Mid winter cycling might not seem the most obvious of past times or primary concerns for saving money at the moment however bikes received as Christmas presents and new years resolutions actually does swell the number of cyclists on the road. There are however further benefits to cycling to work (besides getting fit), tax breaks.
Under the Government cycle to work scheme employers can offer employees the option to buy a bike out of their pre taxed income, depending on your tax band this could be as much as 40% off the retail price, combine that with reduced transport costs and you’ll make significant savings!!
The scheme basically works as the employer buys the bike, reclaims the VAT, then the VAT price can be deducted from gross salary in (or more) 12 monthly instalments. Did you also know that you can also claim business mileage from the miles you’ve riden, 20p a mile tax free…
Save money, get fit and help the environment and speak to your staff about cycling to work.