Cycle to work
VocaLink is a member of the Cycle to Work Scheme, which is part
of the Government's Green
Transport Plan
The scheme has been put in place '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.
Benefits to our staff:
- Our staff have continued use of the Bicycle for a period of up
to four years without transferring ownership
- Extending the 'Hire Period' reduces the value of the Bicycle in
line with the four year valuations in HMRC's table of 3% and 7%
including VAT
- Avoidance of P11D charges to our employees after the extended
hire period
- Peace of mind that the process is compliant with HMRC guidance
and the Valuation Table.
Our staff can participate in the scheme again once their initial
hire period has ended, even if they extend the hire period with
Cyclescheme.
Benefits to VocaLink:
- Minimises administration and duty of care responsibilities for
the provision of the Bicycle
- VocaLink will recover 100% of the initial purchase cost of the
equipment in the first 12 month
- Cyclescheme handles the administrative burden of Market Value
collection or return and disposal of unwanted bicycles
- Peace of mind that the process is compliant with HMRC guidance,
as it adheres to the published Valuation Table, removing the risk
of future investigation by HMRC.
What other benefits does the scheme give?
The savings are great, but that's not the end of the story. Running
the Cycle to Work scheme at VocaLink also offers the tangible
benefits of a fitter, more motivated, loyal and productive
workforce:
- Brighter, fitter, more punctual staff
- Enhanced benefits package promotes staff loyalty
- Liberated car parking spaces
- Reduced organisational carbon footprint