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Bike 2 Work Scheme: Save, Cycle, Benefit | Free, Easy, Sustainable

Join Bike 2 Work Scheme to save on bikes & equipment. Enhance employee benefits, reduce carbon footprint, and promote health.

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Bike 2 Work Scheme: Save, Cycle, Benefit | Free, Easy, Sustainable

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  1. Cyclists in the UK • Figures show that almost ¾  million of the UK work force cycle to work regularly and the mission is for this number to increase to 1 million by 2021 • In the UK cycling is the third most popular recreational activity. An estimated 3.1 million people ride a bicycle each month, but only 744,000 out of these were bike commuters that cycle to work.

  2. Obesity rates in the UK are the highest in Europe. Nearly 64% of adults are classed as being overweight or obese • Cycling improves the areas of life linked to happiness • A bicycle has a less manufacturing footprint compared to a car • Bicycles provide mobility for those who may not qualify or afford to drive • Average paced cycling (10-11mph average) will burn about 400 calories/per hour • A 45-minute cycle every week can make you ‘biologically younger’ by nine years • The average distance travelled by car is about 6,6 miles when 4 miles is the average cycle commute

  3. Bike 2 Work Scheme Ltd • Bike 2 Work Scheme allows employees to save up to 42% on the cost of bikes & equipment • The scheme allows employees a tax exemption whereby they save on income tax & NI contributions by having the cost of the bike deducted from their gross salary • Bike 2 Work Scheme administrate and help you to run your scheme free of charge. All your payroll department need to do is deduct the weekly/monthly salary sacrifice from the employees salary - information which will be provided

  4. We are here to help…. • Bike 2 Work Scheme will provide all promotional literature to help you to promote the scheme to your Employees • Our helpline and dedicated staff are available 7 days per week to answer any queries you or your Employees may have • You will be assigned a dedicated Account Manager who will ensure your scheme runs successfully and smoothly • Our website contains useful information and also a handy savings calculator • We have more than 1,500 Partner Bike Shops all over the UK who will help you choose the perfect bike

  5. How are the savings made? • The Employer makes the initial payment for the bike as per the quotation • The cost of the bike is then spilt into weekly/monthly instalments and deducted from the Employees gross salary, before any tax or national insurance is deducted • In order for the Employee to take advantage of the scheme and the savings available they must enter into a Hire Agreement with their Employer. This provides details of the Employee’s salary sacrifice amount. Bike 2 Work Scheme will provide this document • “Salary sacrifice” is where an employee gives up the right to part of their pay due under his or her contract of employment in return for some form of non-cash benefit

  6. Employer Benefits • Fitter, healthier and more productive staff • Healthy staff are less likely to be absent through stress or illness • Savings on employers NI contributions (up to 13.8%) • Reduce your business carbon footprint • Cycling to work reduces congestion and demand for parking • Scheme is an attractive benefit for employees • Your company can be registered with Green Achiever and will be listed in the Green Achiever Business Directory

  7. Employee Benefits • Save up to 42% on the cost of a new bike and equipment • Cost is spread over weekly/monthly interest free payments • Save money on travelling costs • After sales service from chosen bike shops • Reduce your carbon footprint • Lose weight and tone up • Improve your general health and well-being • Improve mental health and help reduce stress levels • Look good, feel great, save money and help save the planet!

  8. How It Works…. • Any employee wanting to take part firstly visits one of Bike 2 Work Scheme’s Partner Bike Shops, chooses their bike/equipment and obtains a written quotation. The full list of Partner Shops can be found on our website www.bike2workscheme.co.uk • Employee registers online using their unique employer reference number and submits the quotation • The employer is then notified via e-mail that a quote has been submitted and to Log in to their account to approve or reject it 4. Once approved the Employer will receive a Hire Agreement and Invoice from Bike 2 Work Scheme

  9. How It Works…. • Both the Employer and Employee must then sign and keep a copy of the Hire Agreement for their records. Once signed, the Employer then makes payment to Bike 2 Work Scheme as per the invoice • Once cleared payment has been received Bike 2 Work Scheme will issue a Voucher which is posted to the Employer for them to pass on to the Employee or e-mailed to the Bike Shop directly (if agreed) • The Employee then takes the Voucher to the Bike Shop, along with photographic ID, to collect their bike & equipment 8. The weekly/monthly deductions from the Employee’s pay begins

  10. Savings Illustration Illustration based on a quotation value of £1,000 (Bike £900, Accessories £100)

  11. Transfer of ownership... In order for an employee to take ownership of the bike/accessories at the end of the agreement, there needs to be a transfer of ownership fee paid. Below is HMRC’s valuation table, used by Bike 2 Work.

  12. Transfer of ownership... • At the end of the Hire Agreement Bike 2 Work Scheme will take ownership of any Bike/ Equipment and contact the employee to offer them the extended use option. • The extended use agreement allows employees to enter into a further 3 year agreement with Bike 2 Work and take advantage of HMRC’s lower valuation figures. • When taking advantage of this agreement the employee pays a small refundable deposit to Bike 2 Work (either 3% or 7% depending on the original cost of the bike/equipment) and continues to lease the bike/equipment from Bike 2 Work Scheme for a further 36 months. • If at the end the employee decides to keep the bike, Bike 2 Work will retain their deposit. If not, he/she will need to return the bike to Bike 2 Work Scheme and we will arrange a refund of their deposit.

  13. Transfer of ownership... For example: At the end of the 12 month repayment period we would give the employee the option of paying the refundable deposit of £70 (7% of £1000). He/she would lease the bike from Bike 2 Work for a further 3 years. At the end of the extended lease if they decided to keep the bike, we would retain the deposit and ownership of the bike/equipment would transfer to the employee.

  14. Great Employers Think Bike2Work Scheme

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