Cycle to Work Scheme - What you need to know
With the costs of public transport rising every year, many people are ditching the underground for a healthier alternative and cycling to work. For the casual cyclist, a popular option is to go down the ‘Boris Bike’ route, but those cycling regularly often prefer to buy their own bike for greater speed and comfort.
The Government’s Cycle to Work Scheme enables employees, working at registered companies, to save hundreds of pounds on a new bike. But how does the scheme work?
- Registration – Your employers need to first register for the scheme. If they haven’t already done so, then registration is free and easy, so there is no excuse for not cycling to work.
- Save Money – With the Cycle to Work Scheme, your bike purchase come out of your wages BEFORE TAX. This can save up to 42% on the cost of the bikes. Many employers also allow you to spread the cost out over a year, making a £700 bike cost no more than a standard mobile phone contract.
- Accessories – The scheme not only applies to your bike, you can also make the same saving on accessories such as bike lights, locks, clothing and even cycling Sat Nav’s.