From April 6th this year there is a tax incentive for employees who want to cycle to work, thanks to a Government initiative designed to encourage more people to get on their bikes. The ‘Cycle To Work Scheme’, which was announced in this year’s Budget, aims to promote cycling as a means of improving health and fitness by encouraging more people to combine commuting and exercise. In short, it offers a tax break for employers that provide an employee with a bicycle and bicycle safety equipment up to the value of ?1,000. Purchases must be made from an Isle of Man retailer.
Gavin Quayle from the Bikestyle cycle shop in Bucks Road, Douglas, welcomed the scheme. He said: “We think this is a great idea, and we have already had a number of inquiries from companies large and small that are looking at taking part. It’s an excellent incentive for anyone who has been thinking of starting to cycle to work, but needs a new bike, lights, accessories or clothing to get started. We think the scheme has the potential to encourage lots more people to cycle to work. Many commuters only have relatively short distances to travel, and cycling is an ideal way to combine commuting with regular exercise that will improve health and fitness. Travelling by bike also saves commuters money on petrol or public transport fares, and the Cycle To Work Scheme now makes it even more cost-effective.”
Bikestyle already has experience in helping employees from Isle of Man branches of UK companies that are eligible to benefit from the UK’s Cycle To Work Scheme. For more details about the terms and conditions of the Isle of Man Cycle To Work Scheme, go to www.gov.im/incometax and click on the ‘practice notes’ tab, and then click the practice note number PN196/17 in the list of 2017 updates.
Plans are in motion for Bikestyle to move from its Bucks Road site to the old market hall at North Quay, Douglas, where there will be a retail store, plus secure cycle parking, showers, changing rooms and lockers which will all be ideal for cycle commuters whose employers don’t have these facilities on their own premises.
Photo - Some of the Bikestyle team at the store in Bucks Road, Douglas. Left to right are Sam Greenhalgh, Gavin Quayle and Robin Garry.
