Uk tax break of up top 40% of the cost of a bike
a tax free bike subsidised by the government and helped by your employer…yes its true. Cycle2Work was actually started in 1999 and enables basic rate tax payers to get a massive 40 % off the cost aof a new bike under the Governments greener transport scheme.
How does it work, well your employer is allowed to provide you with a bike to travel to work as a tax free benefit, you can use this bike for leisure too as long as you use it in your commute to work. What really happens is you company buys the bike and leases it to you over a set period (anything from 1 to 3 years) years at the end of this you can buy the bike for a nominal fee (around 2 to 5% of the original price). Your company can claim VAT back on the purchase, the money you pay in your lease comes out of your salary pretax, and everyone wins including the environment. The easiest way to get it all sorted is through a Cycle2work provider, and they ensure your company can get the scheme going without lots of bureaucracy and hassles with accounts and payroll. Check it all out at:
www.halfordsb2b.com
www.cyclescheme.co.uk
www.booost.uk.com

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