Cycle to Work Savings Calculator

FAQs

How much can you save with cycle to work?

• On average, participants can save around 25-39% on the cost of a bike and accessories through the scheme.

Is cycle2work worth it?

• For many people, yes. It can provide substantial savings on the cost of a bike and accessories, making cycling to work more affordable.

What discount do you get with cycle to work scheme?

• Typically, you can get a discount of around 25-39% off the retail price of a bike and accessories through the scheme.

What is the £1,000 rule for cycle to work?

• There isn’t a specific “£1,000 rule,” but generally, the scheme allows employees to get a bike and accessories worth up to £1,000 (or more depending on the employer’s arrangements) tax-free.

Do you actually save money with cycle to work scheme?

• Yes, participating in the scheme can lead to significant savings on the cost of a bike and accessories.

Does cycle to work reduce tax?

• Yes, participating in the scheme can reduce your income tax and National Insurance contributions.

What are the disadvantages of cycle to work?

• Disadvantages can include limited choice of bike shops, potential administrative burdens for employers, and restrictions on the type of bike and accessories.

What happens after 12 months on cycle to work scheme?

• After 12 months, some employers offer the option to purchase the bike at its market value or extend the hire agreement.

How much would a £1,000 bike cost on cycle to work scheme?

• Approximately £600-£750, depending on the level of discount offered by the scheme.

Can I buy 2 bikes on cycle to work scheme?

• Generally, no. The scheme typically allows for the purchase of one bike per employee.

Does cycle to work show on payslip?

• Yes, deductions for the cycle to work scheme may appear on your payslip.

Can I sell my cycle to work bike?

• Not during the hire period. After the hire period ends, you may have the option to buy the bike outright.

Can an employer refuse cycle to work scheme?

• Yes, employers have the discretion to opt in or out of the scheme.

What happens if I don’t use my cycle to work voucher?

• If unused, the voucher expires, and you won’t be able to use it to purchase a bike.

What is the best cycle to work scheme?

• There are several providers, and the best one depends on your employer’s chosen scheme and your personal preferences.

Can self-employed people use cycle to work scheme?

• No, the scheme is typically only available to employees.

How many times can you use the cycle to work scheme UK?

• Generally, once per employee per scheme.

What is the HMRC rate for cycling?

• HMRC allows for tax exemptions on the value of bikes and cycling equipment provided through the scheme.

Is it better to walk or cycle to work?

• It depends on factors such as distance, terrain, and personal preference. Cycling typically offers faster travel times over longer distances, while walking can be more feasible for shorter distances.

What is the difference between cycle to work and bike to work?

• They are often used interchangeably, but there’s generally no significant difference between the two terms.

How long does cycle to work last?

• Typically, the hire agreement lasts for 12 months, after which you may have the option to purchase the bike outright.

Can I buy a child’s bike on cycle to work scheme?

• No, the scheme is generally intended for the purchase of bikes for commuting purposes for the employee.