What you need to know!
Thanks to Halfords cycle2work, your employer can provide you with a new bike and the appropriate cycling safety accessories and – providing the main use of the bike is for commuting to work – you will incur no tax or National Insurance on the benefit. This means you'll save a vast amount of money compared to purchasing a bike outright yourself on the high street. What's more, by paying for this monthly from your salary (over a period of 12 or 18 months), you'll hardly notice the cost – this is called a salary sacrifice.
Here are some key facts...
What is a salary sacrifice?
A salary sacrifice means giving up part of your salary in exchange for a non cash benefit – in this case, the bike and safety accessories.
Are you eligible?
Your employer must be willing to run the scheme before you can acquire your bike. The scheme is available to UK taxpayers who pay their tax under the PAYE system.
Getting Started!
It's really simple to join – see your scheme providers guide to getting started.