Cycle Scheme Question

fto-si
fto-si Posts: 402
edited June 2008 in Workshop
My employer is considering signing up for the Cycle To Work scheme , at the moment they are assessing the cost to the business of operating the scheme.
My question is, is there any cost to the company at all? Other than some administration?
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Comments

  • will3
    will3 Posts: 2,173
    I think they can actually end up paying less National insurance for you

    other than that there should be no cost
  • andrewgturnbull
    andrewgturnbull Posts: 3,861
    Hi there.

    It depends they do it. If they finance it themselves (as my company has) then they have to cover the initial outlay for the cost of the bike. If they go with one of the bike shop schemes (e.g. halfords) then there is no cost as the costs of the loan is hidden in the purchase price of the bike.

    As Will said they can also save on employer's NI contributions, which is about 11% of the purchase price of the bike, minus the VAT.

    Cheers, Andy
    http://www.andyturnbull.co.uk
    http://www.stirlingtri.co.uk

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