Accountants saddle up for cycle to work scheme

Weybridge-based accountancy firm, TWP Accounting, is encouraging its employees to get fit and help the environment through the Government’s ‘Cycle to Work’ initiative.

The scheme sees the company get tax savings on buying brand new bikes. Employees make regular payments through salary sacrifice until the cost of the bike is repaid, and because the money comes from their gross pay they can make savings on National Insurance Contributions and Income Tax.

Since registering for the scheme two TWP employees have bought bikes and safety equipment and have started cycling to work.

“I live just down the road from our offices so I decided to take part to get more exercise,” said Paul Hawksley, an audit supervisor in TWP’s Corporate Finance team.

“It’s a good way to keep fit and the way the scheme works means you can save quite a bit of money. It’s good for the firm too because they don’t have to pay employer National Insurance on the cost of the bike, so it’s a win, win situation for everyone.”

Graham Carter, partner at TWP, said: “The benefits of introducing the scheme are plain to see – we get a happier, healthier and more motivated workforce, and we are being socially responsible by reducing the firm’s carbon footprint.

“Our employees get tax breaks and can potentially save hundreds on petrol and car maintenance costs, plus they get the use of a new bike that they can use at weekends as well as for commuting to work.”

TWP is able to advise businesses on setting up the Cycle to Work initiative in their own workplace. For more information please contact 01932 704 700.