The Cycle to Work Scheme is a tax-efficient, salary-sacrificed employee benefit that provides a way of encouraging more adults to take up cycling, by using a cycle for commuting purposes. Employers can help employees obtain a brand new bike and safety equipment worth up to 1,500 euro. Employees can use a salary sacrifice arrangement to pay for the bike monthly and that means they can save up to 52% of the retail price of bike and equipment. The employer also makes savings to encourage them.
Under the scheme, employers buy cycling equipment from suppliers approved by their scheme administrator, on behalf on employees. The employee then repays the employer over a period of 12 months max, saving up to 52% of the purchase price.
Why run a Cycle to Work scheme?
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