How does the cycle to work scheme work for employees?
How it works. The cycle to work scheme allows employees to obtain commuter bikes and cycling accessories through their employer, whilst spreading the cost over 12 months and making unbeatable savings through a tax break. After 12 months the employer will have recovered their costs and generated up to 13.8% in savings.
How do I get a cycle to work code?
Sign up at www.cycle2work.info and complete a speedy online application. You’ll need your employer code to complete this. 3. Once your employer has approved your application, you will receive your letter of collection instantly by email – this is what you use to redeem your bike and accessories.
What is cycle to Work Benefit?
The Cycle to Work scheme was introduced in 1999 with the aim of encouraging people to make healthier and more environmentally friendly lifestyle choices. The scheme employees to spend tax-free money on bikes and equipment, making a claimed saving of up to 42 per cent on the overall value.
Does the cycle to work scheme cost the employer anything?
Does the scheme cost anything for an Employer to implement? The scheme is free of charge to set up and costs nothing to run. The Employer makes the initial purchase and then leases the bike/equipment to the Employee via a salary sacrifice, until the full amount is recovered.
How long does it take to get a cycle to work voucher?
The cycle to work scheme usually takes 3-14 days from application to redemption. The length of time it takes to go from doing your application to getting your bike and/or accessories can vary; many employees can collect their cycle to work packages directly after being approved.
How long do cycle to work vouchers last?
This is typically 4 or 5 years, and once this agreement has finished you will become the rightful owner! What if leave my company within my hire agreement?
How many cycle to work schemes can I have?
No. 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. 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.
How much do I pay back on cycle to work scheme?
If you do not wish to own the bike you and return it and we will refund your deposit. Own it now – you pay either 18 or 25% of the bike’s value (18% if the bike was initially under £500 and 25% if it was initially over £500).
How many Royal Mail staff ride bikes to work?
Approximately 2,500 Royal Mail staff have taken up the cycle-to-work scheme. It has proved popular among staff who travel to work before public transport is up and running for the day. The scheme is unrelated to the bikes used for postal deliveries.
Who is the benefits manager for the Royal Mail Group?
After Halfords extended its services to include the management of cycle-to-work schemes, Royal Mail Group terminated its contract with Futuremedia. Shan Lawrence, voluntary benefits manager at the Royal Mail Group, said that the use of a single provider would make the operation much smoother.
Are there any delays with the Royal Mail?
ROYAL MAIL DELAYS : PLEASE BE AWARE THAT THERE IS A BIT OF A BACKLOG IN THE SYSTEM, WE ARE DOING OUR BEST TO DELIVER WHAT WE CAN DAILY BUT UNFORTUNATELY IN SOME AREAS THERE WILL BE DELAYS. PLEASE HAVE SOME PATIENCE AS WE ARE DOING WHAT WE CAN. Postal workers of royalmailchat.co.uk
When do I get my letter of collection from cycle2work?
Your application has been approved! You will now receive your Letter of collection by email – along with all of the exclusive benefits you get for being a Cycle2Work customer. 7. Redemption