22 Oct, 2014
Would your business benefit from the government backed cycle to work scheme? This scheme will enable eager businesses to loan cycles and the associated safety equipment as a tax free benefit, thus not becoming a “benefit in kind”.
There are numerous advantages of such a scheme and they are not limited to just the individual but also to the company. These can include:
Businesses of all sizes are eligible, however, unfortunately the schemedoes not include the self-employed. The following equipment is available under the outline:
There is nothing stopping a business implementing a scheme themselves but that does mean that they would have to receive cover from a consumer credit licence and a salary sacrifice agreement.
That being said, there are numerous providers of the scheme who will take care of that side of the process. Examples of which are Halfords, Evans Cycles and CycleScheme. The process for which can vary but the main process is as follows:
Once the period of hire by the employee from the company has elapsed, the employee has the option of purchasing the cycle and/or equipment at fair market value.
A more in depth explanation of the scheme can be found on the gov.uk website here.
For more information regarding additional ways in which your business can become more environmentally aware and save money at the same time, take a look at the ISO 14001 Environmental Management Standard or our Environmental Manager training course. Conversely you can call our head office on 01905 670303.
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