• CYCLE TO WORK

    CYCLE TO WORK


 

the isle of man government announced a generous upgrade to the cycle-to-work scheme, effective 6 April 2018.

the purpose of the scheme is to help improve the fitness and health of island residents and to build on the ever-growing popularity of cycling in the isle of man.

the programme exists as a way of encouraging more people to make use of the healthy and environmentally friendly mode of transport - that is the bike!

and we exist to help enforce and proactively promote it.

 

HOW DOES IT WORK?

 

I AM THE EMPLOYEE

HOW DOES IT WORK?

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 agreed between you and your employer that does not exceed three tax years

when the agreed purchase period comes to an end you own the bike!

WHAT CAN I PURCHASE ON THE CYCLE-TO-WORK SCHEME?

any bike and/or bike safety equipment (helmet, lights, mirror, high visibility clothing) to any value:

NON-ELECTRIC BIKE

if the net cost to your employer (bike plus equipment less any contribution to initial cost made by you) is less that £1,000, that’s it - there is no benefit in kind charge to be potentially added to your ITIP salary payments.

if the net cost to your employer is greater that £1,000, the excess is a “benefit in kind”  and will be added to your income for the purposes of calculating ITIP payments – still a great result!

ELECTRIC BIKE

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 that £1,600*, again there is no benefit in kind.

if the net cost to your employer is greater that £1,600*, the excess will be added to your income for the purposes of calculating ITIP payments.

*the £1,600 allowance is reduced if you have received other benefit in kinds from your employer such as gym membership.

PURCHASING YOUR BIKE IN FIVE SIMPLE STEPS

1. you obtain a written quote from cycle 360 (inclusive of VAT)

2. you gain approval of your quote from your employer

3. your employer provides you with a purchase order addressed to cycle 360

4. you collect your bike and/or cycle safety equipment from cycle 360's store

5. cycle 360 invoices your employer who pay for the bike

 

 

I AM THE EMPLOYER

WHY GET INVOLVED?

it’s easy to administer and it’s free!

thanks to cycle 360 breaking down the process, the cycle-to-work scheme is hassle-free!

and with no set-up fees it’s a win-win for you and your employees.

please talk to us if you are uncertain on any aspect of the scheme.

  • HEALTHIER, HAPPIER EMPLOYEES ARE MORE PRODUCTIVE – FACT
  • GOOD FOR BUSINESS AND FOR THE ENVIRONMENT

offering a cycle-to-work scheme is one way to demonstrate that your organisation wants to reduce its impact on the environment and with more employees riding to work you’ll place less demand on car parking spaces and local transport infrastructure.

a link to the isle of man government’s practice note with clear worked examples of the cycle-to-work scheme in operation is here.

 

WHERE TO FIND US

cycle 360
isle of man business park
douglas
isle of man
im2 2qz

 

01624 649 360
07624 360 360

team@cycle360.com

VISIT US

OPENING HOURS

 

Monday – Friday 8:00am – 6:00pm

Saturday 9:00am – 5:00pm

Sunday 10:00am – 4:00pm