In order to encourage healthier lifestyles and to help reduce environmental pollution the UK Government has introduced Cycle to Work Schemes. In addition to the health and environmental benefits these schemes also provide financial benefit to both the employer and employee.
Employees can save up to 42% on the cost of bikes and equipment whilst employers save 13.8% on national insurance contributions for each employee who takes part in the scheme.
How it works?
The employer pays the full cost of the bike and accessories chosen by the employee. The employee then pays the employer back through a salary sacrifice scheme over a fixed interest free term (any period between 3 months and 5 years). The employee saves up to 42% via income tax and national insurance savings and the employer saves 13.8% via national insurance contributions.
Portswood Cycles are registered with several different schemes including Bike 2 Work Scheme. For more information please click on the links below:
For further details click one of the logos below to go to their website.