The “Cycle To Work” is a government initiative, allowing an employer to lease a bike of up to £1000 to an employee. Payments are made by salary sacrifice- you save the VAT, your income tax % and national insurance contributions from the monthly payments, along with the ease of paying it back monthly!
– That £1000 bike could cost as little as £513 paid monthly at just £43 a month!
- Your employer must first sign up with cyclescheme or cycles-plus and create an account.
- You the employee then get a quote for the bike you require, plus any extra safety equipment that you may want included.
- You are then issued with a voucher to redeem against your chosen bike.
Use the calculator below to work out how much you could save.