Sacrifice your salary?


halfords cycle2workWell a portion of it at least; and that's precisely what two of our staff have chosen to do. Dean Watson & Mathew Tyler have signed up through the firm for the Government's 'Cycle to Work scheme', a process that allows them and other employees to receive a new bike at a reduced cost in exchange for a commitment to cycle to work.

As part of the Government's Green Transport Plan, employees and employers are being encouraged to put their support behind a scheme which aims to save employees money on a new bike and accessories, make them fitter and help the environment too. The process is not without some Government red tape for the employer and of course it means in the short term the company has to pay for the bicycles up front, but nonetheless we're in support of it. Basically, here's how it works. The employer gauges interest from its staff and registers for the scheme. The employee visits one of the approved cycle centres, selects the bike and accessories they wish to receive and obtains a written quote which the employer authorises through the administrators of the scheme. Once paid for, the employee visits the cycle store and then (hopefully) rides home or to work having received a bike interest free and deducted monthly through their gross income, saving up to 42% from income tax and NI dependent on income.

The bike and any accessories remain the property of the company until such times as either party chooses to end the finance agreement, at which point ownership can be transferred. For more information go to; - http://www.cyclescheme.co.uk/ or http://www.cycle2work.info/.

Of course the scheme maybe called 'Cycle to Work', but this is a bit of a misnomer really because the Government's aim is encourage us all to cycle more often, not just to work because that's not always practical, but anywhere and we're definitely in support of that. In fact we'll be sharing news on another story about our determination to do more for the environment very soon.

Posted on 30th January 2012

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