how long does bike to work scheme take

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When you’ve got it, take it to the relevant bike shop and redeem the certificate against the cost of the bike and equipment. Or you can buy the bike and claim the VAT back via the business.If you pay an average rate of tax and you buy £1000 worth of equipment, your monthly salary payment will be £83.33. You’ve probably heard of the Cycle to Work Scheme, but if you don’t know how it actually works don’t worry, we figured it out for you.Why spend your morning sardine-like in a sweaty tube carriage, when you could be out in the open air, feeling the breeze/pollution on your face and getting a workout in the process?The Cycle to Work scheme is actually really old. The length of time it takes to go from doing your application to getting your bike and/or accessories can vary. However, it is worth noting that you can get more than 1 bike on the scheme as long as they are both for your commute. The Cycle to Work scheme lets you pay for a bike and equipment in monthly instalments through your employer over a year-long period. So how much you save depends on the tax bracket you’re in – big earners will save more because they would have been paying more tax.At the end of the year, you may have to pay your employer a fee in order to properly own the bike outright, but scheme providers have come up with way of reducing the final payment, by allowing you to continue to lease the bike until the payment would be negligible.Cycling to work may feel like a path to certain death – particularly if you live in a big city like London.Then speak to your HR department and request a certificate.

It was launched in 1999 with the aim of encouraging people to make healthier and more environmentally friendly choices.And now, 20 years on, it feels more important than ever to make positive environmental choices, and your commute could be a great place to start.The scheme allows employees to spend on bikes and equipment, tax-free, making a saving of up to 42% on the overall value.If you get a bike under the Cycle to Work Scheme, that doesn’t mean you’re only allowed to use it for your commute. Thanks! In theory, after this period, your company is allowed to take the bike back, or you can purchase it for ‘fair market value’ – which can be up to 25% of the original value. You've been subscribed to our newsletter.How you can grab a bike at a bargain price and get commutingPaul has been riding since he was a teenager and has been writing about bike tech for almost five years.

A new agreement might run for different lengths of time, depending on the scheme you’ve signed up to, but will typically take your usage of the bike up to four or five years. The scheme works because it's your bike and you are riding it to work (generating your tax break) - you cannot get a bike for anybody else. The scheme covers the purchase of bicycles and equipment up to the value of €1,000 from approved suppliers and you can avail of the cycle to work scheme once in any five-year period.

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how long does bike to work scheme take