Bike to work scheme
As well as helping employees reduce the cost of travel, companies can make significant savings in National Insurance too.
Benefits as flexible as your business
Travelling to work can cost the earth in more ways than one and that’s why more and more people are opting to bike to work and leave the car at home. As well as helping employees reduce the cost of travel, companies can make significant savings in National Insurance too.
Through the bike to work scheme employees get a new bike for travelling to work, and because they pay for it through a salary sacrifice arrangement, employees can make significant savings in income tax and NI.
Employers save money through reduced employers’ NI contributions. The bike to work scheme really appeals to staff looking to reduce their travelling costs and to get fit at the same time. So, you get a healthier and happier workforce along with company savings too.
Employee benefits
- Reduced travel costs
- Employees can make significant savings on the cost of their bike and accessories – standard rate tax payers can typically save 30% and higher rate tax payers can save 42%
- The cost of the bike is spread over 12 or 18 months
- There are no credit checks to worry about
- We provide a bike to work calculator tool so your employees can check out the total cost before they order, along with any tax and NI savings they could make
- They save money on fuel and parking costs and get fit at the same time
- Through our partnership with Cycle2Work, employees can access over 1,500 Bike shops, combining more than 465 Halfords stores with over 1100 of the very best local independent bike shops as well as online through Tredz
- Safety accessories and upgrades to existing bikes included along with 10% off all Halfords cycle accessories, parts and clothing, 8 weeks free insurance, a lifetime guarantee on Halfords brand bikes and free lifetime safety checks on all cycles obtained through the scheme
Employer benefits
- A healthier and fitter workforce
- Improved staff retention
- Employers can expect to save full employers’ NI, typically 13.8% on the total salary sacrifice value
- Employers can set a maximum spending limit for employees and different limits can be set for different groups of people
- Electric bikes are also available making the scheme more accessible for employees who have a long commute or who need a bit of help
- The scheme demonstrates a company’s commitment to the environment and it can help to relieve parking issues.
Salary sacrifice scheme benefits
Salary sacrifice schemes are a great way for both employers and employees to save money on National Insurance and for employees to make tax savings too. The different schemes have other benefits too for both employers and employees.
Here’s a bit more information on our salary sacrifice schemes.
MotorSave
MotorSave is a unique employee benefit scheme designed to help employees save up to 10% on car maintenance.
Holiday trading
Holiday trading schemes can really help companies demonstrate a commitment towards flexible working and improve employee satisfaction.
Childcare vouchers
Childcare vouchers are still a great way to save money on childcare costs and are a better option than the new tax free childcare scheme for many parents.
Car benefit scheme
Even with the recent government changes, the salary sacrifice car scheme is still increasingly popular and a great way for employers to save money.
