To promote healthier journeys to work and to reduce environmental pollution, the 1999 Finance Act introduced an annual tax exemption, which allows employers to loan cycles and cyclists’ safety equipment to employees as a tax-free benefit. The exemption was one of a series of measures introduced under the Government’s Green Transport Plan.
Here at Freddy Products, we introduced the cycle to work scheme a few years ago. Many of our employees live locally, and if they were not already doing so, many were interested in cycling to work but having to fund a new bicycle and accessories was off-putting. Invested in promoting employee wellbeing, a solution was found in the cycle to work scheme.
Now, any employee wishing to cycle to work can choose a bike, hire it for an agreed amount of time, and then buy it at a significantly reduced cost at the end of the hire period (should they wish to). No immediate outlay, no tax payment, plus all the benefits associated with cycling!
Top 10 reasons we offer a cycle to work scheme
- It’s good for the environment. Helping us as a company to reduce our carbon footprint and goes towards our goal of achieving ISO:14001
- A healthy alternative to other company benefits
- Reduces our NI liability
- Helps to improve employee health, resulting in less sickness absence
- Employees say they feel happier and more motivated while at work
- Employees who regularly cycle to work found they improved their time and workload management – improving efficiency
- Employee retention
- Can claim capital allowances against purchases
- Increases punctuality
- Easy to implement
If you are a cyclist enjoying the cycle to work scheme already, you may be interested in these top 10 bike maintenance tips.
Here the MD of Freddy Products explains how he got into cycling, and why it is as important to him now as ever….
“Cycling has always been in my life, from a very early age. Growing up in the middle of nowhere meant if you wanted to go anywhere to see friends, pedalling was the only option.
During my school years, I’d have to ride 6 miles every morning (all weathers) before breakfast to complete my three paper rounds. It proved to be great training to be a fairly good all-rounder at school sports.
Now I use it as a mind clearer and for fitness. It helps to kerb the stresses that one can experience at work, but with a young family and a wife that works unconventional hours, the only time I can squeeze in the needed mileage is to pedal to and from work.
This commute is a total of 85 miles, which I try and do a couple of times a week if the weather is kind, and have found it has pushed my fitness to new levels.
To many my pedalling is excessive, averaging 5 to 6000 miles a year, but I can honestly say at 43, I’ve never felt better.
I’d recommend it to anyone, if you haven’t tried it……………………….get on out there!”
– Simon Hanmer, MD at Freddy Products
I’ve cycled on and off over the years, but recently, after sustaining a back injury through playing rugby, the low impact nature of the sport has been a great help, allowing me to retain a level of fitness without the risks associated with exercise such as running.
Having the chance to use the Cycle to work scheme offered by Freddy has been a fantastic opportunity, I’m sure I’ve recouped my investment in the bike in what I’ve saved in fuel by cycling my 18 mile round trip commute.
– Will Dudfield, Freddy Products
If you are interested in finding out more about Freddy Products Ltd and our coolant recycling vacuums please visit www.freddy-products.co.uk or call us on 01386 561113.