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29 Jun 2023

The new Consumer Duty comes into force on 31 July 2023 for new and existing products and services. The aim is to set higher and clearer standards of consumer protection and to require firms to...

29 Jun 2023

Bicycle sales slowed sharply in Europe in 2022 after strong growth during the pandemic. But whilst traditional bicycles were less in demand electric bikes continued their explosion, the European...

29 Jun 2023

gogeta says it is set to shake up the Cycle to Work Scheme industry by offering partner bike shops the lowest commission fees in the industry at 4%, with an introductory offer of 3% until 31st...

26 Jun 2023

Transport for London (TfL) has launched a new Cycling Action Plan with the aim of increasing the number of journeys made in the capital by bike by a third by the end of the decade, with...

16 Jun 2023

Giant UK have partnered with Activate Cycle Academy and the Association of Cycle Traders (ACT) to provide a Cytech Technical e-Bike qualification

15 Jun 2023

Hubtiger has been revolutionising service and repair operations for numerous service-based shops with their powerful software. Now, they are thrilled to announce the expansion of their software...

15 Jun 2023

A new and improved traineeship programme for women and non-binary people being implemented by  Bike for Good, which delivers Cytech training in Scotland, is proving successful.

14 Jun 2023

The introduction of a 'death by dangerous cycling' law, proposed by then-Transport Secretary Grant Shapps last year, is unlikely to be passed before the next general election due to a lack of...

14 Jun 2023

ACT Gold Member Don Valley Cycles, dubbed “Doncaster’s favourite” cycle shop, has marked its 30th anniversary in business with a 300-mile bike ride.

13 Jun 2023

E-bike brand Cowboy has launched a retail partner network as it looks to expand its retail and service presence across Europe.

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Focus back on Cycle to work schemes

Posted on in Business News , Cycles News

With the weather (hopefully) improving and the drive towards more active pathways gaining momentum, there is likely to be a renewed focus on cycle-to-work schemes as an attractive way to finance a move into cycling.

Cycling alongside tram

Since 1999 the Government’s Cycle to Work scheme has helped over a million UK workers get people moving and reduce carbon emissions associated with travelling.

The cycle-to-work scheme works, very simply, by hiring a bike that your employer has purchased and repaying them through monthly instalments over an agreed period. Once this period has elapsed, you’ll be given the option to pay off whatever is outstanding to fully ‘own’ the bike yourself. The cycle-to-work scheme is essentially a salary sacrifice; you are sacrificing a portion of your salary for the benefit of the bike.

The minimum term of the salary sacrifice is generally 12 months, with some schemes and employers offering 36 or 48-month options too. How long you can spread your monthly payments will largely depend on the scheme, your employer, and your own working circumstances.

The scheme is particularly cost-effective because the monthly instalments are taken from your gross salary, which means that your tax and national insurance will be calculated on your salary less the cost of the bike (and any accessories you’ve added). You are therefore reducing your taxable income, which ultimately means you’re taxed less across the hire period.

Cycling News have run a great “all you need to know about…” article on the Cycle To Work scheme, which you can access here: https://www.cyclingnews.com/features/cycle-to-work-scheme-everything-you-need-to-know/

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