Bike to work – Cycleplus
CyclePlus allow you to save up to 42%* off the usual cost of a cycle and accessories through tax and NI savings. Bike to work – CyclePlus run in partnership with Velo Times. This bike to work scheme allows you to choose any adult cycle and safety equipment (costing no more than £1,000 including VAT) suitable for commuting. At least 50% of the cycle’s ridden time must be spent travelling to and from work.
How it works:
- Your employer purchases bicycle and cycling safety equipment (such as helmet, lights etc.) from Velo Times.
- The purchase is made via capital expenditure or an operating lease
- You lease the equipment from your employer over a 12 or 18-month period
- Your employer is able to treat the cycle as a business asset and reclaim the VAT
- Your employer can recoup the cost of loaning the equipment via employees’ salary sacrifice
- You will save on tax and NI by sacrificing a fixed monthly amount from your gross pay
- Your employer retains the ownership of the equipment throughout the lease term. At the end of the hire period they may decide to transfer title for fair market value.
Information for Employers
Cycle Plus delivers a managed end-to-end process, wholly administered in-house, and provides you with a single point of contact Account Manager. Thanks to it you can manage the relationship with your team; get set to enjoy the simple, fully supported bike to work scheme at zero service cost. The marketing communications tools are successful at driving awareness, capturing employee attention and extremely effective at turning employee interest into application – with record results.
CyclePlus bike to work offers an excellent track record of delivering successful, fully incorporated salary sacrifice cycle to work schemes with online and offline options that deliver participation that far exceeds expectation.