BikeRight has launched a unique Cycle To Work scheme, which will combine the company's already strong cycle training business with tax-free sales.
The CycleToWork Plus scheme is open to all organisations, both public and private sector. At a basic level people can acquire bikes through their gross salary and crucially not their 'take home' pay. This means they will save on tax and National Insurance contributions. And, if an employer can reclaim VAT they will save on that too – up to 49 per cent off the retail price of bike and accessories.
The company are working alongside exisitng scheme provider, On Your Bike, who deal with hudreds of dealers across the UK. The only restrictions to the scheme are those set by the DfT, such as the £1,000 spend limit.
“Our initiative still includes the tax and VAT breaks that other cycle to work schemes have, but as we are one of the UK's leading cycle training companies we can offer something more – making sure that people have received high-quality training and are competent cyclists able to handle journeys on congested roads,” commented Liz Clarke, BikeRight MD.
National Insurance savings made by employers can be utilised to subsidise the training aspect of the scheme. So in most cases, introducing CycleToWork Plus in to an organisation will involve little or no cost to that employer.
BikeRight was awarded the Business of the Year and Growth Business of the Year in January 2009 at the North West Women in Business Awards.