It aims to make cycling more attractive as a legitimate way to commute to work by taking advantage of some new tax incentives. Big Bear Bikes works with many of these schemes to ensure that we can offer as many different types of Cyclescheme incentive programs as possible. This can make it a little confusing but they work essentially in the same way.
It is a form of salary sacrifice which means in exchange for a lower gross salary you would receive the non-cash benefit of a new bike and accessories, with a reduction in the RRP of your chosen bike by paying less in Income Tax and National Insurance.
Employee's gain many benefits from Cyclescheme.
Cycling is an excellent way to save money as it has none of the running costs of a car. If you add to this the tax savings that you will also receive, it provides a great incentive leaving you much better off in the long run.
Bikes can shoot right through congestion, parking and long queues in the morning, especially for inner-city workers; a bike could get you there just as fast door-to-door.
Cycling to work can kick start your brain in the morning and ensure that you are more alert to tackle the day ahead; it also cuts the cost of gym membership and helps you take your mind off work when cycling home.
As more people become more conscious about their own carbon footprint, cycling to work will ensure you don’t contribute a single step towards your carbon footprint travelling to and from work.
Rewarding Employees - give something back to your employees at no extra cost to yourselves.
Cycling boosts fitness and studies show that a regular cyclist can enjoy a fitness level of someone 10 years younger.
Regular exercise reduces stress and helps to maintain a healthy immune system.
An employee who cycles to work in the morning is more likely to be more alert and efficient than someone who does not. The connection between exercise and productivity is well documented and cycling to work is an ideal way to boost this.
Cycling is more time efficient especially in bigger cities where there is traffic. Cyclists can accurately anticipate arrival times and are much less affected by queues and traffic.
For every £500 an employee hires on the scheme, the employee saves £64 in NI contributions. The employer may also save on salary related pensions and VAT.
