The cycle to work scheme allows employees to purchase a new bike and equipment and save up to 32% through a government initiative. You could get a tax-free loan up to £1000 to purchase your bike and equipment and pay it off monthly through your salary.
The cycle to work scheme is a government tax incentive aimed at encouraging employees to cycle to work, thereby reducing air pollution and improving their general health. The scheme is already in operation. It allows employees to benefit from a long-term loan of a bike and cycle safety equipment such as lights, locks and panniers completely tax-free.
Employees can receive a certificate for a value up to £1000 to purchase a bicycle and cycle safety equipment. They then pay off the total value monthly through a salary sacrifice scheme. Most people save around 32% off the cost of a new bike and equipment.
Your employer may already be part of a cycle to work scheme, if not you can always invite them to join. Any employer can set up their own cycle to work scheme. For more information visit https://www.gov.uk/government/publications/cycle-to-work-scheme-implementation-guidance
You can find additional information on cycle to work schemes at bikehub