Olympic fever has hit businesses all over the UK. Since the start of the Games, sports clubs and venues have seen a rise in the numbers of people making enquiries and taking part in sports such as hand ball, gymnastics and BMX.
As well as raising interest in less well-known sports, the fantastic medal haul from UK 2012 cyclists on both track and road, making riders such as Victoria Pendleton, Sir Chris Hoy, Bradley Wiggins and Lizzie Armitstead household names, have inspired British workers to join Cycle to Work employee benefit schemes and keep on pedalling once the Games are over.
The Cycle to Work scheme is a HMRC-approved employee benefit which has been designed to allow organisations to offer employees the opportunity to purchase new bicycles and equipment worth up to £1000. Operated as a salary sacrifice scheme, employees make tax and National Insurance savings as well as saving up to 50% on new bicycles and equipment.
John Woodward, MD of Busy Bees Benefits said:
“Organisations opting to run a Cycle to Work scheme can improve the health and fitness of their employees which will help to improve staff morale and physical and mental health. Implementing this scheme can help to reduce congestion and parking issues, especially for those organisations in busy cities and towns. Not only will supplying employees with new bicycles and equipment benefit staff, employers can also make National Insurance savings up to £138 per employee on the scheme. Offering this valuable employee benefit can improve your competitive advantage as an employer, making you an employer of choice, attracting quality and skilled staff.”
