Promote a healthier, more active lifestyle across your business and reduce commuter costs, congestion and carbon emissions.
Your business can save up to 15% on every employee that signs up to Cycle-to work and employees can save up to £420 on a brand-new bike and accessories from Halfords or Tredz.
How Does Cycle-to-Work Operate?
The Cycle to Work scheme operates via salary sacrifice, offering tax and national insurance savings on bikes and accessories chosen by employees.
The purchased items are technically hired from the employer over a 12–18-month period, with an option to purchase at fair market value at the end of the hire term or return them.
This Halfords-partnered benefit aligns with the government's initiative and the Co-operative movement's goals of promoting healthier lifestyles, sustainability and reducing emissions.
What Brands of Bikes are available with Cycle-to-Work?
All Halfords and Tredz bike brands are available up to a value of £1000, which includes all leading makes such as Boardman, Carrera, Trek, Apollo, Cube, Merida, Giant, Cannondale and many more.
How much Money Can a Business & Employees Save with Cycle-to-Work?
An employer/business can save 13.8% on their national insurance contributions and an employee can save up to 42% on the cost of a new bike and accessories via any payment method. The budget is up to £1000 for Employees to spend and the savings are capped at £420 (42%).
Employees that are in the 20% tax bracket: Required to only pay up to £680 through salary sacrifice. This would be as much as £57.66 for 12 months or £37.77 for 18 months.
Employees that are in the 40% tax bracket: Required to only pay up to £580 through salary sacrifice. This would be as much as £48.33 for 12 months or £32.22 for 18 months.
The £1000 budget limit can be removed in certain circumstances, please ask our expert team about this.
