Cycle to work scheme (The £1000 cap has been dropped)
Great news….. in June this year the Government announced that the £1000 cap on Cycle to work scheme has been dropped!
The dropping of the £1000 cap means that you can buy a better quality bike or E-bike for your commute to work.
The Cycle to Work scheme is a Government initiative to encourage people to ride to work by helping to reduce and spread the initial cost of buying a bike and the basic ‘safety’ equipment.
As an employee you can save up to 42% of the cost of the equipment because the scheme acts as a tax break, you can buy a brand new bike without paying tax and National Insurance on it!
You can also spread the cost by making the payments over 12 or 18 months; you'll basically be hiring the bike from your employer in exchange for a small amount of your salary being taken on a monthly basis.
Cycling to work is cheap, environmentally friendly and helps to reduce the stress of commuting (it really does) whilst keeping you fit and healthy at the same time!
Why not talk to your employer about the Cycle 2 work scheme and get on your bike to get to work?
See also: Planning your commute to work
Gov:‘about C2W scheme' www.gov.uk/expenses-and-benefits-bikes-for-employees
Gov: Guidance for Employers www.gov.uk/cycle-to-work-scheme