To qualify for tax relief you need to meet the qualifying journeys condition of using your bike for mainly travelling to or from work or in the course of work. If you are not sure whether you qualify please contact payroll to discuss.
This is a salary sacrifice scheme which provides an Income tax and National Insurance efficient way to pay towards the hire of a bicycle and associated safety equipment for 12 months. You can choose a bike and equipment from Cyclescheme up to a maximum value of £2500.
You sacrifice part of your annual salary to cover the hire of a bicycle and associated safety equipment for 12 months. For the initial 12 month period the bicycle will be hired from the University. The monthly payments towards the hire of the bicycle will be taken directly from your monthly salary and will cover the cost of the certificate value.
At the end of the 12 months, you have three options
- Return the bicycle to the scheme provider, Cyclescheme
- Continue to use the bicycle and hire from Cyclescheme by signing an, “Extended Use Agreement,” paying a small deposit of either 3% or 7% of the certificate value. There are no further monthly deductions.
- Take ownership of the bicycle paying Cyclescheme either 18% or 25% of the certificate value