Tax Rebates & Refunds

Tax rebates available on cycle-to-work schemes

September 23, 2012
Posted in Tax Rebates — Written by Jennifer

Many people buoyed and inspired by the Team GB cycling success at the recent Olympics have started looking into the feasibility of cycling to work. As well as being a healthy and environmentally friendly way to commute, cyclists heading to and from work on their bikes may also be entitled to extra tax rebates.

This is because many companies and corporations have now signed up to cycle-to-work schemes sponsored and endorsed by the Government, all of which are designed to encourage people to hop on their bikes and leave their cars at home.

How to claim tax refunds for cycling to work

The first thing to do is to find out whether your employee is signed up to a cycle-to-work scheme, such as the following:

• Halfords cycle2work
• Evans Ride2Work
• Cycle Solutions
• Cyclescheme

If your workplace is signed up, you can apply for a tax-free loan of up to £1,000 from your employer with which to buy your bike. This is part of something known as a salary sacrifice arrangement, deducted from your salary over a year. At the end of the year, you may be offered the opportunity to keep your bike.

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