News – Page 14
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EXCLUSIVE: Virgin Media sees 270 staff take up bikes-for-work scheme
Virgin Media has seen 700 employees register their interest and 270 employees take up its bikes-for-work scheme since it was launched in November 2011.The benefit had been requested by staff through employee surveys, which showed that bikes for work were the most popular choice among potential new benefits.The Ride2Work scheme ...
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Babcock Integrated Technology sees 40% take-up of bikes for work
Babcock Integrated Technology has had a 40% take-up of its bikes-for-work scheme.The success of the scheme was celebrated on 3 February with provider Cyclescheme and Dawn Primarolo, MP for Bristol South, joining 500 employees the organisation’s Bristol site.Gary Cooper, director of Cyclescheme, said: “The comments from Babcock with regard to ...
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EXCLUSIVE: 3663 to open second enrolment window for bikes for work
Foodservice distributor 3663 is to open a second enrolment window for its bikes-for-work scheme on 1 March, in a bid to increase take up.The scheme, which was launched in October 2011 with an enrolment window in November, has seen a 2% take-up, with estimated employer national insurance (NI) savings of ...
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EXCLUSIVE: Gatwick Airport adds extra enrolment periods to promote bikes for work
Gatwick Airport has added extra enrolment periods to encourage staff to take up its bikes-for-work scheme.The scheme, which was launched in July 2011 with Evans Cycles, was opened again in October 2011, and will open in March for further enrolment.Evans Cycles’ representatives were on hand at the airport’s two canteens ...
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Saving money is top reason staff choose salary sacrifice arrangements
Cost saving is the main reason that employee drivers are attracted to salary sacrifice arrangements, according to research by fleet management firm Zenith.The research found that 41% of employees ranked the potential savings that could be made via salary sacrifice arrangements as their most appealing feature, while 11% chose the ...
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Evans Cycles launches online hire agreements for bikes for work
Evans Cycles has introduced a facility to enable participants in its bikes-for-work scheme, Ride2Work, to complete hire agreements online .The facility is aimed at reducing the administrative workload for employers, while speeding up the application process for staff joining a workplace salary sacrifice bikes-for-work scheme.Mark Brown, head of Ride2Work at ...
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Marshall Aerospace sees rise in bikes-for-work scheme take-up
Marshall Aerospace has seen the highest take-up of its bikes-for-work scheme since it was launched two years ago.Take-up rose by 63 employees in June, bringing the number of staff using the scheme to 275, around 17% of the aircraft manufacturer’s 1,600-strong workforce.The scheme, provided by Halfords, enables employees to pay ...
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Buyer's guide to bikes-for-work schemes
Key factsWhat are bikes-for-work schemes?These are tax-free loans that can be operated under salary sacrifice. Employers buy the bike for an employee and the amount is deducted in equal instalments from gross salary. Staff make savings off the retail price of a new bike as a result of tax and ...
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HMRC confirms VAT charge on bikes-for-work schemes
HM Revenue and Customs (HMRC) has confirmed that bikes-for-work schemes offered through salary sacrifice arrangements are liable to a VAT charge to employees.†The ruling is in response to a recent European Court of Justice judgement. The charge is to take effect from 1 January 2012.HMRC said employers that provide bikes ...
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HMRC research: Employees are donating more money to charity
Figures from HM Revenue and Customs (HMRC) show that employees taking part in workplace giving schemes are giving more.During 2010 employees were giving £8 million more than they did the previous year and the average monthly gift also therefore grew from £12.20 in 2009 to £13.19 in 2010/11.†However, there has ...
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Dun and Bradstreet opens quarterly enrolment for bikes-for-work scheme
Dun and Bradstreet’s (D&B) Irish office has introduced a quarterly enrolment period for its bikes-for-work scheme.The scheme launched in January 2011 with the firm’s flexible benefits plan through provider Benefex.It was previously only open for enrolment twice a year.D&B’s Irish operation has grown steadily since it was formed in May ...
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Zenith Provecta introduces bikes-for-work scheme for staff
Zenith Provecta has introduced a bikes-for-work scheme for its employees.The scheme, which is provided by Edinburgh Bicycle Co-op, has been rolled out as part of the organisation’s corporate social responsibility (CSR) policy. It is available through a salary sacrifice arrangement.Through the scheme, employees choose a new bike, which is purchased ...
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H2 Bike Run launches fitness club aimed at London commuters
A private members club called H2 Bike Run has opened its doors. Targeted at London commuters who run, cycle or walk to work, it can be included in an organisation’s health and wellbeing offering to its staff.The core idea behind H2 is to find a solution for commuters who care ...
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Browne Jacobson introduces bikes-for-work scheme
Browne Jacobson has introduced a bikes-for-work scheme as part of its initiatives to promote health and wellbeing, and to support environmental issues.The new scheme, launched at the beginning of March with Evans Cycles, gives the law firm’s 440 eligible employees the chance to choose and purchase a new bike through ...
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Budget 2011: Abolished tax reliefs include meals for bikes for work and luncheon vouchers
The government intends to abolish 43 tax reliefs whose rationale is no longer valid based on the recommendations of the Office of Tax Simplification’s (OTS) review of tax reliefs, and continuing work from HM Revenue and Customs,.According to Chancellor George Osborne, this will help to reduce complexity, be efficient and ...
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Cycle to Work Alliance research: Bikes-for-work schemes improve employee engagement
The majority (89%) of employers believe bikes for work is an important tool for improving employee engagement and 98% of employees said they would encourage their colleagues to take part in the scheme.The Cycle to Work Alliance’s Behavioural Impact Analysis, which had over 44,500 respondents, examined the benefits of the ...
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Lloyds Banking Group increases bikes for work take up
Lloyds Banking Group has increased take up of its bikes-for-work scheme.The bank, which owns Lloyds TSB and HBOS, set up its scheme through Halfords in 2006.In the first year 146 staff signed up and that has risen to 906 this year, an increase of almost 10% on 2010.The scheme enables ...
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Employers use new bikes product to ensure compliance
Associated British Ports, Avon and Somerset Probation Trust and Spire Healthcare are implementing a new Halfords bikes-for-work product.The plan, developed with HM Revenue and Customs and a tax adviser, ensures employers comply fully with the transfer-of-ownership regulations at the end of the hire period.It can be tailored either to extend ...
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Co-operative Employee Benefits launches bikes-for-work scheme
Co-operative Employee Benefits is launching a new bikes-for-work scheme to run alongside its existing childcare voucher product.Bikes for work, the government-supported initiative, allows employers to purchase a bike and accessories as chosen by an employee who then hires it from the employer over 12 or 18 months.The payment comes directly ...
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Debi O'Donovan: Don't put the brakes on bikes-for-work schemes
In recent months, several benefits and HR managers have pulled their bikes-for-work schemes because of HM Revenue and Customs’ rules on how bicycles should be valued at the end of the loan period.This is a sad state of affairs for a good benefit that, although taken up by very few ...