Here at Cycleshack we operate our own cycle to work scheme for local businesses. It works in exactly the same way as the nationwide schemes but it’s quicker and easier because we run it ourselves. That way we can be sure that any employee of members of our scheme can walk into our shops and expect to take away a bike under the scheme within a matter of two or three days.
Worthwhile savings are made by both the employer and employee under this Government approved scheme which is why we have signed up many local businesses to participate in our scheme.
The employee can save up to their highest rate of personal tax and an absolute minimum of 30% as a standard rate tax payer. For example a standard rate tax payer acquiring a bike and equipment at a cost of say £750 incl VAT would repay just £517 making a total saving of £232. A higher rate tax payer would save £307 in the same situation.
Contact us through our contact page to request further information or to sign up for our scheme.
If you are not eligible due to being self employed we can recommend other ways of saving tax and VAT on the purchase of a new bike. Again do please contact us for further details. Tax reliefs are there for a purpose so why not make the most of them?!