group bike to work scheme, including a description from the employer, and comments and ratings provided anonymously by current and former riverside group employees. Of course, once youve established that you can get yourself a fantastic tax free deal, youll be looking for a worthy steed to. Its not only free for an employer to sign up, but it will save your business money. Y our employees can find the bike of their dreams and save up. There are various versions of the scheme, the bike can usually be up to. Bike4health will have a range of standard commuter bikes to electric bikes available to buy every month at cobalt central with prices starting at just.
Under the scheme employers can pay for bicycles and bicycle equipment for their employees and the employee pays back through a. If so, you need to click on the link in the email they sent you for full details of the scheme. The uks most popular cycle to work benefit cyclescheme. Cyclescheme savings can vary but the great news is that our calculator offers very accurate. Using the bike to work scheme, your employer can help you obtain a brand new. Our schemes allow you to choose from all the leading uk bike brands, with options for you to select your bike from halfords or from hundreds of independent retailers. The cycle2work scheme is about encouraging you to ride a bike just what bike is up to you.
To see how much tax you can save, see cycleschemes calculator. The cycle to work scheme has for many years been a fantastic way for employers to acquire bikes cost effectively for their employees, to enable them to commute to work in a healthy and cheaper way, as well as overcoming problems with traffic and parking. Bike to work scheme the cycle to work scheme is a tax incentive scheme which aims to encourage employees to cycle to and from work. Download our partner store brochure or for more info, or contact us. Cycle to work scheme bike shop birmingham bike servicing. You can choose an electric bike, mountain bike, folding bike, hybrid bike or road bike. After about two years campaigning ive finally got the hr team at my work to agree to do the govt cycle to work scheme thingy. Use our savings calculator to see an example of what you could save on the cycle to work scheme. Use the cyclescheme savings calculator to get an idea of how much you. 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. Here at the bike institute we offer further discounts for organisations who want to partnership with our store. This means you can save money on everything you need. Road tri commuting bikes electric bikes cycle to work. Jun 26, 2017 bike shops offering cycle to work scheme taking to two wheels to travel in to the city is becoming increasingly popular among residents and workers in the capital.
Welcome to the electric bike to work scheme electric bicycles are the ideal mode for personal transportation. Ride 2 work vs cycle scheme cyclechat cycling forum. Bike shops offering cycle to work scheme taking to two wheels to travel in to the city is becoming increasingly popular among residents and workers in the capital. Bike to work ltds market value process, based on hmrc guidance, ensures that employees savings are protected. Glassdoor is your resource for information about the bike to work scheme benefits at riverside group. If at the end of the hire period the employer decides to keep the cycle for some reason, or the employee doesnt want to keep it, the employer disposes of it in. Cycle to work scheme tax free bikes for work the tri store. Your bike should be suited to your daily journey to work, whether thats a quick hop to the station or an allweather adventure. The purpose of this article is to explain how, following recent announcements. Find out how you much you could save on a brand new bike with our cycle2work scheme calculator. Every electric bike is one less carditch the car and make your commute cheap and easy. Cycle scheme is the leading cycle to work scheme and an easy way to get a bike tax free and by paying through your monthly salary, its easy to afford. Purchase a bike through the governments cycle to work scheme and you can save between 32% and 42% through your employer. You must be an employee pay prsi payeor a director of a company in order to avail of the tax.
The scheme is run via a salary sacrifice meaning you wont pay tax or national insurance this saves you between 32% and 42% on your new bike and accessories. Cycle to work scheme implementation guidance for employers. Y our employees can find the bike of their dreams and save up to 32% in tax and ni contributions. The cycle to work scheme is a tax incentive scheme which aims to encourage employees to cycle to and from work. Since the majority of people commute alone to work each day, electric bikes are ideal substitutes for using your car. Cycle to work scheme online bike store formby cycles. Glassdoor is your resource for information about the bike to work scheme benefits at aberdeenshire council. Using the cycle to work scheme, your company can purchase a brand new bike and safety equipment worth up to 1,000 tax free, for your employees. Cycle to work scheme hse staff benefits and services. For schemes entered into since july 2011, the employer must account for vat on the amount of salary sacrificed each month.
The key to its success is the fact that it helps workers remain active, decreases the amount of money they spend on travel, and supports the environment. The repayment is made before tax and prsi are applied. Free 1 year cycle care or bike service package when selecting a bike from the halfords group. Use the cyclescheme savings calculator to get an idea of how much you might save. Green commute initiative is a social enterprise with a vision to get commuters out of cars and onto any kind of bike, with the dual purpose of improving both the individuals health and wellbeing, as well as reducing the environmental impact of pollution and congestion. The hse purchases the bike and the employee pays the sum back through a salary deduction over a period of up to 12 months. At the end of the scheme, the employee will have saved between 2539% or more with offers and the employer will have saved up to. With rideto work, you can get a taxfree bike, which for most people means they save a minimum of 32% of the cost. Bike to work ltd bike to work provide all the help you need to take advantage of the government initiative offering tax free bikes for cycling to work. Welcome to bike to work, your online portal for all employee commuter needs. Here are some frequently asked questions regarding the cycle to work scheme for both employers and employees, for more see revenue. Riding to work, in our opinion, is by far the best way to get there and its even more affordable with the help of the ride to work scheme, as well as cyclescheme and other tax free bike providers 10 reasons to cycle to work in case you need convincing.
Cyclescheme savings can vary but the great news is that our calculator offers very accurate savings forecasts. This means the benefits of the scheme are now even better for both employees and employers. There is no denying that one of the increasingly popular employee benefits is the bike to work schemes. Oct 27, 2011 after about two years campaigning ive finally got the hr team at my work to agree to do the govt cycle to work scheme thingy. Are you a company or organisation that want to introduce your staff to the cycle to work scheme. Bike to work schemes salary sacrifice team rewards. Glassdoor is your resource for information about the bike to work scheme benefits at hm prison service. Through bike to work your staff can avail of the government tax relief schemes offering tax free bikes for cycling to work. Save on the cost of the commute, promote a healthy lifestyle, and reduce your companys carbon footprint all with our superb cycle to work scheme.
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