Get On Your Bike

You can get a bike and cycling equipment worth up to £1,000.
Here’s how . . .

The HMRC “Cycle-to-Work” scheme allows you to enter into a hire agreement with your employer or your business in order to pay back the amount. This is typically done through monthly salary sacrifice over the period of 12 to 18 months.

This amount is taken from your gross salary which means you pay less income tax and national insurance contributions overall. You will have the choice of returning or buying the equipment from your employer by the end of the period and the price would stand at its fair second hand market value.

You may also be given the opportunity to rehire the bike for three more years, after which, it becomes yours. However, this depends on what type of scheme that your employer has.