'Cycle scheme' is a Government Green Transport initiative. It allows employees to buy a bike tax free, usually through salary sacrifice.
Everyone wins: employees make big savings on new bikes, employers get a healthier workforce and save money too.
For details or to sign up for the scheme, visit: Cyclescheme.
How does it work?
- Your employer signs up for the scheme. You choose your new bike, which must be from an approved supplier. You can often get approval if your shop of choice is not already approved.
- Your employer buys this bike. In most cases, the VAT can be reclaimed. The bike is for your exclusive use, but at least 50% of your mileage should be commuting or work-related travel. You are not obliged to cycle to work every day.
- Where employers are VAT registered, the VAT-free price is repaid via salary sacrifice over an agreed period. This is usually between 12 and 18 months. You do not pay Tax or National Insurance on the income you forego. So, you could make even more savings.
- After the agreed period you will usually have the option to purchase the bike at a 'fair market price'. This can be between 2.5% and 10% of its original cost.
To find local cycle paths and byways to help you get to work, please see: Leisure and culture map.
For more about cycling facilities in Calderdale, this includes bike racks and public toilets, see: Calderdale Data Works.