Cycle To Work Scheme

16-May-2011

Larcomes are proud to announce that they have signed up to the Government’s cycle to work scheme as part of their pledge to address “Green” issues.

The scheme enables staff to hire a bike from their employers (who purchase the bike initially) over a 12 or 18 month period and pay back through salary sacrifice. The employer can recover the VAT, which means the employee can purchase the bike net of VAT. The repayments are paid from gross salary thus avoiding tax, and both the employee and employer save on NI contributions.

David Sumner who was the first to purchase a bike under the scheme says:-

"The cycle to work scheme has enabled me to save a huge 42.5% on the cost of a very good bike and at the same time helps to reduce congestion on the roads and pollution to the environment, as well as keeping me active and ready and full of energy for the day ahead."

So a win win situation all round plus the additional savings on fuel and motor running costs and of course keeping fit and healthy.