What is the cycle to work scheme?
This is a government initiative that encourages more people to cycle to work by offering tax exemptions on buying a bike. The savings you make could be up to 40% of the value of the bike, but this does depend on a number of factors including the price of the bike you are buying and your salary. In simple terms, the cost of your bike is spread over 12 months or more and the monthly cost is taken from your gross salary before tax and National Insurance contributions are removed. You are actually leasing the bike and there is usually a small payment at the end to gain ownership.
Don't forget that you can include other products that are essential to your cycle commute such as a lock, lights, cycle clothing and a helmet.
For more information, see the Vivup website.