The UK Cycle to Work Scheme is a government-supported benefit program designed to encourage employees to commute by bicycle instead of driving or using public transport. This helps improve employee health, reduce traffic congestion, and lower carbon emissions.
Through this scheme, employees can purchase bicycles, including electric bicycle, and related accessories via salary sacrifice, enjoying significant tax savings that lower the cost of buying a bike.
1. Save Money The Cycle to Work Scheme offers incredible discounts, saving you up to 48.25% on electric bike costs. This is achieved through salary sacrifice, which means you avoid paying tax and National Insurance. For example, if you're a basic-rate taxpayer and purchase an electric bike worth £3,000, you’ll only need to pay £167. High-rate taxpayers will pay even less! Imagine a commute that's both eco-friendly and cost-effective.
2. Lower Commuting Costs and Increase Wealth Electric bikes allow you to say goodbye to high fuel costs, parking fees, and public transport expenses. Not only are you saving money, but you're also adopting a greener, healthier commuting option. With electric bikes, the stress of commuting decreases, and long term, you’ll notice how much easier it is to get to work compared to crowded trains or searching for parking spots.
3. Ride Anytime, Anywhere Electric bikes aren't just for commuting—they can add excitement to your free time. After work, you can ride to the park or go exploring on the weekends. Whether it's for errands or leisure, electric bikes handle it all, making every day more energetic.
1. Boost Employee Engagement Offering electric bikes as a benefit can encourage employees to live healthier, more active lifestyles, which in turn can boost workplace productivity and morale.
2. Enhance Company Competitiveness Providing an eco-friendly and health-conscious benefit helps attract new talent and retains existing employees, making your company stand out in the competitive job market.
3. Save Business Costs Employers can save 15.05% on National Insurance contributions when employees participate in the scheme. This means companies can offer valuable benefits while also reducing operational costs.
4. Improve Corporate Image and Responsibility Today, employees and consumers increasingly value sustainability and corporate responsibility. By participating in the Cycle to Work Scheme, companies can improve their reputation as environmentally conscious and socially responsible businesses.
5. Free Up Parking Spaces Encouraging employees to bike to work reduces the demand for parking spaces, saving valuable real estate for other purposes and improving the company’s overall operational efficiency.
1. Who Can Participate? If you're a full-time employee or an employee aged 18 or older working under the UK PAYE (Pay As You Earn) system and your employer participates in the scheme, you can join.
2. How to Join? The process is straightforward:
o Browse the Store: Visit our online store to explore the electric bikes and accessories that suit your needs.
o Contact Us: Simply fill in your details, and our team will quickly get in touch to guide you through the application process.
o Complete the Purchase: Once you’ve selected your electric bike, we’ll arrange delivery, or you can choose to pick it up from a local store.
3. How Do Tax Benefits Work? Employees participating in the scheme pay through salary sacrifice, allowing them to benefit from tax savings. This means you can purchase a high-quality electric bike at a fraction of the usual price thanks to the significant savings on tax and National Insurance.
4. What Happens After the Lease Term? After five years of leasing, you can take ownership of the bike for just a £1 symbolic fee. This means not only have you enjoyed the full tax benefits during the lease, but you also end up owning the bike at an incredibly low cost.
1. Do I have to ride my bike every day? No, the Cycle to Work Scheme doesn’t require daily bike commuting. You can use the bike as needed for commuting, exercise, or leisure, without keeping a log of every ride.
2. What if my bike is lost or stolen? In case of theft or loss, employees are still responsible for paying the lease. It’s recommended to purchase bike insurance to protect against unforeseen circumstances.
3. What happens if I leave the company during the lease term? If you leave the company during the lease, you must continue paying the remaining balance. However, this won’t affect any tax benefits you’ve already received.
Fiido C11 Pro E-bike is currently priced at £999, and basic rate taxpayers can typically save around 33.25%, which is about £332. Therefore, the actual amount you'll pay is approximately £667. This electric bike is equipped with the Mivice S200 Torque Sensor, providing smooth and intuitive pedal assistance while gliding through the city. With a 499.2Wh removable battery, it offers a range of up to 104 kilometres on a single charge, making it ideal for long commutes or weekend adventures.
Fiido C21 E-bike is currently priced at £1090, and basic rate taxpayers can save about 33.25%, which is approximately £362, bringing the actual cost to around £728. The Fiido C21 features a 17.5kg lightweight design, TEKTRO hydraulic brakes, Mivice torque sensor, and a low-resistance, silent motor, providing a smooth, quiet ride that's perfect for city commuting and daily use.
Save, Ride, Thrive: Join Fiido's Cycle to Work Scheme!
With Fiido’s Cycle to Work Scheme, you not only save a significant amount of money but also enjoy a healthier, more eco-friendly, and flexible way of commuting. Whether you're an employee or an employer, the scheme offers a win-win situation—saving costs, increasing employee satisfaction, and enhancing your company’s reputation. Join us today and start your electric bike journey for a better commuting experience!
