Essential money-saving tips for cyclists August 2023 With high-end bikes costing more than some cars, it’s easy to make the argument that cycling is an expensive hobby. It can be, and there are plenty of ways you can spend some serious cash on your bike, but it doesn’t have to be that way. With these thrifty suggestions, you can keep cycling without quite so many worries about your bank balance… Use the Cycle To Work Scheme
London cycle commuters (Ross Lydal/Twitter) By deducting payments for your bicycle from your pre-tax salary, the Cycle To Work Scheme can slice off at least a quarter of the price of a new bicycle. Recent alterations to the regulations permit the purchase of accessories as well, so don’t view it as an exclusive bicycle-only arrangement.
> How to save money on a bike with a Cycle to Work scheme
The bicycle or equipment expenses are covered through a salary sacrifice, usually spread over 12 months, resulting in savings on income tax and National Insurance contributions. This makes it a beneficial option for all taxpayers. If you’re fortunate enough to be earning a higher income subject to an increased tax rate, your savings will be even more substantial.
BEST Road Cycling Shoes 2023 | 6 Pairs For Better Comfort & Efficiency Whatever Your Budget At the culmination of the scheme, the bicycle becomes yours for a market value payment. Many providers extend the lease through a separate agreement for an additional couple of years, capitalising […]