runabike scheme

As a bike enthusiast, this idea got me extremely excited and we hope that the Singapore government will follow by example and adopt this wonderful healthy, eco concept.

In the UK scheme, UK employees of Heritage can buy a new bike and accessories worth up to £1000 and claim back the income tax and VAT, paying the balance over 12 months. The deductions for a top rate taxpayer spending the maximum £1000 would look as follows. ie your net sacrifice would be 42.75 a month for a year = half price. You can of course go for a cheaper bike than £1000 but where’s the fun in that?

	Tax band B
Monthly Gross Salary Sacrifice*	£ 72.46
Tax Savings	£ 28.99
National Insurance Savings	£ 0.72
Monthly Net Salary Sacrifice	£ 42.75
Approximate total Cost over 12 months	£ 513.04

Let’s get this scheme going in Singapore!

Desmond Koh

About the company…

The  bikescheme and runabikescheme brands and portals were created and are owned by Cheshire based Team Rewards Ltd.

Team Rewards are a market leading employee benefits and communications company with over 9 years experience of providing high impact and truly innovative HR solutions. Currently working in partnership with over 70 of the UK’s top companies our credentials support the necessary skills, knowledge and expertise required to deliver customer focused reward programs to all industry sectors.  Customer service is the foundation of our business and we offer an unrivalled suite of support services for both the employer and employee.

Salary sacrifice schemes are now widely adopted by many employers, providing a tax efficient mechanism for enhancing the value of certain benefits and supporting corporate commitments in such areas as childcare provision and health and well being. Having run over 300 individual salary sacrifice schemes over the last five years we understand the importance of implementing such schemes through a robust yet flexible platform to minimise administration and maximise employee participation. Our tried and tested online service provides the perfect salary sacrifice enrolment and scheme administration solution for both the employer and employee. It ensures that schemes are set up in accordance with HMRC compliance guidelines within a client’s own personalised workspace and provides greater scheme efficiency through document and process workflow.

Visit the Bike Scheme site.