What means cycle to work scheme?

What means cycle to work scheme?

Cycle to Work scheme is a UK Government tax exemption initiative introduced in the Finance Act 1999 to promote healthier journeys to work and to reduce environmental pollution. It allows employers to loan cycles and cyclists’ safety equipment to employees as a tax-free benefit.

Is cyclescheme the same as cycle to work?

Is Cyclescheme the Same as Cycle2Work? Cyclescheme and Cycle2Work scheme are two different cycle to work schemes provided in the UK. Cyclescheme is the UK’s biggest scheme and is available with most bicycle retailers.

Who introduced the cycle to work scheme?

The cycle to work scheme was one of a series of measures introduced under the Government’s Green Transport Plan. The 1999 Finance Act introduced an annual tax exemption, which allows employers to loan cycles and accessories to employees as a tax-free benefit.

How does the cycle to work scheme work for employers?

Employer: How does the cycle to work scheme work for employers? The cycle to work scheme allows employees to obtain commuter bikes and cycling accessories through their employer, whilst spreading the cost over 12 months and making unbeatable savings through a tax break.

What companies are in the cycle to work scheme?

Brands

• Trek. Save money and spread the cost on Trek bikes.
• Specialized. Save money and spread the cost on Specialized bikes.
• Giant. Save money and spread the cost on Giant bikes.
• CUBE. Save money and spread the cost on Cube bikes.
• Cannondale. Save money and spread the cost on Cannondale bikes.
• Canyon.
• Ribble.
• Brompton.

Can you get a scooter on cycle to work scheme?

Through the Cycle2Work scheme you can only redeem adult bikes and cycling accessories that you will be using yourself. The below are not available on the scheme: Scooters & electric scooters.

When did cycle to work scheme?

1999
The cycle to work scheme was introduced in the 1999 Finance Act.

How much do you get off with cycle to work scheme?

With Ride-to-Work, you can get a tax-free bike, which for most people means they save a minimum of 33% of the cost. Enter some details below to get a rough estimate for how much you could save… You must enter an annual salary. You must enter a total value.

Does cycle to work scheme go on P11D?

This must be reported on form P11D and will be subject to Class A employer-only NICs. Buy the bike later. Most scheme providers offer the option to pay a small deposit to re-hire the bike (typically 3-7% of the original value).