freetown sports cycle2work scheme
the benefits
The Cycle2Work scheme is great for both the employers and employees. Employers gain a more healthy, happy and positive workforce, and from a reduction in company national insurance contributions.
Employees benefit from the great savings the programme has to offer rather than buying a bike as you normally would and paying the full price. Health and fitness benefits come with the increased exercise and activity due to cycling, and you can also cut back on alternative, more expensive forms of transport such as public transport and car costs.
Employer benefits:
- No cost to employer
- Savings on national insurance contributions
- Offer a tangible benefit to staff
- Less pressure on traffic congestion and corporate parking
- Encourages a healthier workforce
- Bikes can be treated as a business asset to recover VAT
- Goods remain property of the employer until term is over, encouraging staff loyalty
Employee benefits:
- Up to 50% off the shop floor price of the bike and accessories due to income tax, VAT and national insurance contributions savings
- Choose from our excellent range of bicycles and accessories
- No finance charges
- Spread the cost of commuting
- Enjoy the health benefits of cycling to work and improving your fitness
- Treat yourself with the money you save from transport costs
Cycle2Work Savings Illustration
Here is a typical example of how you can save money using the C2W programme. Actual savings will depend on each individual's personal circumstances and tax rate.
| Commuting Bike | £249.99 |
| Helmet | £24.99 |
| Lights | £39.99 |
| Other accessories | £49.99 |
| Total price before savings: | £364.96 |
Savings via C2W
| Income Tax | £69.15 | (based on 22% standard rate) |
| Employee's NI contributions | £34.58 | (based on 11%) |
| VAT | £50.63 | (no VAT on helmets) |
| Total Savings: | £154.36 | (42%) |
Higher tax and national insurance rate payers will save even more than the above example. For a more accurate estimate of your own savings, please use our online savings calculator.