Cycle-to-Work with Cycle 360

Cycle 360’s Cycle-to-Work initiative exists as a way of encouraging more people on the Isle of Man to make use of a healthy and environmentally friendly mode of transport… the bike!

Together, we can help to improve the health and fitness levels of the Island’s residents and build on the ever-growing popularity of cycling in the Isle of Man.

HOW IT WORKS AS AN EMPLOYEE:

Essentially, your employer buys a bike of your choice from Cycle 360 to allow you to ride to work – and for pleasure! 

You purchase the bike from your employer by making monthly payments from your salary. This is an agreement between yourself and your employer that doesn’t exceed three tax years. 

When the agreed purchase period comes to an end, you officially own the bike!

Any bike and safety equipment such as helmets, lights, mirror, hi-vis, up to any value, is included in the cycle-to-work scheme. 

For non-electric bikes: If the net cost of your employer is less than £1,200, there is no ‘benefit in kind charge’ to be potentially added to your salary payments. If the net cost to your employer is above £1,200, then the excess is a ‘benefit in kind’. This will be added to your income to calculate income tax payments, which is still a great result! 

For electric bikes: The cycle-to-work scheme is even more generous for e-bikes! If the net cost to your employer less than £1,800*, then there is no benefit in kind charge.

If the net cost to your employer exceeds £1,800*, the excess will be added to your income to calculate income tax payments. 

*The £1,800 allowance is reduced if you have received other benefits in kind from your employer, such as a gym membership. 

PURCHASE YOUR BIKE IN FOUR SIMPLE STEPS WITH CYCLE 360

1. Obtain a quote from Cycle 360 (inclusive of VAT)
2. Gain approval of the quote from your employer and be provided with purchase order addressed to Cycle 360
3. Cycle 360 invoices your employer who pays for the bike 
4. Collect your bike and / or cycle safety equipment from the Cycle 360 bikeshop

WHY GET INVOLVED AS AN EMPLOYER:

The Cycle-to-Work Scheme is easy to administer, plus it’s free!

At Cycle 360, we break down the process, making the scheme hassle-free! And, with no set-up fees, it’s a win-win for you and your employees. Healthier and happier employees are more productive, and that’s a fact! Therefore, it’s not only good for the environment but also for your business. 

Offering a Cycle-to-Work scheme demonstrates that your organisation is actively reducing its impact on the environment. With more employees riding to work, you’ll place less demand on car parking spaces and our local transport infrastructure.

Cycling to work guide

Are you interested in cycling to work but don’t think it’s feasible? Think again! We have put together some top tips for cycling to work to show you that it really is not hard if you have the right kit and the right attitude.

Read our cycling to work guide here for our top tips!