PROc2w is an innovative new C2W scheme without the £1,000 limit! Your employer won’t need a Credit Licence or need to be FCA regulated.
Save up to 42% on bikes and equipment!
Leftfield Bikes are in partnership with PROc2w to expand your options for commuter bicycles and safety equipment combinations.
How does the financial side work? Below is an example of how a £3,000 bicycle (with or without accessories) works out.
PROc2w example: £3,000
Gross Salary Sacrifice
The employee’s gross salary is reduced by £250 per month for 12 months (£3,000)
Net salary reduction
You don’t pay Tax or NI on the amount of salary sacrificed, so your net salary is only reduced by £145 if you are a higher rate taxpayer (or £170 if you are a lower rate taxpayer).
Higher rate taxpayers will save £1,260 against the RRP of the bike (lower rate taxpayers will save £960)
Because your employee’s gross salary has been reduced, the employer’s NI contribution is reduced by 13.8%, saving a further £414. Employers can recoup the cost of the bike from the salary reductions as well.
Most employer’s can claim the Annual Investment Allowance on the price of the bike too. Together with the Employer’s NI savings this can add up to a 30% return on investment over the 12 month period
An excellent investment
PROc2w is one of the best financial investments an employer can make! Not to mention the employee goodwill and your contribution to the green effort. Think about how much even the most efficient car pollutes compared to an electric bicycle!
Before applying for the scheme, note that you must be in full time employment and your new bicycle and accessories must cost less than £5,000 per employee.
- Save up to 42% on the cost of a new bike and equipment
- Cost is spread over 12 monthly, interest free payments
- Save money on travelling costs
- After-sales service from us
- Reduce your carbon footprint
- Lose weight and tone up
- Improve your general health and well-being
- Improve mental health and help reduce stress levels
- Look good, feel great, save money and help save the planet!
By joining in, your business can signal its commitment by providing the facilities and incentives to help your workforce become healthier, greener and more productive.
- No sign-up required!
- Fitter, healthier and more productive staff
- Healthy staff are less likely to be absent through stress or illness
- Savings on employers NI contributions
- Reduce your business carbon footprint
- Cycling to work reduces congestion and demand for parking
- Scheme is an attractive benefit for employees
Note: The figures used above are an example only. Your individual savings may be different