{"id":4982,"date":"2022-06-13T11:11:00","date_gmt":"2022-06-13T10:11:00","guid":{"rendered":"https:\/\/www.langricks.com\/?p=4982"},"modified":"2022-06-13T11:24:41","modified_gmt":"2022-06-13T10:24:41","slug":"the-cost-of-fuel-is-rising-is-it-time-to-consider-the-cycle-to-work-scheme","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/langricks\/the-cost-of-fuel-is-rising-is-it-time-to-consider-the-cycle-to-work-scheme\/","title":{"rendered":"With the current cost of filling up a car is it time to consider purchasing a bike through the cycle to work scheme?"},"content":{"rendered":"

Do you have employees who cycle to work?\u00a0 If so they could take advantage of the government\u2019s Cycle to Work Scheme.<\/p>\n

The Cycle to Work<\/a> scheme is a tax incentive aimed at encouraging employees to cycle to work thereby reducing air pollution and improving their health.<\/p>\n

The Cycle to Work scheme permits an employer to provide bikes and\/or associated safety equipment to employees tax\/NI free.\u00a0 The employer purchases the bike and initially loans it to the employee, in exchange for a salary sacrifice by the employee over a period of time, typically 12 to 24 months. The employee then has the option to purchase the bike at the end of the loan period for a nominal sum, being the (low) market value of the now second-hand bike.\u00a0 The upshot is that the employee saves up to 42%<\/strong> of the cost of the bike (the exact saving depends on the employee\u2019s tax rate), and the employer also saves employer\u2019s national insurance on the salary sacrificed.<\/p>\n

Note that the following conditions must be met:<\/p>\n