Cycle to Work

Love2shop cycle to work graph

CYCLE TO WORK

Love2shop cycle to work roundel Love2shop cycle to work man

CYCLE TO WORK: IMPROVE EMPLOYEE FITNESS AND WELLBEING

Riding to work has steadily grown in popularity over recent years, and the cycle to work scheme has been a powerful incentive for getting more people out of cars and buses and onto a bike.

HEALTHIER, HAPPIER EMPLOYEES

Your staff get a massive reduction in their travel costs by cutting parking, fuel, tolls and car maintenance while getting healthier to boot. A twenty-minute ride into work can stimulate positive effects which make for more productive, engaged and loyal workforce.

HOW CYCLE TO WORK SCHEMES BENEFIT EMPLOYEES

Employees sacrifice a slice of their take-home salary to pay for a brand new bicycle to use for commuting over 12 to 18 months, knocking 32% of the cost of the bike off through tax and NI contribution discounts while employers also enjoy a 13.8% saving on NI contributions.

While your employees use the bike to commute, the bike remains property of your company, and the monthly payments from staff salary function as hire payments. Once the bike has been paid off, most employers let their employees purchase the bike for a nominal fee, but the bike remains the company’s asset.

DOWNLOAD THE EVERYDAY BENEFITS BROCHURE

Find out more about discount savings on everyday expenses for your employees.

Love2shop Everyday Benefits Brochure

CYCLE2WORK FAQ’S

  • How much does it cost to set up?

    Very little, we operate a Halfords cycle2work scheme and there are no admin fees for their involvement, your only outlay is for us to set up and operate your scheme on your behalf.

  • What if a bike is stolen?

    We recommend employees or businesses take out insurance on the bicycle and equipment, as stolen equipment won’t result in cancelled payments.

  • Can an employee have two bikes?

    Yes, an employee can enter into two hire agreements, if they feel they need equipment for the winter and the summer, although employers can choose to restrict the amount of hire agreements.

  • Will other benefits be affected?

    It’s possible for salary sacrifice schemes to have an effect on your pension and benefits as it affects your gross annual salary.*

  • What if my employee leaves, or is made redundant?

    Even if an employee in a hire agreement leaves the company, they’re still liable for the cost of the equipment until the hire period ends but also retain access to the equipment. The bicycle and accessories, however, remain the property of your company.

OTHER SALARY SACRIFICE SERVICES WE PROVIDE…

Holiday
Trading

Staff can buy extra holidays, or sell holidays back to their employer.

Car
Payments

Save on payments and service costs on environmentally friendly cars.

Salary
Sacrifice

Salary sacrifice is a fundamental element of a robust employee benefits package.

* Please note that Love2shop Business Services employees cannot provide tax advice. The information detailed above is based purely on hypothetical examples. It does not take into account individual circumstances and therefore we strongly advise all our customers to seek independent financial advice.

BOOST EMPLOYEES FITNESS AND BUSINESS SAVINGS

We’d love to answer any questions you have about the Cycle to Work scheme and how we can help your business get your employees moving.

Simply fill out the web form below and we’ll be in touch.

Please note that salary sacrifice solutions are delivered in association with   

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