The Cycle-to-Work initiative in the Isle of Man exists as a way of encouraging more people to make use of a healthy and environmentally friendly mode of transport – the bike!
Cycle 360 is here to help you with the process, breaking it down into super simple steps whether you’re the employer or the employee.
How It Works
As an employee:
Essentially, your employer buys a bike of your choice from Cycle 360 to allow you to ride to work (and for pleasure!)
You purchase it from the employer by making monthly payments from your salary, which is an agreement between you and your employer that doesn’t exceed three tax years.
When the agreed purchase period comes to an end, you own the bike!
What can you purchase on the Cycle-to-Work scheme?
Any bike and/or bike safety equipment (helmet, lights, mirror, high visibility clothing etc.) up to any value.
Non-electric bikes
Suppose the net cost to your employer (bike plus equipment less any contribution to initial cost made by you) is less than £1,200. In that case, that’s it – there’s no benefit in kind charge to be potentially added to your ITIP salary payments.
If the net cost to your employer is higher than £1,200, the excess is a “benefit in kind” and will be added to your income to calculate ITIP payments – still a great result!
Electric bikes
For electric bikes, the cycle-to-work scheme is even more generous!
If the net cost to your employer (bike plus equipment less any contribution to initial cost made by you) is less than £1,800*, then there is no benefit in kind.
If the net cost to your employer is higher than £1,800*, the excess will be added to your income to calculate ITIP payments.
*the £1,800 allowance is reduced if you have received other benefit in kinds from your employer, such as gym membership.
Purchasing your bike
In four simple steps with Cycle 360!
- Obtain a quote from Cycle 360 (inclusive of vat)
- Gain approval of the quote from your employer and be provided with a purchase order addressed to Cycle 360
- Cycle 360 invoices your employer who pays for the bike
- Collect your bike and/or cycle safety equipment from the Cycle 360 bikeshop
Why get involved?
As an employer:
It’s easy to administer, and it’s free!
At Cycle 360, we break down the process, making the Cycle-To-Work scheme hassle-free! And with no set-up fees, it’s a win-win for you and your employees. Healthier, happier employees are more productive – fact. It’s good for business and for the environment.
Offering a cycle-to-work scheme demonstrates that your organisation is actively reducing its impact on the environment. With more employees riding to work, you’ll place less demand on car parking spaces and our local transport infrastructure.