Get the Cycle to Work scheme: how to buy a tax-free bike in 2023
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Cycle to Work Application Form In accordance with Section 7 of the Finance (No. 2) Bill 2008Employee Details First Name___School/Unit___Last Name___Contact No/ext. Staff ID___Paid___Weekly Monthly
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How to fill out cycle to work scheme
How to fill out cycle to work scheme
01
Check if your employer is participating in the cycle to work scheme.
02
Choose a bike and cycling accessories from a participating retailer.
03
Request a quote from the retailer which includes the cost of the bike and accessories.
04
Submit the quote to your employer for approval.
05
Once approved, your employer will issue you with a voucher to use towards the purchase.
06
Use the voucher to buy the bike and accessories.
07
Start cycling to work and enjoy the benefits!
Who needs cycle to work scheme?
01
Employees who want to save money on buying a bike and cycling accessories.
02
Employers who want to promote a healthier lifestyle among their employees.
03
Individuals who want to reduce their carbon footprint by cycling to work.
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What is cycle to work scheme?
The cycle to work scheme is a government initiative that allows employees to obtain bicycles and cycling equipment through their employer with significant tax savings.
Who is required to file cycle to work scheme?
Employers are required to file the cycle to work scheme on behalf of their employees.
How to fill out cycle to work scheme?
Employers can fill out the cycle to work scheme by registering with a participating cycle to work provider and setting up a salary sacrifice agreement with their employees.
What is the purpose of cycle to work scheme?
The purpose of the cycle to work scheme is to promote healthier and more environmentally friendly modes of transportation.
What information must be reported on cycle to work scheme?
Employers must report the cost of the equipment provided, the savings made by the employee, and any other relevant details to HM Revenue and Customs.
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