CYCLE 2 WORKThe IoM Government Cycle to work scheme - purchase a bike with tax breaks for employees
Want to keep fit, improve health and wellbeing, help the environment and ease traffic and parking congestion, then why not cycle to work! The IoM Government Cycle to work scheme provides a great way to purchase a bike with tax breaks for employees.
How the Cycle2work scheme works;
It couldn’t be simpler really! Basically, the company you work for buys the bike on your behalf and you repay the company via deductions from your salary, simple!
The great part for the employee is these deductions are taken from your gross salary, so saving you tax and NI contributions and effectively making the purchase of your bike and equipment by up to 30% cheaper if part of your salary is taxed at the higher rate of income tax. Not only that, it’s interest free!
As with all schemes, there are of course a few conditions! There is a maximum of £1,000 for the purchase of a conventional bike and equipment and £1,600 for an Electric bike and equipment. The employee can exceed these amounts if they wish by simply paying the balance themselves. There is also a 3 year maximum repayment period within which time you will not be eligible to re-use the scheme, but once this has expired, you can start all over again!
As the Islands leading supplier of bikes for cycle2work, our friendly team would be only too happy to discuss and advise on any aspect relating to the scheme and help guide you through the process from start to finish. Just pick up the phone or send us an e-mail.
We also have the Islands only bike park right here in the heart of Douglas. You can store your bike securely, take a shower and put your valuables in your locker before heading into our café for one of the best cups of coffee on the Island.
Please find the link to the Gov Scheme if you are interested in the detail.
For more information simply call in the shop, or give our friendly team a call on 673576.