Bike shop urges firms to take part in tax-efficient cycle scheme
A Harrogate bike shop is hoping to capitalise on the summer’s two-wheeled love affair with the Tour de France by signing up more businesses to its Ride2Work Scheme.
Ride2Work is a Government initiative which aims to make cycling a more attractive way of commuting to work. For every £500 spent on hiring a bike, the employee saves £64 in NI contributions. The employer may also save on salary-related pensions and VAT.
Company director Sanjai Bhatia said: “We aim to make cycling part of everyone’s daily routine, whether you’re commuting to work or school, it gives you so many benefits such as saving you money, time and giving you a more healthy and stress-free lifestyle.
“The Cycle to Work Scheme provides an easy way for employees to get started. The scheme provides tax benefits, for employees with a minimum 25 per cent saving of the total purchase price of a new bike. Employers may also save on their NI and VAT – so a win-win situation for everyone!”
The firm, which is based in Otley and has a large store at the Hydro Retail Park in Harrogate, also pointed out that the link between exercise and increased productivity is well documented. In addition, cycling helps reduce congestion, pollution, carbon emissions and fuel costs.
Chevin Cycles currently works closely with a number of local businesses and schools which are already benefiting from the scheme – including Bettys and Taylors of Harrogate.
Stewart Spencer, who co-ordinates the scheme at Bettys & Taylors, said: ‘We currently have 76 people hiring bikes through the programme.
“The scheme offers people the chance to buy a bike through a salary sacrifice scheme that is exempt from tax and national insurance – allowing them to get some exercise, reduce their carbon footprint and save money at the same time.”
Founded 30 years ago in Otley, Chevin Cycles expanded last year with the opening of shops in Skipton and Harrogate, creating 15 new jobs.
Mr Bhatia added: “With our expert bike-fitting team dedicated to making sure that all our customers are fitted with the correct bike and ultimately are in the most comfortable and efficient riding position possible – we are proud to be a recognised leader in our field.”
l For more information on the Ride2Work Scheme, go to www.chevincycles.com or call 01943 462773.