In this essay the author will discuss the topic of the cycle to work scheme and whether or not this scheme is beneficial. “ The cycle to work scheme is a tax incentive scheme which aims to encourage employees to cycle to and from work” (www.citizeninformation.ie). The cycle to work scheme was announced in the November 2008 budget and has been in operation since 1 January 2009. The basic premise of the cycle to work scheme is to promote healthier journeys to work and to reduce environmental pollution.
Using the Cycle to work scheme, your employer can help you obtain a brand new bike and safety equipment worth up to 1,000 euro. You can use a salary sacrifice arrangement to pay for the bike monthly and that means you can save between 31% to 52% …show more content…
Cycling is good for your heart. “It has been shown people who cycle regularly will have an improved quality of life as it provides the cardiovascular exercise needed for a healthy heart.” (www.eurocycles.com). Cycling is great for muscle strength and toning, Good for your coordination skills, Wonderful for your Mental health, Good for your Immune system by strengthening your immune system which could protect again certain kinds of cancers. Not only can cycling improve your lifespan, it is a great way to increase longevity. Cycling to work helps you stay fit and healthy, helps burn off calories and it reduces your carbon footprint. According to research, if you cycle 9 kilometers to work and back 5 days a week, you will burn …show more content…
After research, the most prominent financial benefits were that the tax and national insurance is not chargeable on the purchase of the bike. The bike to work scheme has created employees savings up to between 40% and 50% but usually depends on the tax band of the employee therefore employees with a high tax rate will redeem more money on the purchase of the bike. An added bonus to this is that the employees can also pass on the Value Added Tax that is reclaimed. Making your salary go further each month by saving on monthly fuel as for currently petrol prices are rocketing sky high. The price of parking is also another economic benefit of cycling along with car and train fare bills. Finally, 767 jobs were saved or generated through the provision of the cycle to work scheme.
The success of the bike to work scheme has led it to be recently extended. With reports of more people taking to the bike the scheme has decided to enter into its second stage. According to the Canal Cordon survey taken by the National Transport Authority revealed that approximately 10,000 people are travelling by bike and that bicycle trips have increased up to 114% in
Using the Cycle to work scheme, your employer can help you obtain a brand new bike and safety equipment worth up to 1,000 euro. You can use a salary sacrifice arrangement to pay for the bike monthly and that means you can save between 31% to 52% …show more content…
Cycling is good for your heart. “It has been shown people who cycle regularly will have an improved quality of life as it provides the cardiovascular exercise needed for a healthy heart.” (www.eurocycles.com). Cycling is great for muscle strength and toning, Good for your coordination skills, Wonderful for your Mental health, Good for your Immune system by strengthening your immune system which could protect again certain kinds of cancers. Not only can cycling improve your lifespan, it is a great way to increase longevity. Cycling to work helps you stay fit and healthy, helps burn off calories and it reduces your carbon footprint. According to research, if you cycle 9 kilometers to work and back 5 days a week, you will burn …show more content…
After research, the most prominent financial benefits were that the tax and national insurance is not chargeable on the purchase of the bike. The bike to work scheme has created employees savings up to between 40% and 50% but usually depends on the tax band of the employee therefore employees with a high tax rate will redeem more money on the purchase of the bike. An added bonus to this is that the employees can also pass on the Value Added Tax that is reclaimed. Making your salary go further each month by saving on monthly fuel as for currently petrol prices are rocketing sky high. The price of parking is also another economic benefit of cycling along with car and train fare bills. Finally, 767 jobs were saved or generated through the provision of the cycle to work scheme.
The success of the bike to work scheme has led it to be recently extended. With reports of more people taking to the bike the scheme has decided to enter into its second stage. According to the Canal Cordon survey taken by the National Transport Authority revealed that approximately 10,000 people are travelling by bike and that bicycle trips have increased up to 114% in